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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

Carbon math put G20 leaders in the hot seat

Illustration: Annelise Capossela/Axios

The most ambitious Paris temperature target could nearly be met if only the Group of 20 largest economies were to slash emissions by 2030, on the way to net-zero by 2050, a new analysis finds.

Why it matters: Ahead of the November UN Climate Summit, pressure is mounting on G20 leaders to crack down further on emissions in order to stave off some of the worst ravages of global warming.

UN warns of "catastrophic" climate change failure without more emissions cuts

UN Secretary-General António Guterres at a news conference. Photo: Fabrice Coffrini/AFP

A United Nations report released Friday warned that the planet will likely warm by more than 2.7 degrees Celsius by the end of the century unless governments take extra steps to curb greenhouse gas emissions.

Why it matters: The report, released just months ahead of November's UN Climate Summit, highlights the growing pressure on global leaders to crack down on emissions to avert the worst effects of climate change.

The Exvangelicals

Illustration: Aïda Amer/Axios

Even as evangelicals maintain their position as the most popular religion in the U.S., a movement of self-described "exvangelicals" is breaking away, using social media to engage tens of thousands of former faithful.

The big picture: Donald Trump's presidency, as well as movements around LGBTQ rights, #MeToo and Black Lives Matter, drew more Americans into evangelical churches while also pushing some existing members away.