API Statement on the SEC's Decision to Stay Risk Disclosure Rule

WASHINGTON, April 4, 2024 — The American Petroleum Institute released the following statement today from API Senior Vice President and General Counsel Ryan Meyers on the U.S. Securities and Exchange Commission’s decision to stay its climate-related risk disclosure rule while courts adjudicate its legality:

“We agree with the SEC’s decision to stay this flawed rule and not burden companies with significant compliance costs before courts can adjudicate its legality. The rule would confuse investors rather than advance the dialogue on climate that has been occurring for many years between businesses and their shareholders.”

API represents all segments of America’s natural gas and oil industry, which supports nearly 11 million U.S. jobs and is backed by a growing grassroots movement of millions of Americans. Our approximately 600 members produce, process and distribute the majority of the nation’s energy, and participate in API Energy Excellence®, which is accelerating environmental and safety progress by fostering new technologies and transparent reporting. API was formed in 1919 as a standards-setting organization and has developed more than 800 standards to enhance operational and environmental safety, efficiency and sustainability.

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