Federal appeals court blows up Biden’s carbon emissions disclosure rule

The Securities and Exchange Commission (SEC) has proposed financial rules that would require private corporations to publicly disclose their carbon emissions and the dangers that climate change poses to their business. However, a federal appeals court that issued these rules has halted their implementation. The United States Court of Appeals for the Fifth Circuit issued a brief opinion on Friday that put the SEC’s climate disclosure regulation on hold. However, the court did not provide any justification for its decision. These requests for review were submitted by energy businesses Liberty Energy and Nomad Proppant Services, as well as by the states of Louisiana, Mississippi, and Texas, as well as by business organizations such as the Chamber of Commerce, the Texas Alliance of Energy Producers, and the Domestic Energy Producers Alliance. The ruling, however, was issued in response to these petitions.

Tom Quaadman, the executive vice president of the Center for Capital Markets Competitiveness at the United States Chamber of Commerce, stated in response to the SEC’s disclosure rules that “for two years now, the United States Chamber of Commerce has raised significant concerns about the scope, breadth, and legality of the SEC’s climate disclosure efforts.” “The Chamber will continue to use all the tools at our disposal, including litigation if necessary, to prevent government overreach and preserve a competitive capital market system,” he said in conclusion. Following nearly two years of heated debate, the Securities and Exchange Commission (SEC) finally approved the climate disclosure regulations on March 6 with a vote of 3-2. Chairman Gary Gensler, who was appointed to the position by President Biden, was the person in charge of the process.

According to a statement released by the Securities and Exchange Commission (SEC), the rules are a response to “investors’ demand for more consistent, comparable, and reliable information about the financial effects of climate-related risks.” Additionally, Gensler stated that they will ensure that businesses “produce more useful information than what investors see today.”

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