Thanks to everyone who signed onto the letter to the SEC! Stay tuned for more coming tomorrow after the vote.
TLDR: We’re furious. Years of promises just for a watered-down regulation. Suggested social posts below ⬇️
Background: The Security and Exchange Commission will vote tomorrow on a crucial climate disclosure rule, an earlier draft of which required banks and fossil fuel companies to report their scope 1, 2, AND 3 emissions. Don’t get us wrong. Our coalition did amazing work and we fought tooth and nail. Here’s the problem though–the Chamber of Commerce fought even harder.
- Scope 3 emissions will likely not be disclosed. These are emissions along the supply chain of a company, from the emissions of the ships used to transport the components of a product a company produces, to the emissions caused by burning the fuels the company extracts.
- Companies will likely only need to report Scopes 1 and 2 if the company decides the information is material to investors.
- Companies will likely not have to quantify the financial impacts of both physical risks and transition risks nor expenditures on physical risks and the transition and just have to describe their assumptions.
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STMP Tweet here
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STMP Press Release here
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STMP letter here
Suggested posts
Formatted for Twitter but workable for other platforms
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We signed onto this letter b/c the latest SEC rule might skip Scope 3 emissions, leaving a gaping hole in our understanding of a company’s emissions. Imagine trying to solve a puzzle with half the pieces missing 🧩 It’s time to demand FULL transparency of all corporations. |
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Investors, beware! We signed onto this letter because we can’t afford to ignore the emissions hiding in our supply chains. Managing climate risk starts with disclosure, and it can’t be optional. SEC needs to vote on a stronger climate rule. |
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The SEC proposes companies only report Scope 1 & 2 emissions if deemed “material.” But who decides what’s material? The corporations themselves. We need mandatory disclosures from Scopes 1 thru 3. Otherwise, we lag behind EU, China, CA, and others. |
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Climate-related financial risks aren’t hypothetical; they’re here, impacting insurance markets and causing premium spikes and cancellations. Now we need SEC to put forward a strong rule tomorrow and hold corporations accountable. |
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The fossil fuel industry’s risks are becoming too big to ignore. Yet, the SEC’s proposed rule might leave investors–and working families–in the dark. SEC needs to put forward a strong rule tomorrow. |