Chamber of Commerce sues SEC over new climate disclosure rules
Illustration: Aïda Amer/Axios
The U.S. Chamber of Commerce filed a lawsuit Thursday against the Securities and Exchange Commission over its new climate risk disclosure rules.
The big picture: The highly contested and heavily lobbied rule adopted last week forces larger public companies to disclose certain emissions and climate-related risks to their business, which will provide a much closer look at their impact on climate change.
- The nation's largest business lobby group joins several others, from the left and the right, in filing litigation against the measure, including the Sierra Club and Republican attorneys general from 10 states.
Context: The rules require public companies to give investors information on various risks they face from climate change in regular disclosures.
- The SEC is compelling certain firms to disclose carbon emissions resulting from their operations and from their energy use.
What they're saying: "The Commission undertakes rulemaking consistent with its authorities and laws governing the administrative process and will vigorously defend the final climate risk disclosure rules in court," said a spokesperson for the SEC after the chamber filed the lawsuit in D.C.
- The Chamber of Commercedid not immediately respond to Axios' request for comment.
Go deeper:
- The SEC and the rise of the climate risk industry
- What an SEC rule change says about the climate fight
Editor's note: This article has been updated with comment from the SEC.