Davis Polk counsel and Environmental practice head Loyti Cheng discussed the SEC’s new climate disclosure rules and the key takeaways with Diligent.

Some of the changes from the SEC’s original proposed rule include elimination of Scope 3 disclosures, scaled back attestation requirements, additional materiality qualifiers and narrower financial statement triggers.

“The number of times the term ‘materiality’ appeared in the rule was surprising. The SEC was really driving home the point that, unless the issue at hand is material, disclosure is not required,” Loyti noted.

“IN-DEPTH: The SEC Climate Rule is here,” Diligent (March 13, 2024) 

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