The Securities and Exchange Commission on Wednesday adopted a final rule to require public companies to disclose climate-related information in financial statements and other reports provided to the commission.
The adopting release is 886 pages long and contains 3,241 footnotes. This rule will not do anything to protect investors. It will not do anything material to slow climate change. It will, however, enrich lawyers, accountants, climate change consultants, and left-wing nongovernmental organizations by requiring companies to spend billions of dollars to comply.
Many thousands of highly paid professionals will live off the rule’s complexity. The commission vote adopting the rule was 3-2. Commissioners Hester Peirce and Mark Uyeda dissented.
The proposed rule was, without question, the most destructive rule ever considered by the SEC. It would have quadrupled the…
