ESG / Sustainability in United States

Key dates

TBD (est. late 2026 or later)

– Potential SEC adoption of a final rule rescinding, modifying, or replacing the climate‑related disclosure rules, subject to consideration of comments and potential legal challenges

29 May 2026

– SEC issues press release and proposing release announcing the proposed rescission of the climate‑related disclosure rules and opens the public consultation

TBD (comment deadline, est. mid‑2026) Deadline

– Public comment period expected to close a set number of days (typically 30–60) after publication of the proposing release in the Federal Register; the precise date will be specified in the Federal Register notice

TBD (effective date, est. 30–60 days after Federal Register publication of final rule) Deadline

– Effective date of any final rescission; compliance with the existing climate rules would continue to be required for reporting periods and filings before this date

Suggested considerations

• Maintain full compliance with the existing SEC climate‑related disclosure rules in registration statements and annual reports until a final rescission (if any) becomes effective, and do not scale back disclosures based solely on the proposal.
• Prepare internal briefing materials for the board, audit committee, and senior management explaining the proposed rescission, its potential implications, and the need to maintain current disclosures in the interim.
• Coordinate with legal, finance, sustainability, and investor relations teams to develop a contingency disclosure strategy that anticipates both outcomes: (i) rescission is finalized and prescriptive line items disappear, or (ii) the rule is modified or retained following comments or litigation.
• Review and update risk factor, MD&A, and business section drafting guidance to ensure that material climate‑related risks and opportunities continue to be addressed under general disclosure standards even if specialized climate items are removed.
• Engage external counsel and proxy‑advisory or ESG stakeholders to assess how reduced prescriptive SEC climate requirements will interact with EU, UK and state‑level climate disclosure regimes, and align internal reporting processes to meet the most stringent applicable framework.

What changed

• - The SEC proposes to rescind the 2024–2025 climate‑related disclosure rules that mandated detailed climate information in Securities Act registration statements and Exchange Act annual reports,...
• The proposal would remove line‑item requirements for climate‑related governance and oversight by the board and management that had been added to Regulation S‑K and related forms.
• The proposal would eliminate prescriptive disclosure of climate‑related risks over specified time horizons (short, medium, long term) and their impacts on strategy, business model, and outlook that...
• The proposal would rescind obligations to provide certain climate‑related financial metrics in audited financial statements, including disaggregation of climate‑related impacts in footnotes, thereby...
• The proposal would eliminate any mandatory greenhouse gas (GHG) emissions disclosures that were part of the climate rules, including Scopes that were required for large filers, returning GHG...