Turn to the nation's most objective and informative daily environmental news resource to learn how the United States and key players around the world are responding to the environmental...
March 17 — Sen. Jack Reed (D-R.I.) and Rep. Matt Cartwright (D-Pa.) have introduced parallel legislation in both chambers of Congress seeking to improve transparency on climate-related risks within the fossil fuel industry.
The legislation, similar to an amendment offered earlier this year to an energy package now stuck on hold, calls on the Securities and Exchange Commission to update its industry-specific reporting guides for oil, gas and mining companies to better reflect financial risks posed by climate change.
Reed, who has been urging the SEC to set clear climate disclosure standards for years, said the legislation is meant to protect investors.
“This legislation would ensure the investing public can access the material information necessary to make informed decisions when investing in these companies,” he said in a statement March 17.
The issue grabbed the attention of lawmakers more recently as oil and gas giant ExxonMobil Corp. and coal miner Peabody Energy Corp. faced criticism late last year over what they told shareholders about potential threats to their business from climate change. Peabody has struggled so much lately amid slowing demand for coal and tighter emissions regulations that it said March 16 it may seek bankruptcy protection.
The SEC issued guidance for reporting on climate change in 2010, but while the rate of disclosure has improved, the quality hasn't, and the commission's enforcement on the issue has been lax, according to an analysis by the Boston-based nonprofit Ceres.
“The SEC’s failure to follow through on its own climate disclosure guidance has put investors at risk,” Ceres President Mindy Lubber said. Ceres, which played a key role in getting the SEC to issue climate guidance, also has helped coordinate shareholder advocacy on climate change at oil and gas firms .
The SEC declined to comment. But the commission may have an opportunity to address climate disclosure requirements as part of a broader look at financial reporting .
To contact the reporter on this story: Andrea Vittorio in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Larry Pearl at email@example.com
The Senate version of the bill, S. 2716, is available at http://src.bna.com/doB.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)