Mallory Thomas discusses the proliferation of state-level climate disclosure legislation across the United States.
Assertion Supported
Thomas: US climate rules target financial impact while EU requires double materiality
“Everything in the U.S., even California, it's all about financial impacts. In the EU, it's much more comprehensive to understand where the impacts outside as well as what's the impact financially to your company.”
Assertion Supported
Thomas: SEC limits greenhouse gas reporting to Scope 1 and 2
“And then also greenhouse gas emission reporting, and that's just scope one and scope two reporting, and doesn't include all public companies. It's just large accelerated filers and accelerated filers That have to report their scope one and two.”
Assertion Supported
Thomas: Many Large Filers Likely Already Report Scope 3 Emissions
“With the scope three, I think the hard part is a lot of the, it's hard to gather that data, and it's hard to, for companies, especially, you know, we think about large accelerated filers, likely a lot of them are probably already reporting scope three. Many of…”
Opinion
Thomas: SEC climate rules are probably not a major lift for large filers
“Large accelerated filers likely have reporting that they're executing to date, so it's probably not a significant lift.”
Opinion
Thomas: California climate rules impact private firms more than SEC regulations
“SEC is here, but California is kind of probably more impactful from a private company perspective.”
Assertion Not checkable as stated
Thomas: Large companies prioritize Europe's CSRD compliance over SEC climate rules
“In Europe with CSRD, I mean, many companies, you know, large companies are reporting, they're getting ready for CSRD. They're not even focused on this SEC piece. It's all about the double materiality, It's all about going through the materiality assessment and…”