2023 Winter Issue - 34

Billy Grayson, Valerie Wieman, Allison Bradshaw, Mary Ludgin, Juliette Morgan
Figuring Out How to Comply with New SEC Climate
Disclosure Rule Won't Be Easy
P ATRICK J. KIGER
Real estate companies face a complex
task in learning how to comply with the U.S.
Securities and Exchange Commission's (SEC)
much-anticipated new rule on climate disclosure,
which will require them to report their
greenhouse gas emissions as well as their
financial risks from climate change, panelists
said at ULI's Fall Meeting in Dallas.
In terms of the effort required to comply
with the new climate rule, " people are projecting
this to be even larger than SarbanesOxley, "
said Allison Bradshaw, a senior
manager in audit and assurance for Deloitte,
citing the 2002 federal law that imposed a
greater degree of financial reporting on companies
to prevent fraud.
" Anybody who was around through that
transition recognized that it was no small
task, and it was costly for clients and companies
to comply, " she said.
The SEC rule has not yet been finalized-officials
are scrutinizing thousands of
comments filed by investors and industry
players-but it was expected that the final
rule would be issued either in late 2022 or
early 2023, said Valerie Wieman, a partner
at accounting and professional services firm
PricewaterhouseCoopers.
That would mean the biggest publicly
owned real estate firms will need to gather
data on their own emissions, known as Scope
1, as well as the Scope 2 emissions from the
generation of energy they use, for disclosure
in 2024. Scope 3 emissions, a category that
includes indirect emissions such as those
produced by tenants, would be reported in
2025, though the Wall Street Journal and
other media outlets have reported that the
SEC may pull back that requirement.
Compliance Challenges
Real estate companies face significant compliance
challenges, starting with figuring
out how to quantify their carbon emissions,
panelists said. Even for companies that have
started voluntarily gathering data, there is a
lack of clarity.
Billy Grayson, EVP of centers and initiatives at ULI, moderated a panel titled " How the SEC's Green Disclosure Requirement
Could Fast-Track the Decarbonizing of Cities, " featuring the insights of (from left) Valerie Wieman, partner with PricewaterhouseCoopers;
Allison Bradshaw, senior manager of audit and assurance for Deloitte; Mary Ludgin, senior managing director and
director of global investment research for Heitman; and (not pictured) Juliette Morgan, director of ESG for Gensler.
32
URBAN LAND
WINTER 2023
ALTAVIRA

2023 Winter Issue

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