Investors today praised Senate leaders, Sen. Chris Dodd, D-Conn., and Sen. Jack Reed, D-R.I., for sending a letter yesterday to Securities and Exchange Commission Chairman Christopher Cox urging the SEC to issue guidance on information companies should be disclosing about financial risks they face from climate change. Dodd is chairman of the Banking, Housing and Urban Affairs Committee and Reed is chairman of the Subcommittee on Securities, Insurance and Investment.
The letter comes after 18 leading investors filed a petition in October asking the SEC to require companies to assess and disclose “material” climate risks, such as the impacts from emerging carbon-reducing regulations, climate-related physical events and growing global demand for low-carbon technologies and products. The petitioners included $1.5 trillion of investors, including state treasurers and other pension fund leaders in California, Florida, New Jersey, New York, North Carolina and Rhode Island.
See full Press Release.
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