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In boardrooms and C-suites across the U.S., executives who are paying attention are likely wringing their hands — wondering just how prepared they are to meet the Securities and Exchange Commission’s (SEC) upcoming climate disclosure rules. The new rules are expected to force thousands of companies to disclose the full scope of their greenhouse gas emissions. This will be the first time that they have to account for emissions across the entire business cycle — and for many, that includes supply chains.
The SEC is expected to finalize the climate disclosure rules this spring, with the aim of enhancing and standardizing climate-related disclosures for investors. It plans to do so by requesting that companies provide climate transition plans. Companies with revenues over $75 million will have to report not only on their Scope 1 and 2 emissions — which come from their own operations and the electricity they buy — but also Scope 3, which includes emissions from both their supply chains and customers. The SEC fact sheet indicates that companies could be required to do this as early as 2024, using their 2023 numbers.
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