IPAA’s comments describe how the oil and natural gas production industry is uniquely affected by the SEC climate reporting proposal, and ultimately conclude that the SEC should withdraw its proposal:
“The SEC is stepping far too aggressively into a rapidly evolving arena too soon. Information on companies’ actions to address their ESG responsibilities is growing rapidly each year. At the same time the lack of a consistent framework for presenting information inhibits the value. Time is needed to allow these diverse processes to settle into a more straightforward format.
The SEC proposal does not enhance the process. It merely creates still another burden. Moreover, by adding the materials as part of an SEC filing, it creates inappropriate liability for essentially speculative information.”
In addition to these comments, IPAA supports comments filed by the Chamber of Commerce, the National Association of Manufacturers, the American Petroleum Institute, the Western Energy Alliance and the American Exploration and Production Council.