Zeus: The other side of the SEC disclosure letters

By Trey Thoelcke Published Jun 30, 12:19PM EDT

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Zeus: The other side of the SEC disclosure letters — © Maxiphoto / iStock via Getty Images

By David Callaway, Callaway Climate Insights

(David Callaway is founder and Editor-in-Chief of Callaway Climate Insights. He is the former president of the World Editors Forum, Editor-in-Chief of USA Today and MarketWatch, and CEO of TheStreet Inc.)

SAN FRANCISCO (Callaway Climate Insights) — Much has been made about the 11th-hour attempt by large investors on Wall Street to rein in proposed government disclosure rules on greenhouse gas emissions, and lawsuits are almost a certainty once the rules are formalized later this year.

But the vast majority of the more than 5,000 letters of comment for the Securities and Exchange Commission’s proposed disclosure rules are in favor of them, with investors ranging from small asset managers to entrepreneurs in climate technology arguing that the need from markets for more disclosure is long overdue.

Indeed, some of the backlash we’ve seen this spring against environmental, social and governance (ESG) investing strategies is born of the very confusion about metrics that the disclosure rules try to prevent.

Most of the big investors arguing against having to disclose their indirect emissions, known as Scope 3, claim it would be impossible – and costly – to accurately detail the emissions of their customers and supply chains.

That’s why the SEC rules are a necessary first step. And once they are proposed, and challenged, they will obviously be refined. Inside some of the letters are some thoughts on how the SEC can make its proposals even more impactful. …

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About the Author Trey Thoelcke →

Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.

Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community. He previously oversaw the 24/7 Climate Insights site, managing editorial operations and content strategy, and currently oversees and creates content for My Investing News.

Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.

Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, overseeing a long-running critique group and moderating workshop sessions at regional conventions. He lives with his family in an old house in the Midwest.