…SEC Promotes Net Zero…
The SEC is preparing to issue rules requiring corporations “to provide certain climate-related information in their registration statements and annual reports [that have] a material impact on its business, results of operations, or financial condition.”
It would also requires disclosure of a registrant’s greenhouse gas emissions.
The stated purpose of the SEC’s proposal is to protect investors, but, the term “net zero” appears 42 times in the SEC proposal, not counting several internet links.
This infers that the underlying purpose of the proposed regulation is for corporations to achieve net zero greenhouse gas (GHG) emissions.
The SEC proposal is based on two premises: (1) GHG emissions cause climate change, (2) GHG emissions result in increasing the number of climate related catastrophes.
The first premise is debatable since no one can prove that GHG emissions cause climate change. Climate models cannot predict the future, nor replicate the past. In fact, there is considerable scientific evidence that GHG emissions do not have a significant effect on temperatures and climate change.
The second premise is insupportable.
There is demonstrable evidence that GHG emissions do not cause an increase in any of these disasters cited in the SEC document:
Wildfires, hurricanes, tornadoes, floods, heatwaves, drought, and sea level rise.
For example, here is evidence that hurricanes have not become worse over the past century, i.e., from 1900, while the SEC document, using a NOAA link, only references hurricanes since 1980.
Note that the six decades before 1960 consistently had more major hurricanes hitting the United States than during the past six decades.
The NOAA site, referenced by the SEC, also claims that tropical storm damage cost $1,148 Billion since 1980, and were 53% of all costs from disasters during this period.
However, it was the increase in coastal population, not the increase in hurricanes, that caused the higher losses from tropical storms.
In his testimony to Congress in 2007, Professor Lomborg pointed out that,
“The two coastal South Florida counties, Dade and Broward, are home to more people than the number of people who lived in 1930 in all 109 counties stretching from Texas through Virginia, along the Gulf and Atlantic coasts.”
Americans rely on savings and investments to provide for their future, whether it be to buy a home or ensure a safe retirement.
They should be terrorized by this SEC proposal, whose premises cannot be supported by the facts.
The SEC document says, “68 out of 77 industries are likely to be significantly affected by climate risk.”
If 90% of all industries are to be affected by GHG emissions and efforts to achieve net zero, then a huge percentage of peoples savings are going to be threatened by the SEC proposal. Resources used to eliminate GHG emissions will detract from a company’s ability to pursue its purpose.
It behooves every American to get the facts about the SEC proposal with its focus on net zero GHG emissions. The SEC proposal is 506 pages long, so, while each person may not be able to struggle through the legalese, they should ask their investment advisors about the proposal.
Use this link to get SEC proposed rule https://bit.ly/3iH2kdS
Use this link in an email to let others know about this article. https://bit.ly/3tNINPz
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Great analysis of terrible legislation. This reminds me of Pelosi’s $3 trillion stimulus bill which mentioned Cannabis 67 times — but much worse.
Thanks for your comments.
Yes, this proposal is much worse and has horrendous potential do do great harm.
Does the SEC proposal specify the exact weather changes that are to be analyzed, i.e. the exact change in the number, landfall, location and strength of hurricanes, tornadoes, floods, droughts, fires, freezes, snowfall, and so forth to be analyzed ? If not how to they prescribe just what a company is to do?
The complexity of what the SEC is proposing is unfathomable. That’s one reason why Americans need to stand up and be counted by commenting on their proposal. Instructions for commenting are in the 506 page document.