The Biden administration is continuing its efforts to discourage investment in fossil fuels, now enlisting the help of the Securities & Exchange Commission with a massive new regulation requiring public companies to disclose their “climate risks.” To the SEC, a firm’s climate risks include the possibility that—because of the effect of its business on the Earth’s climate—a company may be required to take steps that may reduce its activities or profitability.
However, the SEC’s standards for disclosure—all material facts, including those that make the facts disclosed not misleading—will not necessarily advance the Administration’s climate objectives.
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