00:00Wall Street's top regulatory body adopts a new climate disclosure policy.
00:07The Securities and Exchange Commission set new rules saying large public companies will
00:11not have to report their emissions generated by customers and suppliers.
00:16However, despite the SEC dropping the requirements, the new rule will force firms to spill the
00:22beans on their direct emissions and the emissions linked to their energy purchases.
00:28Companies will also need to start divulging their financial exposure to climate risks,
00:32such as severe weather events like hurricanes and wildfires, by next year.
00:37And they will have until 2026 to begin disclosing their emissions.
00:41Smaller firms which make up most of U.S. companies will be exempt from reporting their greenhouse
00:46gas emissions.
00:47Even with the scaled-down rule, many business groups say the SEC is overstepping its authority.
00:53Climate activists are also disappointed because data suggests customers and suppliers can
00:58account for up to 75 percent of a company's overall emissions.
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