CHARLESTON, WV (WVNS) — West Virginia Attorney General Patrick Morrisey led a coalition of 24 states in an initiative that would require companies to make policy statements that are not related to financial performance.

The proposed rule, regarding a U.S. Securities and Exchange Commission initiative is, “The Enhancement and Standardization of Climate-Related Disclosures for Investors.” The comments towards this initiative were sent directly to SEC Secretary Vanessa A. Countryman.

Under this recommended rule, it would be mandatory for companies to produce thorough disclosures relating to greenhouse gases and major climate change. This proposal would also require that these public companies reveal how these greenhouse gas emissions are produced and how climate risk affects their businesses.

Among these climate risks, they would also have to report how these risks are related to the physical impact of storms, drought and higher temperatures changes.

“The SEC’s proposal, if finalized, would provide for coordinated discrimination against areas of the country like West Virginia that depend most heavily on fossil fuels for energy,” Attorney General Morrisey expressing his feelings on this passing the proposal.

“We need to be very hesitant before allowing the wholesale transformation of the nation’s federal securities regulator into an environmental watchdog. Rest assured, West Virginia will vigorously participate in the rulemaking process, and, if necessary, will go to court to defend against any regulatory overreach by the SEC in the name of climate disclosures,” Morrisey warned.

Still, there’s some concern. The Attorney General shared his thoughts saying that even though this proposed climate change disclosures are considered unnecessary from an investor protection standpoint, and is not such a hot topic of interest. The Proposed Rule is also considered to do nothing to “protect” either from Congress point of view.

The Attorney General also made note that many of these companies already provide these climate risk changes by choice. He also mentioned that public demand for information about public companies’ climate measures is not nearly close to any type of sufficient government interest, and goes against the First Amendment.