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WASHINGTON – The US Securities and Exchange Commission has approved new rules that will require some public companies to report their carbon emissions and climate risks. But fashion retailers will be breathing a sigh of relief as the new rules do not require companies to report indirect emissions, known as Scope 3. These emissions, which are essentially supply chain impacts, often represent upwards of 90 per cent of the carbon impact of clothing production.

The SEC is said to have made significant last-minute revisions to its long-awaited new rules in the face of strong pushback from industry.

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