On June 6, 2024, the Eighth Circuit Court of Appeals granted motions by Sierra Club and Sierra Club Foundation and by Natural Resources Defense Council (NRDC) for voluntary dismissal of their petitions seeking review of the U.S. Securities and Exchange Commission (SEC) rule for climate-related disclosures for investors. The Sierra Club petitioners said they had sought review of “several discrete deficiencies” in the rule but that they believed the rule “makes needed improvements to disclosure requirements that will better inform them of the financial risks companies face from climate change and that are well within the SEC’s authority to require.” They said they “now believe that focusing our resources on advocating for improved investor protections outside of court, while also supporting efforts to defend the SEC’s fundamental authority to require disclosure of climate-based risks, is the most effective way to ensure investors have the information they need to properly evaluate companies’ exposure to such risks and thus effectively manage their asset portfolios.” NRDC similarly said it had “decided to focus its resources on advocating for improvements to climate-related financial disclosures outside of this litigation.”

Challenge to the U.S. Securities and Exchange Commission's final rule on climate-related disclosures. 

Iowa v. Securities & Exchange Commission

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Environmental Groups Dropped Challenges to Aspects of SEC Climate Disclosure Rule

Filed

United States of America

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An aim to achieve a quantifiable outcome within a given time-frame, set by an institution such as a national government.

Policy instruments are techniques or tools used by governing authorities to promote certain policies in order to achieve predetermined goals. Put simply, instruments are how a government tries to achieve its goals, with this taxonomy being focused on national policy instruments.

Risk is the potential for adverse consequences resulting from the dynamic interplay between (climate-related) hazards, exposure, and vulnerability of affected human or ecological systems.

Groups  of people who are adversely affected by climate change or the response to it

A set of principles, processes, and practices that build economic and political power to shift from an extractive economy to a regenerative economy.

Justice is the ethical and political framework that addresses fairness, including issues of responsibility, rights, and structural inequity.

Renewable energy means all forms of energy produced from renewable sources in a sustainable manner.

Fossil fuel is a generic term for non-renewable energy sources such as coal, fossil gas, and oil (including crude oil, and petroleum products), that can be used for electricity and heat generation. Fossil fuels are hydrocarbons formed from pressurised and heated organic material buried over millions of years.

Molecules in the atmosphere that play a key role in the greenhouse effect by trapping heat radiating from Earth’s surface.

Area of the economy in which actors engage in identical or related activities.

In human systems, the process of adjustment to actual or expected climate change and its effects, in order to moderate harm, increase resilience or exploit beneficial opportunities. In natural systems, the process of adjustment to actual climate change and its effects; human intervention may facilitate adjustment to expected climate change and its effects.

The management and allocation of funds, assets and investments to meet various objectives