More than 35 groups today called on the U.S. Securities and Exchange Commission (SEC) to withdraw its proposal to rescind its 2024 climate disclosure rule. The 2024 rule, which is currently stayed in litigation, requires large public companies to disclose climate-related financial risk information to investors, including Scope 1 and 2 greenhouse gas emissions.

Led by Chair Paul Atkins, the SEC’s proposal ignores the reality of climate change as a growing source of financial risk for public companies and investors, as well as overwhelming investor demand for this more comparable, reliable climate disclosure. If finalized, the proposal would undermine transparency in capital markets to protect companies with high climate-related financial risks, the groups maintain.

“The proposal reflects the desire of Paul Atkins’s SEC to ignore growing financial risks from climate change and to deprive investors of essential information,” said Elyse Schupak, climate policy advocate for Public Citizen. “For polluting industries that seek to downplay their role driving the climate crisis and their exposure to related risks, finalizing the proposed rule would be a victory. The SEC should withdraw this proposal as it contradicts the Commission’s responsibility to facilitate transparency for investors and promote well functioning capital markets.”

“The 2024 climate disclosure rule set the SEC record for most comments ever collected on a regulation, and investors showed up nearly unanimously in support,” said Alex Martin, climate finance policy director at Americans for Financial Reform. “This move is another in a long string of recent SEC actions to empower corporations over investors, and reflects this administration’s far-reaching attempts to deny the reality of climate change. If finalized, this proposal will hurt workers saving for retirement by depriving people of information needed to assess companies’ financial risks due to climate change — and by endangering other critical disclosures as well.”

As communities across the world endure record-breaking heatwaves, wildfires and rising living costs, the world’s biggest oil and gas companies have confirmed another blockbuster quarter of profits. The Make Polluters Pay coalition says the timing exposes the true cost of delaying the end of the fossil fuel era, and is calling on governments meeting in New York this month to seize a historic opportunity to make the polluters pay.

This summer’s extreme weather has spared no continent. Wildfires are tearing through Spain and France, forcing hundreds of thousands of people from their homes. In the United States, a series of heat domes pushed temperatures past 100°F (38°C), and smoke from hundreds of Canadian wildfires produced some of the world’s worst urban air quality across North America. India endured pre-monsoon temperatures above 48°C earlier this year, while torrential rain left hundreds dead in several countries in Africa since March.

Scientists estimate that emissions from just five fossil fuel corporations – BP, Chevron, ExxonMobil, Shell and TotalEnergies – were sufficient to cause around one in four of the heatwaves recorded globally between 2000 and 2023. Those same five companies are now announcing another blockbuster quarter of fossil fuel profits. TotalEnergies has reported adjusted net income of $5.4 billion for the second quarter of 2026, Shell profit hit $9.84bn in the three months to June, more than double compared with the same period last year. Exxon clocked $14.5 billion in profits this quarter; Chevron, $12.1 billion. BP is expected to announce comparable astronomical profits on the 4th of August.

That’s over USD $40 billion in profits by just 4 large oil companies, which is more than the entire GDP of over 100 countries, reaped in rewards while the rest of the world is left dealing with climate and energy chaos. The price spikes are driven in large part by volatility in oil prices during the war in Iran.

The results land as governments prepare to resume negotiations on a UN Framework Convention on International Tax Cooperation in New York this month. A mandatory surtax on highly polluting industries is gaining support as part of that process, alongside measures to prevent jurisdiction-shopping and anchor taxing rights in real economic activity. Analysis by the Global Alliance for Tax Justice and partners estimates that aton the profits of the world’s 100 largest oil and gas companies could have generated more than US$1 trillion since the Paris Agreement was signed in 2015. The Make Polluters Pay coalition says governments meeting in New York should seize the moment to get behind it.

To mark the moment, campaigners inflated a giant barrel of oil outside the Houses of Parliament in Westminster, London, calling on the UK government to back a permanent stronger taxex on fossil fuel profits and support a strong outcome at the UN tax talks.

David Hillman, Stamp out Poverty, said

“Big Oil has spent fifty years profiting from pollution while the rest of us pay the price in heatwaves, in wildfires, in energy bills we can barely afford. That’s why we’re bringing a giant oil barrel to the doorstep of Parliament: to make sure politicians can’t look away. Governments have a real chance this month, at the UN tax talks in New York, to finally make the polluters pay. They should take it.”

Anne Jellema, Executive Director of 350.org, said:

“From Bordeaux to Phoenix to Mumbai, families are living through the cost of climate delay, while the companies most responsible bank blockbuster bonanzas. That is not a coincidence; it is a business model. Governments meeting in New York this month have a genuine opportunity to change it. Calls are growing across the political spectrum for a proper global profits tax, so the industry that helped cause these disasters pays towards the recovery, the solutions and the protection people need. It’s simple fairness: those who caused the damage and profited from it should pay to fix it.”

Tyrone Scott, Head of Campaigns, War on Want
“While people struggle with soaring bills and communities across the world lose homes, livelihoods and lives to climate disasters, fossil fuel corporations are banking another quarter of enormous profits. This is wealth extracted from people and the planet. The UK Government must stop protecting polluters and start making them pay through permanent taxes on fossil fuel profits, a wealth tax on the super-rich and by backing a strong UN Tax Convention that ends corporate tax avoidance. Those who have profited most from the climate crisis must fund the transition and the repair.”

The Make Polluters Pay coalition is calling on governments worldwide to introduce permanent, higher taxes on oil and gas profits, to fund emergency response, recovery and long-term resilience for communities on the frontline of the crisis, and to back a strong, binding outcome at this month’s UN tax convention talks.

The Senate Judiciary Committee is set to vote on Todd Blanche’s nomination for Attorney General on Tuesday, after Blanche’s Department of Justice (DOJ) reached an agreement with Republican Senator John Cornyn with a stated goal of rescinding the corrupt $1.8 billion slush fund intended to pay Trump’s cronies and January 6th rioters and limiting his new tax immunity.

In response to the news, Public Citizen co-president Lisa Gilbert issued the following statement:

“The late-night deal reached between the DOJ and the Republican Senators who had been objecting to the Blanche nomination is clearly a face-saving exercise to try to get the Senators to ‘yes’ on that nomination, not real limitations on pro-Trump cronyism. President Trump gets to keep tax immunity for himself, his sons and the Trump Organization, potentially saving the President millions in taxes owed to the American people.

“And on the slush fund itself, Trump has not waived his rights under the scheme that called on Blanche to establish the fund, and nothing prevents Blanche from simply reestablishing it if the Senate confirms him.

“In addition, nothing in what Blanche sent out prevents the DOJ from settling lawsuits brought by the January 6th rioters and other Trump cronies, and paying them out of the general fund. We saw a staggering seven-figure deal in that vein just last week.

“And if the inadequate deal on the slush fund and Trump tax immunity wasn’t enough to stop this unfit nominee, his horrifying lack of empathy and ineptitude when it comes to the Epstein files and the way he has engaged with the victims should disqualify him instantly.

“Whatever happens at the committee vote on Tuesday, there is still time to keep Trump’s fixer from becoming AG, to keep the DOJ from becoming solely a Trump revenge agency, and Senators must do the right thing and block Blanche before it is too late.”