The proposed Securities and Exchange Commission Climate Disclosure Rule would require businesses report indirect greenhouse gas emissions from purchased energy sources along with other emissions within their business activities.
“While the SEC asserts that the rule would cost current reporting companies roughly $10 billion a year, a recent study puts that number at closer to $25 billion a year.”
Zeeland Republican, U.S. Representative Bill Huizenga is House Financial Services Oversight and Investigations Subcommittee Chairman. He questions the SEC’s authorization to enact environmental or climate rules?
“Let’s be clear, congress has not delegated the authority to the SEC to require climate disclosures.”
If the climate disclosure rule is enacted, Matawan’s Schultz Fruitridge Farms Vice President Bill Schultz testified the rule would require extensive emissions reporting.
“Which are the result of activities not owned or controlled by the company, but are in its supply chain.”
Schultz is a third-generation fruit and vegetable grower on the family’s southwest Michigan 300-acre farm.
“While large, multi-national companies have consultants or attorneys dedicated to handling SEC compliance, farms like ours do not.”
Schultz explained his farm already invests in environmental stewardship systems. If the climate disclosure rule is passed, compliance would make it difficult to compete adding additional cost.