Wednesday, March 23, 2022

SEC to Strangle You Softly

The SEC has proposed a new rule for publicly-held companies which requires that they disclose their "green" status (that's a short summary.)

Except it isn't just "publicly-held" companies.

It's all of them plus anyone supplying them with goods or services.  Think privately-held 2nd- or 3rd-tier suppliers to GM, or Ford, or Stellantis--or anyone else.  Those car-haulers?  Yup.  Mold-makers?  Yup. 

...For example, Exxon Mobil would have to report its direct emissions as well as any from fossil fuels burned to generate the electricity it uses. It may have to quantify emissions from the combustion of its products, the tankers that deliver them, and the manufacturing of its rigs and plastic products when they degrade....

It gets even better, (for lawyers.)

 ...Scope 3 emissions have no clear definition. The agency says it has “not proposed a bright-line quantitative threshold for the materiality determination” for Scope 3 emissions because this “would depend on the particular facts and circumstances, making it difficult to establish a ‘one size fits all’ standard.” 

Yet the overall rule would impose a one-size-fits-all regulation on thousands of public companies. A property and casualty insurer’s exposure to flood or wildfire zones is probably material. Ditto direct emissions of fossil-fuel producers that operate in jurisdictions with carbon taxes or cap-and-trade systems....

The objective?  To strangle US industrials.  Why?  Great Reset, that's why.  

You will own nothing and you will like it.

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