May. 16, 2022
May 16, 2022
To Whom it May Concern,
I am compelled to write this comment due to the outlandish smear campaign organized by FreedomWorks. I unequivocally support this proposed rule, and believe it is not only within the scope of authority of the SEC, but it furthers their mission to protect investors, and maintains fair, orderly, and efficient markets. Oil Gas companies have been funding climate change denialism for decades, and the effects of their agenda can be seen in the comments section for this proposed rule, as fellow commentators spew the talking points put forward by FreedomWorks, which is funded in part by oil corporations. However, climate change is a very real thing, and the effects shall be catastrophic and threaten the survivability of humankind and the Earth as a whole. As an accounting undergrad, who then worked at a brokerage and is now working towards a masters in environmental policy management, I support this rule for the following reasons:
Climate change, and greenhouse gas emissions, are a material risk for investors and firms
Investors have begun focusing on the Environmental, Social and Governance functions of a company as a viable way of analyzing a companys future performance
Actions taken by corporations to fight climate change are a crucial part of the battle
This rule would limit greenwashing and promote transparency
Shows regulatory risk for companies that may be impacted by future regulation that fights climate change
This rule is not discriminatory against oil companies and affects all corporations equally. Oil companies have seen record profits through the current gas crisis due to price gouging, and their own inability to ramp up supply, that decreased due to Covid-19, with the rising demand
Environmental externalities will now become visible
This rule does not shame companies, only brings truth of their operations to light
In no way does this rule limit the ability of the U.S. to gain energy independence
Allows investors to place their money with companies that share their values
More information offers more power to investors
Increases ethics of corporations
Increases job opportunities in the sustainability field, accounting, and financial analysis
Simply put, this proposed rule offers information and information is power. It will aid retail investors, like myself, and put power into the hands of consumers. This information is not a smear campaign. It targets no specific industry and provides vital information to a companys future and the future of our planet. A standardized reporting process, as proposed in this rule, would also make the info easier to find and digest for the average investor. I understand the cost of compliance may be high, but the benefits of this rule far outweigh the costs for the sake of investors and our planet.
Thank you for your time,
Henry Lewis