SEC Formally Proposes Rescission of 2024 Climate Disclosure Rules

The Securities and Exchange Commission voted on May 29, 2026 to propose the full rescission of its landmark 2024 climate-related disclosure rules — rules that had been stayed by a federal court since April 2024 and never took effect. The rescission proposal, published in the Federal Register on June 3, accepted public comments through August 3 and is expected to proceed to finalization in the fall. Chair Atkins framed the move as returning the SEC to its core investor-protection mandate and away from "overly burdensome" disclosure requirements; Commissioner Peirce supported the proposal, citing the Commission's years-long struggle with the climate disclosure rulemaking. The practical consequence for US companies is not relief from all climate disclosure obligations — state regimes (California SB 253) and investor expectations remain — but a clear signal that federal mandatory ESG disclosure in the US is off the table for the foreseeable future. Harvard Law's corporate governance analysis characterized the rescission as signaling a broader shift toward market-driven information flows and away from prescriptive SEC rulemaking on ESG.