Michigan Attorney General Dana Nessel has joined a multistate coalition of 19 attorneys general in filing a motion to intervene to defend the U.S. Securities and Exchange Commission’s (SEC’s) Final Rule on climate-related disclosures for investors.
The SEC’s Final Rule provides investors with standardized, material information about climate-related risks.
These disclosures enable investors to make informed investment decisions.
The SEC issued the Final Rule last month after considering over 24,000 comment letters. The Final Rule requires, in part, publicly registered companies to describe:
• Climate-related risks that materially impacted the company or are likely to do so in the future and the effect on the company’s strategy, operations, and financial condition.
• Information related to any processes or strategies used to mitigate or evaluate material climate-related risks.
• The board of directors’ oversight of climate-related risks.
Certain companies must also disclose material direct and indirect greenhouse-gas emissions from purchased or acquired electricity, steam, heat, or cooling.
“There is no doubt that the steps a company takes to address its climate-related risks has a direct impact on its financial health,” said Nessel. “Providing investors with this information is crucial. It is well within the SEC’s regulatory authority to require these types of disclosures, and I am proud to join my colleagues in defending this Final Rule.”
In June 2022, Nessel joined several other attorneys general in a letter supporting the SEC’s proposed climate-related disclosures rule.
The multistate coalition is led by the attorneys general of Massachusetts and the District of Columbia. In addition to Nessel, the coalition includes the attorneys general of Arizona, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maryland, Minnesota, Nevada, New Mexico, New York, Oregon, Rhode Island, Vermont, Washington, and Wisconsin.
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