Oil Companies Challenge SEC’s Climate Rules in Fifth Circuit

Oil and gas industry groups on Monday sued to stop the SEC’s climate reporting regulations in the Fifth Circuit, giving the conservative-leaning court another challenge to the rules.

The petition seeking a review of the regulations—filed by the Texas Alliance of Energy Producers and the Domestic Energy Producers Alliance—is one of at least three against the Securities and Exchange Commission pending in the US Court of Appeals for the Fifth Circuit over the climate rules. Republican attorneys general and fracking companies also have petitioned the Fifth Circuit to look over the SEC’s March 6 requirements for companies to report their greenhouse gas emissions and make other climate-related disclosures.

The SEC rules exceed the agency’s authority, said Luke Wake, an attorney for the Pacific Legal Foundation, a libertarian public interest law firm representing the energy organizations.

“Congress did not authorize the SEC to demand that companies report environmental or any other controversial issues completely unrelated to finance,” Wake said in a statement.

Source: Oil Companies Challenge SEC’s Climate Rules in Fifth Circuit