RE: Interview 1717 – James Corbett on ESG and the Big Oil Conspiracy
April 8th – Zero Hedge via OilPrice.com
America’s Green Regulation Wave Will Have A Global Impact
~~ The SEC has just proposed a new set of climate rules.
~~ The proposed regulation will force public companies to calculate their total greenhouse gas footprint, including their supply chains.
~~ The fallout from these new regulations could be disastrous for the global economy, as it could force many companies to revamp their supply chains from the ground up.
Making a box of Cocoa Puffs is a complicated global affair. It could start with cocoa farms in Africa, cornfields in the U.S., or sugar plantations in Latin America. Then thousands of processors, transporters, packagers, distributors, office workers, and retailers join the supply chain before a kid in Minnesota, where General Mills is based, pours the cereal into a bowl.
Now imagine the challenge that General Mills faces in counting the greenhouse gas emissions from all of these people, machines, vehicles, buildings, and other products involved in this Cocoa Puff supply chain – then multiply that by the 100-plus brands belonging to the food giant.
Thousands of public companies may soon have such a daunting task to comply with a new set of climate rules proposed by the Securities and Exchange Commission.
Hailed by prominent environmental groups as a long-sought victory, the sweeping plan released in late March would force companies to grapple with the unpredictable impact of climate change by disclosing reams of new information to investors. What are your company’s climate risks, such as severe weather, and the possible financial impacts? How have the threats affected your business strategies and what’s the plan to avoid the dangers? The most consequential and controversial piece of the SEC’s proposed regulations would require corporations to calculate their total greenhouse gas footprint, including from the supply chain.
The regulations also carry political weight…
…SEC head Gary Gensler says shareholders are demanding climate risk disclosures to make smarter investment decisions and hold companies accountable for “greenwashing” their operations. The regulations will also provide investors in the Environmental, Social, Governance (ESG) movement more leverage in their ongoing campaigns to pressure companies to reduce their carbon footprints…
…Two decades ago, the international environmental group CDP pioneered the strategy of organizing institutional investors to pressure companies around the world to reveal at least a piece of their carbon footprint….