Eric Christensen and Leah Dundon Mentioned in S&P Global Article on West Virginia v. EPA Decision’s Impact on Climate Risk Disclosures
B&D Principal Eric Christensen (Seattle) and Of Counsel Leah Dundon (Washington, DC) were quoted in an S&P Global article titled, “US Supreme Court Ruling May Check SEC Plans to Seek Climate Risk Disclosures.” The article discussed a potential rule requiring publically traded companies to reveal climate-related financial risks following the recent Supreme Court decision in West Virginia v. EPA, 597 U.S. __, 2022 WL 2347278 (June 30, 2022).
Eric told S&P Global the major questions doctrine could become "a regular staple of administrative litigation involving just about every federal agency." The major questions doctrine is a court-held doctrine that a federal agency could not make sweeping regulatory changes unless Congress explicitly authorized such an action.
Leah said the West Virginia decision would cause additional challenges to the U.S. Securities and Exchange Commission (SEC)’s recent effort at climate disclosure rulemaking. Yet, the decision is not likely to make a difference to investors already seeking additional information about financial climate-related risks faced by the companies they invest in.
"There are already pressures outside of what EPA or the SEC is doing - such as what other countries are doing or what investors or market forces are demanding - and that is not likely to change based on the West Virginia case," said Leah.
For more on the implications of the West Virginia v. EPA decision or any other aspect of air and climate change regulatory and transactional developments, including litigation challenges, evolving SEC climate disclosure rules, CCS and the Section 45Q tax credit, or international developments, please contact any member of B&D’s Air & Climate Change or Litigation practices.