WASHINGTON (March 6, 2024) — The American Chemistry Council (ACC) issued the following statement in response to the release of the Securities and Exchange Commission (SEC)’s final rules, “The Enhancement and Standardization of Climate-Related Disclosures for Investors.”
“While it will take some time to digest the lengthy rule package, we’re pleased that the Commission has removed the proposed requirement that companies quantify and report on ‘Scope 3’ emissions. ACC members supply critical chemistries used in the value chains of nearly every sector of the economy. This requirement posed unique challenges for the chemical sector while providing little value to investors.
“Any new or expanded reporting requirements must provide information that is relevant, reliable, material to investors, and accessible to reporting companies. Our comments highlighted many areas of the proposal that failed to meet these basic criteria or were clear cases of regulatory overreach. We are hopeful that the final rule includes other revisions that address our concerns, and we will work with our members to highlight and address any remaining flaws.
“ACC members already track Scope 1 and Scope 2 emissions through Responsible Care®, our industry’s leading safety and sustainability performance initiative. Our members are engaged in a range of efforts through the market to track and report on material climate risk directly to value chain stakeholders or through third parties.
“ACC and its members are committed to being partners and solution providers in supporting a sensible path to a lower-emissions economy. We vigorously participated in this rulemaking and look forward to engaging on proposals with significant impacts for companies and sustainability efforts.”
