Appeals court pauses implementation of SEC climate rule (2024)

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March 19, 2024

The U.S. Court of Appeals for the Fifth Circuit on March 15 temporarily blocked the implementation of the Securities and Exchange Commission’s (SEC’s) new rule on emissions data reporting while the court considers a lawsuit alleging the regulations exceed the SEC’s authority:

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The US Court of Appeals for the Fifth Circuit’s order staying the March 6 rules came after Liberty Energy Inc. requested the pause as the fracking company pursues its case. The decision was the first major ruling, and setback, for the Securities and Exchange Commission in the litigation over the regulations that require companies to report their greenhouse gas emissions and make other climate-related disclosures. Liberty told the Fifth Circuit on March 8 it needed the stay due to 'irreparable injury in the form of unrecoverable compliance costs and constitutional injuries' from the rules. The SEC disputed the claims, saying they’re 'speculative and remote assertions of harm.' The Fifth Circuit didn’t explain why it approved the administrative stay in its two-page unpublished order issued by judges Edith Jones, Stephen Higginson and Cory Wilson. The administrative stay isn’t the final decision on whether to keep the rules on hold throughout the litigation. It prevents the regulations from taking effect until the court reaches a final decision on halting the regulations as lawsuits continue.

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