STATEMENT: U.S. PIRG applauds SEC’s climate disclosure rule

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Proposal would help investors make informed decisions about climate-related financial risks

WASHINGTON —  The Securities and Exchange Commission (SEC) proposed a new rule Monday that would require publicly traded companies to improve and standardize the information they disclose about their greenhouse gas emissions. The SEC’s proposed rule comes after warnings from the Federal Reserve and other government agencies about the risk that climate change poses to the financial system. The SEC is accepting public comments on the proposal.

In response Mike Litt, U.S. PIRG’s Consumer Campaigns director, made the following statement:

“Investors deserve all the information they need to properly assess financial risks. 

The SEC is doing its job by providing investors with that information about their investments. After all, investors can only assess risks if they know they exist. 

Americans’ retirement accounts and other savings could be endangered if we don’t acknowledge potential liabilities caused by climate change and take them seriously. The Great Recession showed us what can happen when government regulators and Wall Street ignore risks and don’t disclose them to the public.

We thank the SEC for taking action and look forward to participating in the comment period.”