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Against a backdrop of increased regulation on Environmental, Social and Governance (ESG) reporting globally, since mid-2021 the US Securities and Exchange Commission (SEC) has been considering mandating reporting of climate change related risks by companies. A proposal is expected by the end of the year.
However, the US Chamber of Commerce - a powerful cross-sector industry association - is actively advocating against a mandatory approach to ESG disclosures and instead pushing for voluntary, flexible and market-driven reporting, stating on its website that "ESG reporting is developing organically—it does not require rigid regulations". In lobbying on this issue, the Chamber has taken a multi-pronged approach, targeting policymakers, regulators and the wider narrative around ESG disclosure to block policy action.