Professor Greg McNeal, "Navigating Legal Uncertainty: SEC Environmental Disclosures in the Maritime Industry" -- Tulane Law Review (forthcoming)

Professor Gregory S. McNeal's article, "Navigating Legal Uncertainty: SEC Environmental Disclosures in the Maritime Industry," will be published in the Tulane Law Review (forthcoming 2025). The article examines the implications of the Security and Exchange Commission’s evolving regulatory framework, using the maritime industry as a case study to explore the challenges of achieving accurate and standardized emissions reporting.

Abstract of "Navigating Legal Uncertainty: SEC Environmental Disclosures in the Maritime Industry"

The Securities and Exchange Commission (SEC) has taken an increasingly proactive role in enforcing environmental, social, and governance (ESG) regulations, particularly through mandated climate-related disclosures. This essay examines the implications of the SEC’s evolving regulatory framework, using the maritime industry as a case study to explore the challenges of achieving accurate and standardized emissions reporting. The SEC’s enhanced disclosure rules, coupled with the Supreme Court’s decision in Loper Bright Enterprises v. Raimondo (2024), have created a contentious and unsettled regulatory landscape. The maritime industry serves as a compelling case study due to its unique challenges in complying with proposed Scope 1, 2, and 3 emissions disclosures, particularly those involving indirect emissions. These challenges are further exacerbated by the global nature of the sector and increasing demands for real-time emissions data. The essay also analyzes how Loper Bright affects the SEC’s authority to mandate emissions disclosures and its broader ESG agenda, using the maritime sector as a lens to assess broader implications for other industries. Finally, it offers policy recommendations to help clarify the regulatory landscape and proposes strategies for companies to collaborate with regulators and industry bodies to support sustainable practices while minimizing enforcement risks.