A letter Gov. Mark Gordon has signed with 16 other governors shows the state’s leadership is firmly ignoring the present when it comes to energy companies. Gordon’s office issued a press release regarding him joining a group of governors in a letter opposed to a proposed rule that would require publicly-traded companies make disclosures about climate change risks and greenhouse gas emissions related to their operations. The release claims the proposed rule is prejudiced against business and does a disservice to investors by “increasing compliance costs, necessitating speculation and disclosures that the federal government is not properly equipped to judge.”
“This is yet another example of shortsighted federal overreach targeting Wyoming’s energy industry,” Gordon said in the release. “While energy prices are skyrocketing, the Biden Administration continues to use its powers to suppress free markets and discourage oil and gas investment, rather than cultivating market solutions to climate concerns. We should reject this action to further burden our domestic energy industry.”
Gordon’s opposition is short-sighted at best and at worst political posturing. Climate change and greenhouse gas emissions are an important topic of disclosure for investors. Aside from those who invest in companies based on their personal viewpoints, there are investors who don’t see traditional energy exploration as something worth investing in. There is little difference between this rule and the rule requiring warnings of tobacco use to be printed on such products.
Coal and other forms of traditional energy are going away -- regardless of the political climate. It’s the will of the free market. Some companies, like PacfiCorp, are openly focusing on green forms of energy because of the cost associated with coal. Gordon and the state’s leadership need to recognize this and not fight it.
The big problem is climate change is not a theory -- it’s happening before our eyes. The smoky skies we’ve endured for the past few summers due to the frequency and severity of wildfires in the region are testament to a changing climate. The fact that Lake Powell is so low that water from the Flaming Gorge is needed to maintain hydroelectric power generation is also proof that climate change is taking a toll on the West.
Wyoming can still be the nation’s power plant. However, the state needs the leadership and the foresight to guide Wyoming into the next era of energy and not get pulled into it kicking and screaming.
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