With the recent publication of the final SEC Climate Disclosure Rule, Energy Workforce hosted an informative hour-long webinar featuring experts who outlined the key points, preparation strategies, and sector priorities. Led by the ESG Committee, the speakers included Dan Romito, Consulting Partner. Pickering Energy Partners, ESG Committee members Katy Tresselt, Audit and Assurance Senior Manager, Deloitte, and Gary Childress, VP – HSE and Sustainability at Oil States International.
Disclosure Reporting: Data, Collaboration, and Governance
The session, titled “Final SEC Climate Disclosure Rule & Implications for Sector,” started with Dan Romito providing an overview of the final rule and highlighting key differences from past proposals. Notably, the SEC eliminated Scope 3 emissions reporting and defined Scopes 1 and 2 as emissions controlled by operations and purchased energy. Romito stressed the importance of data accuracy, preparation, and staying informed about the evolving regulatory landscape in climate-related financial disclosures.
Katy Tresselt focused on preparing for audit and assurance, underscoring the significance of understanding potential climate and transition risks, designing internal controls, and ensuring consistency in information across accounting groups. She advised companies to assess their gaps, exercise judgment, and implement controls to meet disclosure requirements.
Gary Childress shared insights from the company perspective, discussing how Oil States and his team are establishing a robust process for collecting, analyzing, and reporting data. They have prioritized involvement from various departments and established a comprehensive governance structure while categorizing and reporting emissions. Childress highlighted the wide-reaching involvement of the entire organization, including the board of directors, in this process. He also recommended companies seek lessons from other countries and organizations as they navigate the disclosure process.
Start Now, Don’t Wait
The speakers emphasized the urgency of initiating data collection and reporting plans without delay, despite the phase-in period outlined in the rule. While the disclosure requirements for large accelerated filers begin in 2026, with reasonable assurance required by 2029, Tresselt stressed:
“The time is still now to get started, just because it can take some time to get your arms around it, making sure that you’re pulling information together consistently.”
Romito laid out the approach to data management as a three-step exercise:
- Do you have the data?
- Do you have confidence in the data?
- Do you have the supporting documentation to validate 100% confidence?
Moving Forward Proactively: Energy Sustainability Reporting Program
Looking ahead, Energy Workforce is launching the Energy Sustainability Reporting Program to support member companies in responding to sustainability reporting expectations. Developed in partnership with Pickering Energy Partners, this program offers a comprehensive curriculum tailored to the energy industry’s needs, helping participants implement and sustain sustainability programs and prepare for regulations like the final SEC Climate Disclosure Rule. The program provides three options based on company needs, and the team is available to address any inquiries. For those interested in viewing a replay of the session, please reach out to Maria Suarez-Simmons. This will be first in a series of such webinars on the rule, should you have specific issues you would like EWTC to address, please let us know.
Maria Suarez-Simmons, Senior Director Energy Policy, writes about industry-specific policies for the Energy Workforce & Technology Council. Click here to subscribe to the Energy Workforce newsletter, which highlights sector-specific issues, best practices, activities and more.
