The SEC wants publicly traded companies to figure out their green house emissions including their entire supply chain.
Big companies have thousands of suppliers operating in hundreds of countries, making the task of coming up with a reasonable accounting enormously complicated.
Is a farmer in Mali, who is barely making a subsistence level living, going to have the time and money to figure out his greenhouse footprint?
This proposed rule is aimed at destroying the competitiveness of American companies. It is forcing investors to look at “company’s climate reputation” instead of a “company’s financial performance.”
Government response to Covid hampered companies, messed up supply chains, and created shortages. Poorly thought out Western sanctions on Russia are causing shortages of food, fertilizer, oil, gas, and essential industrial metals in Europe and the United States. And now the unserious bureaucrats at the SEC want companies to spend time calculating the greenhouse emissions of their supply chains? This is utter nuttiness.
The Scope 3 rule on counting emissions from the chain of thousands of suppliers, on the other hand, may be a world of trouble. The agency acknowledges that it doesn’t have a handle on the costs but that they may be “significant” as companies hire consultants, accountants and data specialists to do the job.
While the SEC proposes to bury publicly traded American businesses in expenses, have you ever wondered why China, Russia, India, and other nations will sign onto climate change agreements? These countries have no intention of actually following through on these agreements and hindering their own industries. Instead, they want the United States and Europe to hinder the industries in their own countries so that companies in China, India, and Russia can get ahead and prosper. They are perfectly cool with the West destroying their own economies.