Oct 19, 2022 - Energy & Environment

SEC records reveal lobbying blitz on disclosures of greenhouse gas emissions

Illustration of two open briefcases facing each other with speech bubbles over them as if they're having a conversation.

Illustration: Aïda Amer/Axios

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.
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