SEEC Praises SEC Rule to Standardize Climate-Related Disclosures for Investors

Washington, D.C. – The leaders of the House Sustainable Energy and Environment Coalition (SEEC), including Co-Chairs Reps. Doris Matsui, Mike Quigley, and Paul Tonko, Vice Chairs Reps. Don Beyer, Matt Cartwright, Sean Casten, Chellie Pingree, and Katie Porter, and Chair Emeritus Rep. Gerry Connolly, released the following statement in response to the Securities and Exchange Commission’s (SEC) final rule requiring publicly traded companies to make climate-related disclosures to the American public.

“Following a record year of climate-related disasters totaling $92.9 billion in the United States, it is undeniable that climate change poses a significant financial risk to our businesses and economy. For far too long, our investors have had to make significant investment decisions without a full picture of a company’s climate-risk exposure. This puts our financial system and the American people at a severe disadvantage when preparing for a rapidly changing climate.

“The climate disclosure rule approved by the SEC today marks the first time that publicly traded companies are required to report climate-related information in a consistent and detailed way to their investors. Not only will companies have to disclose their financial exposure to climate risk, but they will also be mandated to report on their own planet warming pollution that is material to their business. This is a necessary and prudent step towards transparent, fair, and efficient financial markets.

“Today represents another critical step towards providing the American public with comprehensive and rigorous information on the ways in which climate change poses a risk to our communities and economy. This rule is an important first step and SEEC will continue to support our agencies that are working hard to ensure the American people are protected from the impacts of climate change.”