Climate 411

The author of today’s post, Derek Walker, is the Deputy Director of the State Climate Campaign at Environmental Defense.

We need federal legislation to solve the global warming crisis – there’s no doubt about that. But state and local governments don’t have to sit around waiting while the federal debate goes on – and many aren’t. States and cities across the country are taking the lead on a wide range of climate issues, demonstrating the political courage and policy innovation needed to protect our planet from the most dangerous effects of global warming.

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The author of today’s post, Martha Roberts, is an economist at Environmental Defense. She contributed to the coalition’s petition to the SEC.

Climate change can have a significant impact on a company’s bottom line – just ask any insurance company. But as the Washington Post points out, it’s not only insurance companies that are affected. Climate change can cause physical damage to facilities, increase costs of regulatory compliance, and (on the plus side) create new markets for climate-friendly products – to give just a few examples.

So today, Environmental Defense and a broad coalition of investors, state treasurers, and other environmental groups petitioned the Securities and Exchange Commission (SEC) to clarify that existing regulations require publicly traded companies to assess and disclose their financial risk from climate change. Altogether, the 22 petitioners manage more than $1.5 trillion in assets. You can find full documentation, including the petition, on our Web site.

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