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Photo illustration: Sarah Grillo/Axios. Photo: Chip Somodevilla/Getty Images

Securities and Exchange Commission chair Gary Gensler yesterday shared his thinking on looming climate risk disclosure rules and said he wants more coherence around climate-friendly investing.

Driving the news: Gensler, in comments yesterday, said he's tasked SEC staff with coming up with a draft regulation by the end of the year.

  • His remarks, before the group Principles for Responsible Investment, also made the case that there's strong support for the effort.
  • Gensler noted that 75% of responses to the SEC's solicitation of comments earlier this year back mandatory climate disclosure rules.

What we're watching: Whether they will require disclosure of "Scope 3" emissions — that is, greenhouse gases from the use of a company's products and services in the wider economy. Gensler said staff will explore whether and how such emissions should be disclosed.

  • He also revealed some other topics in play. Gensler argued that the rules could be an important way for investors to evaluate now-common "net-zero" pledges that companies are making.
  • Gensler also noted that companies often operate in jurisdictions with emissions-cutting targets. "I’ve asked staff to consider which data or metrics those companies might use to inform investors about how they are meeting those requirements," he said.

What we don't know: MarketWatch notes that Gensler did not wade into whether the regime will create a safe harbor that shields companies from litigation over the disclosures.

Go deeper

Exclusive: Rep. Barbara Lee calls on Pentagon to release delayed emissions report

U.S. Air Force Thunderbirds flying over Maryland. Photo: Mark Wilson/Getty Images

Rep. Barbara Lee (D-Calif.) will introduce a resolution on Wednesday calling on the Pentagon to release a report on its annual greenhouse gas emissions, after the agency skipped a July 1 deadline set out in an annual defense spending bill.

Why it matters: The Pentagon has long sounded alarms about climate change posing a national security threat, including in a dire risk assessment released last month. Yet the U.S. military itself remains a massive consumer of fossil fuels — and a larger source of greenhouse gases than many nations.

Nathan Bomey, author of Closer
2 hours ago - Economy & Business

Tesla delays Cybertruck until 2023

Tesla debuts the Cybertruck in Hawthorne, Calif., on Nov. 21, 2019. Photo: Frederic J. Brown/AFP via Getty Images

Tesla is at risk of falling behind on one of the most critical products in the American auto industry: pickups.

Why it matters: Pickups are the most profitable segment in the business and account for the first, second and third best-selling vehicles in the country. Without a serious pickup strategy, Tesla could miss out on a huge source of future income.

Defense taking steps to mitigate civilian harm after botched airstrikes

Secretary of Defense Lloyd Austin speaks during a news conference at the Pentagon in Arlington, Virginia on Sept. 1, 2021. Photo: Andrew Harrer/Bloomberg via Getty Images

Defense Secretary Lloyd Austin issued a directive Thursday to improve the U.S. military's approach to civilian harm mitigation and response, calling it a "strategic and a moral imperative."

Why it matters: The Pentagon has faced criticism for years for amassing civilian casualties in its missions, especially in the Middle East. New York Times investigations have found systemic failures in efforts to prevent civilian deaths, as well as a cover-up of a 2019 airstrike that killed dozens of women and children in Syria.