MBA Statement on the SEC’s Climate-Risk Disclosure Final Rules

WASHINGTON, D.C. (March 6, 2024) — MBA's President and CEO Bob Broeksmit, CMB, released the following statement on the U.S. Securities and Exchange Commission’s (SEC) final rules on mandatory disclosures related to climate-related risk and company greenhouse gas emissions:

“Public companies already disclose material information relevant to their financial condition and operations, including climate-related information. We are pleased that the SEC’s final rule addresses redundancies and that it does not contain some of the more complex and overly burdensome mandatory reporting requirements – particularly for Scope 3 emissions – that were issued in the proposal.

“As recommended by MBA, the rule includes a longer implementation schedule for required registrants, which we appreciate given the substantial effort and resources necessary to comply with the rule.

“MBA and its members are active participants in policy conversations and market developments on climate risk, extreme weather impacts, and ESG investing at the federal and state levels. We urge state legislatures to refrain from proceeding with, or introducing, proposals that exceed this rulemaking or that impose costly and time-consuming reporting requirements that adversely impact businesses and consumers in their state.”