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The dispute over SEC requirements continues among regulators, companies, and interest groups
In 2022, the Owner-Operator Independent Drivers Association (OOIDA) expressed concern to the Securities and Exchange Commission (SEC), requesting flexibility in climate information disclosure by truckers.
Recently, the SEC withdrew its proposal for Scope 3 requirements, which would have required companies to track the impact of greenhouse gas emissions throughout the supply chain. However, companies still must report on Scope 1 and 2 emissions.
The U.S. Environmental Protection Agency classifies emissions into three scopes based on their source and control. Scope 1 refers to direct emissions from sources that are under the control or ownership of an entity or organization. On the other hand, Scope 2 encompasses indirect emissions associated with the acquisition of services such as electricity, steam, heat, or cooling. Lastly, Scope 3 includes emissions resulting from activities associated with assets not owned by the reporting organization or under its direct control but are indirectly influenced throughout its value chain.
OOIDA concerns and Attorney General legal actions
OOIDA’s 2022 letter reflected concerns about how the Scope 3 requirement could affect truckers. Recently, attorneys general from 10 states filed a petition for review regarding the SEC’s adoption of climate information.
In the 11th Circuit Court of Appeals, states seek to demonstrate that the SEC exceeds its statutory authority and request the annulment of its action, arguing it is arbitrary and capricious.
Despite the withdrawal of the Scope 3 proposal, the SEC now requires registered companies to disclose information on material climate risks in their operations and audited financial statements. The U.S. Chamber of Commerce is reviewing the rule and its legal grounds, warning of potential litigation to avoid what they see as government overreach and preserve a competitive market system.
In summary, the dispute over climate information disclosure continues among regulators, companies, and interest groups, with significant implications for truckers and other market actors.
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