As we reported yesterday in this PubCo post, the SEC has just adopted new rules on climate disclosure, issuing an 866-page adopting release. The new rules will require public companies to disclose information about the material climate-related risks, companies’ governance, risk management and any material climate-related targets or goals, as well as disclosure of the financial statement effects, such as costs and losses, of severe weather events and other natural conditions. The new rules also eliminate the proposed mandate for Scope 3 GHG emissions reporting; the final rules require disclosure of Scope 1 and/or Scope 2 GHG emissions on a phased-in basis only by accelerated and large accelerated filers when those emissions are material.
To help you cope with the new rules, here is an excellent Cooley Alert, SEC Adopts Climate Reporting Requirements, published yesterday! Cooley also will be hosting a webinar on March 12 at 1 pm EDT/10 am PDT to discuss the final rules, as well as key questions and next steps for issuers.
