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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
17 Apr 2024 13:55

Shell urges investors to reject shareholder group's climate demands

LONDON, April 17 (Reuters) - Shell on Wednesday urged shareholders to vote against an independent resolution, co-filed by a group of 27 investors, urging the energy company to set tighter climate targets.

Read more
17 Apr 2024 10:38

Carbon Done Right advances Sierra Leone rewilding project

(Alliance News) - Carbon Done Right Developments Inc on Wednesday said it has received the fourth disbursement of financing for its reforestation project in West Africa.

Read more
15 Apr 2024 17:10

LONDON MARKET CLOSE: Investors show nerves after Iran launches drones

(Alliance News) - Stock prices in London closed down on Monday, as tensions in the Middle East weighed on investors, with resources sliding as commodity prices fell.

Read more
15 Apr 2024 15:39

London close: Stocks slip on renewed geopolitical tensions

(Sharecast News) - London's equity markets markets experienced a downturn on Monday, with losses particularly notable in the mining and oil sectors, as investors remained cautious amid to escalating geopolitical tensions in the Middle East.

Read more
15 Apr 2024 11:56

LONDON MARKET MIDDAY: Oil falls despite rising Iran-Israel tensions

(Alliance News) - London's FTSE 100 was down at midday on Monday, as oil majors BP and Shell were hurt by falling prices, with investors showing caution following Iran's strikes on Israel over the weekend.

Read more
15 Apr 2024 08:59

LONDON MARKET OPEN: FTSE 100 falls as oil lower despite Iran strikes

(Alliance News) - Stock prices in London opened lower on Monday, with a decline in oil prices sending Shell and BP lower, in a cautious start to the week following Iran's strikes on Israel over the weekend.

Read more
13 Apr 2024 16:52

Sector movers: Investors seek out safe havens across all asset classes

(Sharecast News) - Commodity plays were again sought out at the end of the week after The Wall Street Journal said that an Iranian attack against Israel was thought to be imminent.

Read more
12 Apr 2024 17:28

FTSE 100 sets near record close as commodity stocks shine

FTSE 100 up 0.9%, FTSE 250 off 0.3%

*

Read more
12 Apr 2024 16:56

LONDON MARKET CLOSE: Miners lift FTSE 100 but sea of red elsewhere

(Alliance News) - London's FTSE 100 defied a tricky day for wider markets, as its miners and oil producers shone, while the dollar was supported as odds of the US Federal Reserve enacting three interest rate cuts this year dwindle.

Read more
12 Apr 2024 15:45

Europe's main energy stocks index hits highest since 2008

April 12 (Reuters) - The main European energy stocks index hit its highest level since 2008 as higher oil prices, geopolitical risks, and global economic uncertainty drew in investors on Friday.

Read more
12 Apr 2024 14:45

London close: Stocks mixed as data shows UK GDP growth

(Sharecast News) - London's markets closed with a mixed performance on Friday, as investors digested the latest GDP data suggesting an end to the recession in the UK.

Read more
12 Apr 2024 11:51

LONDON MARKET MIDDAY: February data spurs end of UK recession hopes

(Alliance News) - Stocks in London got a boost on Monday at midday, as investors were optimistic that the UK is heading out of its short lived recession.

Read more
12 Apr 2024 11:47

Europe's main energy stocks index hits highest since 2008

April 12 (Reuters) - The main European energy stocks index hit its highest level since 2008 as higher oil prices, geopolitical risks, and global economic uncertainty drew in investors on Friday.

Read more
12 Apr 2024 11:37

TOP NEWS: BP shares rise after reports Adnoc had pondered takeover

(Alliance News) - Shares in BP jumped on Friday after reports that the state-owned, United Arab Emirates oil company was considering, but had ruled out, a bid for the London-based oil major.

Read more
12 Apr 2024 08:58

LONDON MARKET OPEN: Stocks get boost thanks to growth in UK economy

(Alliance News) - Stock prices in London opened higher on Friday, thanks to new data suggesting the UK economy is out of recession.

Read more

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