SEC to pause new climate disclosure rule while litigation plays out (NASDAQ:ICLN)

The SEC stated this week it’ll keep the implementation of its new local weather disclosure rule whereas it fights in courtroom over the measure’s legality, because the company pushes to consolidate the authorized challenges that have already got been filed making an attempt to overturn it.

Greater than 20 Republican-led states and numerous enterprise teams have filed lawsuits in search of to overturn the rule, arguing the disclosure necessities attain past the SEC’s authorized authority.

The SEC stated it nonetheless believes the rule is lawful and inside its energy to order, however it desires to give attention to defending the rule’s deserves towards authorized challenges.

The company lately weakened the rule, together with necessities for some corporations to report Scope 3 emissions from their provide chains and prospects utilizing their merchandise.

“We agree with the SEC’s choice to remain this flawed rule and never burden corporations with important compliance prices earlier than courts can adjudicate its legality,” American Petroleum Institute authorized counsel Ryan Meyers stated.

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