On March 6, 2024, the Securities and Exchange Commission (“SEC”) adopted a rule titled “The Enhancement and Standardization of Climate-Related Disclosures for Investors” in response to growing investor demand. The rule added climate-related risks and greenhouse gas (“GHG”) emissions metrics to the SEC’s already comprehensive requirements. Most large companies already reported Environmental, Social, and Governance (“ESG”) information in some way, but the rule is the first to mandate uniform climate-related disclosures for all issuers. 

Meanwhile, the Supreme Court was repeatedly striking down rulemaking by various administrative agencies. Drawing upon precedents critical of the administrative state, three Court cases from August 2021 to June 2022 cemented the change. Now, the new “major questions doctrine” requires Congress to “speak clearly” in authorizing agency decisions of “vast economic and political significance.” This Note argues that, for its finalized climate change rule, the SEC lacks the specific authorization the doctrine requires. Still, this Note argues that, despite the difficult legal battles ahead, climate disclosure is worth the fight. Even with the major questions doctrine and the low probability of congressional action, the SEC can rely on a combination of audit firms’ influence and market forces to enact real change.