The cost of clean up is material to investors. There are a lot of important law suits that will be coming about as well. Does not matter who denies it. Denying things that exist only makes one very wrong.
Snippet from email
Gensler rejected criticism that the S.E.C. is overreaching, and would not get into a discussion of potential legal challenges. “It’s a disclosure regime within a long tradition of disclosure regimes,” he said, noting that the agency was responding to investor demand for more information on climate risks. But Hester Peirce, a Republican commissioner at the agency, explained her vote against the proposal by saying that it “turns the disclosure regime on its head,” telling “managers how regulators, doing the bidding of an array of non-investor stakeholders, expect them to run their companies.”