A proposed climate disclosure rule wouldn’t require public companies to exhaustively survey small private suppliers to determine carbon footprints, SEC Chairman Gensler said
during a public comment period. The rule isn’t yet final and could face challenges in court.
Sen. Jon Tester , a farmer, said at the hearing that the “little guy” doesn’t have time to sit in front of a computer cataloging fuel and fertilizer consumption. Mr. Gensler responded by saying that wasn’t the intent of the rule. “That public company you sell to does not have any obligation to ask you specifically,” he said. “[Public companies] either need to estimate, or if they don’t have an estimate just discuss how they’re managing that Scope 3.
“The intent, senator, is…whether it’s the farm community or other community—if they’re not public companies, they’re not under this rule,” Mr. Gensler said, adding that the SEC is “working through” the issue, which was raised in some of the 14,000 comments the agency received.Small businesses across industries, from egg farmers to convenience-store owners, have voiced concerns over the proposal and the cost burden it would place on them. Mr.
A lawyer for the American Farm Bureau Federation said Thursday that the organization was encouraged that the SEC had recognized its concerns. The federation hopes the SEC will publish a final rule that ensures “farmers will never be responsible for tracking and reporting their operational data to Wall Street,” Deputy General Counsel Travis Cushman said.
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