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September 18, 2007

R.I. treasurer joins bid to disclose climate risks

The Rhode Island treasurer has joined a group of more than 20 investors, state officials and environmental advocacy groups to ask the regulating authority of the U.S. securities market to compel publicly traded companies to disclose what financial risks they face from climate change.

Frank Caprio and 21 other petitioners, including California’s treasurer and New York’s Attorney General Andrew Cuomo, today filed a petition asking the Securities and Exchange Commission to begin closely “scrutinizing the adequacy of registrants’ climate disclosures,” under existing law.

The petition says the risks of climate change can affect corporate performance in a number of different ways from basic physical damage of facilities, to presenting opportunities for climate-friendly services and products.

In addition, the petition states that under current law, companies may be required to disclose financial risks and opportunities associated with present or probable greenhouse gas regulation and any legal proceedings related to climate change.

Posted by Brandie Jefferson  at 11:51 AM | Permalink

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