Oct 19, 2022 - Energy & Environment
SEC records reveal lobbying blitz on disclosures of greenhouse gas emissions
Newly posted SEC records reveal fresh corporate efforts to shape regulations that will mandate detailed disclosures of greenhouse gas emissions.
Driving the news: They show recent SEC member or staff meetings with BP; banking giants like Goldman Sachs and JPMorgan Chase under the banner of the Financial Services Forum; and Allstate Insurance.
- There have also been sessions with interest groups like the Environmental Defense Fund, Public Citizen, Americans for Financial Reform and others.
Why it matters: The flurry of newly available records for September and October, as well as older meetings, show intense interest and concern about the brewing first-time requirements.
The meetings provide stakeholders a chance to influence draft proposals before they're made final.
Zoom in: The filings provide a glimpse into what's on the minds of the parties.
- The large banks' Sept. 19 and Sept. 23 meetings with SEC chair Gary Gensler's office explored topics including "recommendations to reduce the burden and cost."
- BP's Sept. 16 meeting with staff for Gensler notes its support for the overall proposal, but also discussion of extending the phase-in period, and specifics that "may be challenging to implement."
- Gensler met directly with the lefty Americans for Financial Reform on Oct. 6. They discussed the new climate law's effect on capital markets and "investors’ need for climate-related disclosures," among other matters.