Working through the Securities and Exchange Commission, the Biden administration is quietly but persistently implementing global warming (aka “climate change”) regulations that will force U.S. corporations to implement costly audit and control procedures for a wide range of CO2 (carbon dioxide) emissions that result from their company’s operations.
We are witnessing a bureaucratically imposed restructuring of capitalism to comply with an ideologically driven Net Zero Emissions (NZE) policy. The restructuring aims to impose neo-Marxist “public good” restraints on private corporations through White House-issued executive orders and federal agency rulemaking, not congressional legislation. Suppose the SEC is successful in this effort. In that case, the U.S. will join the European Union (EU) in hamstringing U.S.-based corporations with profit-inhibiting accounting requirements certain to constrain profitability—all in pursuit of a demonization of CO2 that fact-based climate science fails to support. The impact on the Earth’s climate will be minimal, but the effects on the U.S. economy could be devastating.
On March 21, 2022, the U.S. Securities and Exchange Commission (SEC) proposed rule changes requiring U.S. corporations to disclose an exhausting amount of climate-related information detailing CO2 (carbon dioxide) emissions. While the SEC expects to issue the final rule this spring, a draft filed in the Federal Register last summer drew nearly a nearly unprecedented 15,000 comments. According to a survey taken by Workíva (an internet platform for financial reporting, ESG [Environmental, Social, and Governance], audit, and risk) and PwC (accounting firm PricewaterhouseCoopers) of 300 executives at U.S.-public companies with at least $500 million in annual revenue, four in ten executives reported their companies are not ready to comply with the SEC’s complicated and costly proposed climate accounting rule changes.