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Sustainable Finance Newsletter - This time it's different for US SEC climate rules

Wed, 20th Dec 2023 17:00

Dec 20 (Reuters) -

New rules on corporate disclosure of climate risks and impacts, rolled out by U.S. securities regulators in early 2022, were supposed to mark a new era for environmental accounting. But with business groups pushing back, regulators have delayed putting final rules in place, and recently gave themselves until next April. It's not the first delay for the rules, but observers I spoke with say this time is different because a final version runs the risk of being easily undone if it comes out much later than April and Democrats lose big in November elections for the White House and U.S. Congress.

You can read about the state of play below. I've also included links to stories such as a look at Exxon's low tax payments and a big pay clawback from BP's former CEO. This will be the 17th and last weekly Reuters Sustainable Finance Newsletter for 2023. I want to thank each one of you for reading and making this a hot publication since we started in late August, and our fastest-growing newsletter. I'm taking next week off but please let me know of any stories or ideas for reporting on in 2024.

How to do that: please connect with me on LinkedIn. Or, if you have a news tip, potential content, or general thoughts feel free to email me at ross.kerber@thomsonreuters.com

This week's most-read

BP claws back $40 mln from former CEO Looney

UK to implement carbon levy on imported goods by 2027

Coffee firms turning away from Africa as EU deforestation law looms

Clock ticks on Gensler's climate rules The U.S. Securities and Exchange Commission recently listed April 2024 as the date by when it will issue its long-awaited rules on corporate climate disclosures.

The notice will be familiar since the agency has kicked back its expected deadline numerous times for the closely-watched regulation. (Check out its April 2023 forecast here)

But this time observers and analysts say SEC Chair Gary Gensler faces more pressure to finish up. A law known as the Congressional Review Act could expose any final rules to being easily overturned if Republicans win control of the White House and both houses of Congress in November.

To avoid that, Gensler needs to pass rules sooner rather than later, said Ted Allen, vice-president at the Society for Corporate Governance, which represents corporate secretaries and other compliance executives. The law allows a new congress to review rules issued in the last 60 days the previous one was in "continuous session," but lawmakers' exact schedule can become uncertain and in practice a new congress might be able to target rules issued in the first half of 2023.

"Gensler really has to act by July to finalize this process. If he gets out a rule by April he'll probably be fine but once you get further into the summer its becomes more doubtful," Allen said. The potential for a government shutdown early next year could also spur the SEC to issue rules, lest it run out of working days, Allen added. I ran all this past the SEC and a spokesperson responded that "The Commission moves to adopt rules only when the staff and the Commission think they are ready to be considered."

The spokesperson also noted comments Gensler made to congress on Sept. 27, when he said that its process generally can take up to two years. "We’re focused on getting things right—based upon the economics, the Commission’s legal authorities, and promoting the SEC’s mission—not the clock," Gensler said.

As proposed the SEC's rules would require U.S. listed companies to disclose a range of climate-related risks and greenhouse gas emissions. They were celebrated by some investors, especially those focused on sustainability, but face opposition from business groups worried they could be too prescriptive.

Lobbyists and corporate executives lately have heard the agency's final rules might scale back some of the most demanding proposed disclosure requirements, known as "Scope 3" emissions from a company's supply chain and the consumption of its products by customers.

Conversely, King & Spalding attorney Cal Smith, who advises large company boards, said he expects the final rules will contain few changes. "I really believe that Gensler and his leadership and the other Democratic commissioners think they have one shot at this," Smith said. Business groups may litigate the rules anyway, even if they were issued in weaker form, he said. Democratic commissioners, Smith said, would think they are "not going to get any credit if they throttle it back."

To issue final rules Gensler would likely need the support of the two other Democrats on the five-member commission. The notice listing April 2024 carries caveats that a rule could come sooner, or later. Even if Gensler met early deadlines an SEC reconstituted under Republican leadership could undo any rule but the process would take longer.

Company News

Exxon Mobil has seen its tax payments plunge because of massive deductions passed under former President Donald Trump, and could enjoy low taxes for several more years as President Joe Biden's minimum corporate tax gets off to a shaky start,

as this story lays out

.

New Canadian rules mandate all new passenger cars and other vehicles sold by 2035 must be zero-emission vehicles, part of the government's aggressive plans for climate change and a challenge for automakers in the country including General Motors and Ford.

Ahead of Credit Suisse's weekend rescue by rival UBS last spring, Switzerland's central bank head wanted to inject $57.6 billion into the lender and nationalize it - a plan that died amid opposition from regulators, the Swiss finance ministry and bank managers. My colleagues have the details here.

On my radar Negotiators at the United Nations' COP28 climate summit in Dubai failed to agree on new rules to create a central system for countries and companies to start trading offsets for their carbon emissions, again kicking the can down the road.

Part 6 of our Reuters series Slavery's Descendants ran last week and provides a look at

the economics of "convict leasing

," a system allowing Southern states to continue to draw on cheap labor after the Civil War ended slavery. (Reporting by Ross Kerber. Additional reporting by Kate Abnett and David Gregorio)

More News
6 Feb 2024 09:04

TOP NEWS: BP promises buybacks and hikes dividend despite profit fall

(Alliance News) - BP PLC on Tuesday reaffirmed it is sticking to its commitment to share buybacks despite reporting a profit decline amid a fall in oil prices.

Read more
6 Feb 2024 08:53

LONDON MARKET OPEN: BP jumps after unveiling share buyback

(Alliance News) - The FTSE 100 in London opened higher on Tuesday, with oil major BP at the top of the index, thanks to its new share buyback programme.

Read more
6 Feb 2024 07:47

LONDON BRIEFING: BP promises buyback despite drop in profit

(Alliance News) - Stocks in London are called to open higher, ahead of a slew of construction purchasing managers' index readings from the eurozone, the UK and Germany.

Read more
6 Feb 2024 07:02

BP unveils $1.75bn buyback as 2023 profits halve on weaker oil price

(Sharecast News) - Shares in BP surged on Tuesday as the energy giant announced a $1.75bn share buyback despite a slump in annual profits as oil prices fell during 2023 from the spike caused by Russia's invasion of Ukraine.

Read more
2 Feb 2024 17:12

LONDON MARKET CLOSE: Stocks mixed as US jobs data dashes rate cut hope

(Alliance News) - Stock prices in London closed mixed, after hotter-than-expected US jobs data hit already precarious investor sentiment and all but ensured the Federal Reserve will not be cutting interest rates next month.

Read more
2 Feb 2024 13:14

BP appoints Kate Thomson as its permanent finance chief

(Sharecast News) - BP announced the appointment of Kate Thomson as its new, permanent chief financial officer on Friday, effective immediately.

Read more
2 Feb 2024 12:27

TOP NEWS: BP promotes Kate Thomson as permanent finance chief

(Alliance News) - BP PLC on Friday named Kate Thomson as its permanent chief financial officer, after being in the interim role since September.

Read more
2 Feb 2024 12:09

LONDON MARKET MIDDAY: Airlines up but oil falls on Middle East talks

(Alliance News) - Stock prices in London were higher at midday Friday, ahead of the afternoon's US jobs data, as earnings from tech behemoths overnight lifted investor morale.

Read more
2 Feb 2024 08:54

LONDON MARKET OPEN: European stocks lifted on Wall Street's gains

(Alliance News) - Stock prices in London opened higher on Friday, closing of a busy week of monetary policy decisions.

Read more
1 Feb 2024 17:03

LONDON MARKET CLOSE: Stocks down on hawkish BoE interest rates hold

(Alliance News) - Stock prices in London closed down on Thursday after the Bank of England left interest rates on hold in a split decision that was hawkish on expectations of rate cuts.

Read more
1 Feb 2024 12:22

LONDON MARKET MIDDAY: BoE keeps bank rate on hold in split decision

(Alliance News) - London's FTSE 100 was on the up on Thursday afternoon after the Bank of England left interest rates on hold on Thursday, in a split decision.

Read more
1 Feb 2024 10:06

New UK oil and gas exploration licences approved in the North Sea

(Alliance News) - The UK's oil and gas regulator has awarded 24 new exploration licences to 17 separate companies in a move that has been welcomed by a trade body but condemned by climate campaigners.

Read more
1 Feb 2024 08:50

LONDON MARKET OPEN: Shells begins USD3.5 billion buyback; eyes on BoE

(Alliance News) - Stock prices in London opened mixed, ahead of the Bank of England's first interest rate decision of the year.

Read more
30 Jan 2024 15:28

UK earnings, trading statements calendar - next 7 days

Wednesday 31 January 
Aberforth Smaller Companies Trust PLCFull Year Results
abrdn Private Equity Opportunities Trust PLCFull Year Results
Ecora Resources PLCTrading Statement
GSK PLCFull Year Results
ITM Power PLCHalf Year Results
NWF Group PLCHalf Year Results
Thursday 1 February 
Airtel Africa PLCTrading Statement
AG Barr PLCTrading Statement
BT Group PLCTrading Statement
Cranswick PLCTrading Statement
Gem Diamonds LtdTrading Statement
Glencore PLCTrading Statement
JTC PLCTrading Statement
Rank Group PLCHalf Year Results
Shell PLCFull Year Results
TClarke PLCTrading Statement
Friday 2 February 
YouGov PLCTrading Statement
Monday 5 February 
Home REIT PLCTrading Statement
Porvair PLCFull Year Results
Trident Royalties PLCTrading Statement
Vodafone Group PLCTrading Statement
Tuesday 6 February 
Alumasc Group PLCHalf Year Results
BP PLCFull Year Results
Filtronic PLCHalf Year Results
Mattioli Woods PLCHalf Year Results
Renishaw PLCHalf Year Results
Virgin Money UK PLCTrading Statement
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
29 Jan 2024 17:25

London close: Stocks turn weaker ahead of busy week for earnings

(Sharecast News) - London's stock market saw slight declines by the close on Monday, as investors turned their attention to a week filled with corporate earnings reports and central bank announcements.

Read more

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