Coalition asks SEC for climate risk disclosure

Update (1/27/2010) - In a landmark decision in January 2010, the Securities and Exchange Commission will require that public companies disclose climate risks to their business operations, whether from new emissions policies or changing weather patterns. Read EDF press release and fact sheet for more information.

In September 2007, Environmental Defense Fund joined with a broad coalition of investors, state officials and others to petition the Securities and Exchange Commission (SEC) to clarify that publicly traded companies must assess and fully disclose their financial risks from climate change. (Read the petition [PDF], fact sheet [PDF] and related documents below.)

The petitioners also sent a letter to the SEC's Division of Corporation Finance [PDF], asking for immediate examination of climate disclosures under existing law.

Scientific, legal and regulatory developments make it unavoidably clear that the risks and opportunities many corporations face in connection with climate change fall squarely within the category of material information that is required to be analyzed in many corporate filings. Investors need disclosure of climate risks to make informed investment decisions.

Our 22 signatories represent $1.5 trillion in managed assets

• California State Controller, John Chiang
• California Public Employees' Retirement System
• California State Teachers’ Retirement System
• California State Treasurer, Bill Lockyer
• Ceres
• Environmental Defense Fund
• F&C Management
• Florida Chief Financial Officer, Alex Sink
• Friends of the Earth
• Kentucky State Treasurer, Jonathan Miller
• Maine State Treasurer, David G. Lemoine
• Maryland State Treasurer, Nancy K. Kopp
• The Nathan Cummings Foundation
• New Jersey State Investment Council, Orin Kramer, Chair
• New York City Comptroller, William C. Thompson, Jr.
• New York State Comptroller, Thomas P. DiNapoli
• New York State Attorney General, Andrew M. Cuomo
• North Carolina State Treasurer, Richard Moore
• Oregon State Treasurer, Randall Edwards
• Pax World Management Corporation
• Rhode Island General Treasurer, Frank T. Caprio
• Vermont State Treasurer, Jeb Spaulding