共和黨掌控下的美國，ESG政策與企業披露法規或遭遇重大挑戰

隨著川普重新當選美國總統，共和黨重掌參議院，並且最高法院向保守派傾斜，專家們對美國在氣候與ESG（環境、社會和公司治理）方面的政策前景表示深切擔憂。川普的回歸將影響拜登政府推動的一系列聯邦機構法規，尤其是涉及氣候變遷和可持續發展的關鍵政策。

With Trump re-elected as President of the United States, Republicans regaining control of the Senate, and the Supreme Court tilting toward conservatives, experts have expressed deep concerns about the future of U.S. policy on climate and ESG (environmental, social, and corporate governance). Trump's return will affect a series of federal agency regulations promoted by the Biden administration, especially key policies related to climate change and sustainable development.

晨星指數（Morningstar Indexes）ESG策略負責人湯姆·庫赫（Tom Kuh）在選前接受《ESG Dive》採訪時表示，川普可能會致力於撤回氣候相關的披露規則，並繼續削弱聯邦機構在環境和勞工安全方面的監管能力。他警告說，這種變化將對空氣質量、清潔水源、溫室氣體減排、工人安全和食品安全等多個領域的監管和執行產生深遠的負面影響。

Tom Kuh, head of ESG strategy at Morningstar Indexes, said in an interview with ESG Dive before the election that Trump may work to roll back climate-related disclosure rules and continue to weaken the regulatory capabilities of federal agencies on the environment and labor safety. He warned that such changes would have far-reaching negative impacts on regulation and enforcement in areas including air quality, clean water, greenhouse gas emissions reduction, worker safety and food safety.

據《Carbon Brief》今年早些時候的分析，川普的第二個任期可能會使美國到2030年額外排放40億噸二氧化碳，造成超過9,000億美元的全球氣候損失。該報告指出，若川普再度執政，美國極有可能無法實現《巴黎協定》目標，僅能在2030年達成較2005年減排28%的水準，遠低於目前承諾的50-52%減排目標。

According to an analysis by Carbon Brief earlier this year, a second Trump term could cause the United States to emit an additional 4 billion tons of carbon dioxide by 2030, causing global climate losses of more than $900 billion. The report pointed out that if Trump takes office again, the United States will most likely be unable to achieve the goals of the Paris Agreement and will only be able to achieve a 28% emission reduction level in 2030 compared with 2005 levels, which is far lower than the currently committed 50-52% emission reduction target.

SEC的氣候與ESG法規

SEC’s Climate and ESG Regulations

In March this year, the Securities and Exchange Commission (SEC) passed a final rule requiring large companies to disclose climate risks, but it immediately faced multiple legal challenges, mainly filed by Republican-dominated states, questioning the SEC’s legislative authority. Therefore, the SEC suspended the implementation of the rule in April and continues to handle related litigation. The rules require companies to disclose climate risks that could impact their business, as well as any response measures, such as internal carbon pricing, transition plans or scenario analyses. SEC Chairman Gary Gensler revealed that the agency has received more than 24,000 public comments since the 2022 draft was released.

今年3月，證券交易委員會（SEC）通過了一項要求大型企業披露氣候風險的最終規則，但隨即面臨多起法律挑戰，主要由共和黨主導的州提起，質疑SEC的立法權限。因此，SEC於4月暫緩該規則的實施，並持續處理相關訴訟。該規則要求公司披露可能對業務產生影響的氣候風險，以及任何應對措施，如內部碳定價、過渡計劃或情景分析。SEC主席蓋瑞·根斯勒（Gary Gensler）透露，自2022年草案公布以來，該機構已收到超過24,000條公眾意見。

Experts predict that with Trump taking office, the SEC may face greater pressure to withdraw its climate risk disclosure rules. Julie Anderson, director of the Sustainable Management Program at American University's Kogod School of Business, pointed out that the Trump administration may exert political influence on the SEC to abandon the rule. In addition to climate risk disclosure regulations, the SEC also plans to develop regulations on "greenwashing" behavior, human capital management, and corporate diversity. However, these regulations have not yet been completed, and the outside world is skeptical about whether they can continue to promote them.

專家預測，隨著特朗普上台，SEC的氣候風險披露規則可能面臨更大的撤回壓力。美國大學科戈德商學院的可持續管理計劃主任朱莉·安德森（Julie Anderson）指出，川普政府或會對SEC施加政治影響，以放棄該規則。除氣候風險披露法規外，SEC還計劃針對“漂綠”行為、人力資本管理和企業多樣性制定法規，然而這些法規尚未完成，外界對於其能否繼續推動持懷疑態度。

DOL’s ESG Regulations

勞工部（DOL）的ESG法規也預計將成為川普政府的目標。DOL的“選擇計劃投資及行使股東權利的審慎與忠誠原則”規則於2023年生效，允許養老基金經理在滿足特定條件下考慮ESG因素。然而，該法規最初遭到26位共和黨州檢察長的法律挑戰，並在德州法院因“雪佛龍原則”被駁回。隨著雪佛龍原則被最高法院推翻，這一決定再度引發爭議，共和黨聯盟近日重申該法規違反《僱員退休收入保障法》（ERISA），應予廢除。

The Department of Labor’s (DOL) ESG regulations are also expected to be a target of the Trump administration. The DOL’s “Principles of Prudence and Fidelity in the Selection of Plan Investments and the Exercise of Shareholder Rights” rule, which takes effect in 2023, allows pension fund managers to consider ESG factors if certain conditions are met. However, the regulation was initially challenged legally by 26 Republican state attorneys general and was rejected in a Texas court on "Chevron doctrine." With the Chevron doctrine overturned by the Supreme Court, the decision has once again sparked controversy, with the Republican coalition recently reiterating that the regulation violates the Employee Retirement Income Security Act (ERISA) and should be repealed.

Ropes & Gray律所ERISA和福利實踐負責合夥人喬什·利希滕斯坦（Josh Lichtenstein）指出，若法院尚未在川普政府上台前作出最終裁定，預計共和黨主導的政府將停止在法院辯護此法規，並可能將決策標準回歸純財務因素。然而，朱莉·安德森強調，DOL法規已面臨挑戰，川普政府的回歸或不會進一步影響其在法院的進展。

Josh Lichtenstein, partner in charge of the ERISA and benefits practice at Ropes & Gray, pointed out that if the court has not made a final ruling before the Trump administration takes office, it is expected that the Republican-led administration will stop defending this regulation in court and may return the decision-making criteria to purely financial factors. However, Julie Anderson emphasized that the DOL regulations have already faced challenges, and the return of the Trump administration may not further affect its progress in the courts.