Controversy about the SEC climate change proposals

The US Securities and Exchange Council (SEC) has recently published comprehensive proposals for mandatory disclosures about climate risks and emissions of greenhouse gases, yet the publication did not receive unanimous support as one of the four Commissioners voted against it. In a long speech entitled “We are not the Securities and Environmental Commission – At Least Not Yet”, the script of which is published on the SEC website, ¹ Commissioner Hester Peirce set out her rationale for dissent. The key elements of her argument are considered below.