Last Friday’s edition of the Politico Morning Sustainability newsletter featured a new report from Unlocking America’s Future debunking Big Oil’s claims that compliance costs associated with the U.S. Securities and Exchange Commission’s (SEC) climate risk disclosure rule would impose “immense costs” and force them to raise consumer prices. In fact, it’s estimated the compliance costs of the SEC’s rule would be a drop in the bucket – only $739,000 – compared to the oil and gas industry’s collective billions in profit annually, including $36 billion for ExxonMobil in 2023 alone.
Politico’s coverage of the new report was couched with reporting on proposed amendments from big business groups for California’s own climate risk disclosure law. The groups, which include the California Chamber of Commerce, falsely argued the law and its Scope 3 provisions are too costly and burdensome.
Read more about the new report from Unlocking America’s Future here.
