Posts Tagged ‘climate change’
Sustainability Risk Is Supply-Chain Risk
Last week we reported on a study that captured the challenges of third-party risk management these days. Today we can take a deep dive into one specific slice of that challenge courtesy of Microsoft, and its quest to reduce carbon emissions in its supply chain. The news is as follows. Last week Microsoft released its…
Read MoreSEC Adopts Climate Disclosure Rule
The Securities and Exchange Commission has finally adopted its rule for disclosure of greenhouse gas emissions and climate risks, voting Wednesday to impose the rule but dropping its original (and most controversial) proposal that companies would need to calculate and report greenhouse gasses caused by their supply chains. The vote fell along the SEC’s usual…
Read MoreSEC Climate Rule Coming Next Week
The Securities and Exchange Commission has scheduled a vote on its proposed climate-change disclosure rule for next week, amid rumors that the agency will drop its original idea to have companies track and report the carbon emissions of their supply chains. The meeting will happen next Wednesday, March 6, at 9:45 a.m., and will be…
Read MoreSEC Kicks Climate Rule to 2024
The Securities and Exchange Commission has pushed adoption of its greenhouse gas disclosure rule to April 2024, confirming what everybody already knew: the agency’s progress on a final text is mired in debate about how to handle greenhouse gas emissions from a company’s supply chain. The Biden Administration published its Fall 2023 regulatory agenda on…
Read MoreCFTC Seeks Help on Carbon Frauds
Here’s a new twist on whistleblower award programs run by government agencies: the Commodity Futures Trading Commission just published a bulletin calling for tips from the public about potential fraud in the market for carbon offsets. To the best of my recollection, that’s new. The CFTC and Securities and Exchange Commission have both encouraged tips…
Read More‘Climate Risk Compliance’ Coming for Banks
It’s a double shot of news today for regulatory compliance officers in the banking world: two major regulators promising a more rigorous review of climate risks within the coming year. Michael Hsu, head of the Office of the Comptroller of the Currency, and Michael Barr, vice chair for supervision at the Federal Reserve, both gave…
Read MoreMore Messages From SEC on Climate
Compliance professionals watching the SEC’s actions on climate risk have one more item for the radar screen. Last week the agency ruled that Amazon.com must include a shareholder resolution in its proxy statement asking the company to prepare a report about whether its employee retirement plans align with Amazon’s stated climate goals. Why is that…
Read MoreProposed Greenhouse Gas Disclosures
Today let’s return to the SEC’s proposed requirement that companies disclose their climate risks, and specifically the greenhouse gas emissions that arise from a company’s operations and supply chain. Tracking and reporting such information could be quite difficult — so what’s the rationale here, and how might companies get started to fulfill such a requirement?…
Read MoreSEC Proposes Climate Risk Disclosure Rule
The Securities and Exchange Commission today unveiled its long-awaited proposal for disclosure of risks related to climate change, including disclosure of greenhouse gas emissions stemming from a company’s supply chain as well as audit and attestation requirements for larger companies’ disclosures. The SEC adopted the proposed rule on a 3-1 vote, with lone Republican commissioner…
Read MoreSEC Comment Letters on Climate
At long last, the Securities and Exchange Commission is starting to provide a glimpse of the questions that SEC staffers are asking companies about the risks of climate change — and so far, the companies receiving such questions are doing their best to give the usual imprecise answers. That glimpse came in the form of…
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