17AM's Statement in Support of Climate Disclosure

The U.S. Securities and Exchange Commission (SEC) has just released a proposed rule for mandatory climate disclosure from all publicly listed U.S. companies, called The Enhancement and Standardization of Climate-Related Disclosures for Investors. It is the first step in empowering investors and stakeholders, more broadly, with critical information about how companies are addressing climate risk. 

The SEC’s mandate is to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. This proposed rule is a response to investors’ urgent need for clear, consistent, and comparable reporting from companies. Such reporting is critical to the formation of useful investment insights and the assurance that financial markets can properly price and act on the physical and transitional risks and opportunities associated with climate change.

Climate risk is financial risk, pure and simple. Investors need transparency from US companies on their emissions and their efforts to address climate risk. By meeting investor demands for disclosure, companies will be rendered more competitive, innovative, and clean. It is an essential step towards a net-zero carbon economy. 

Momentum is building. Eight countries have already mandated climate disclosure. The U.S. Financial Stability Oversight Council endorsed climate disclosure. The SEC is enforcing its 2010 Climate Change Guidance. Asset managers with $57 trillion in assets are decarbonizing their portfolios.

We have a precious opportunity to build on this momentum and influence the response of U.S. financial markets to climate change and protect investors from climate risk. For decades, countless entities have tirelessly advocated for climate disclosure. It is to them that we owe this hard-won occasion for change. We must not allow it to pass us by.

We strongly encourage you to join us in welcoming this rule publicly. Tell the SEC to help protect your investments by requiring companies to report their greenhouse gas emissions and climate risks. There is much work yet to be done; however, we cannot afford to ignore a fundamental step towards material progress.

See the link below to join us in supporting this pivotal opportunity for change by submitting your comments to the SEC: 

https://www.sec.gov/regulatory-actions/how-to-submit-comments