Over 35 groups urge SEC to scrap proposal that would curb climate data for investors

A coalition of more than three dozen organizations has asked the U.S. Securities and Exchange Commission to abandon a rule change that would roll back the 2024 climate-disclosure requirements for large public firms.

More than 35 advocacy groups have filed a joint request urging the Securities and Exchange Commission to withdraw a proposal that would undo the agency’s 2024 climate-disclosure rule. The rule, which is under a court-ordered stay, obliges large public companies to disclose Scope 1 and 2 emissions and other climate-related financial risks to investors. Chair Paul Atkins’ draft would eliminate those requirements, a step the petitioners say disregards the growing financial threat posed by climate change and the overwhelming support the rule received from investors during the comment period.

Elyse Schupak, a climate policy advocate for Public Citizen, warned that the change would benefit polluting industries seeking to downplay their risk exposure. Alex Martin of Americans for Financial Reform added that the rollback would deprive retirees of essential information and weaken broader disclosure standards. The coalition maintains that preserving the rule is essential for transparent capital markets and for protecting investors from hidden climate risks.