New York State Comptroller Thomas P. DiNapoli, trustee of the New York State Common Retirement Fund, released the following statement today in support of U.S. Senator Elizabeth Warren's Climate Risk Disclosure Act. Under the act, the Securities and Exchange Commission (SEC) would require public companies to report their greenhouse gas emissions; how their businesses are impacted by climate change and the global effort to mitigate it; and what steps they are taking to minimize climate risk in their operations.
"Global investors are aggressively addressing climate risk, but we face a severe lack of information from our portfolio companies on how they expect to perform in the changing world," DiNapoli said. "I applaud Senator Warren for drafting this vital legislation. If the SEC required the climate disclosure required by this bill, it would help investors determine which companies are preparing to succeed in a low carbon economy. It would also help spur innovation and encourage more companies to engage in building the growing low carbon economy. Current reporting is uneven and inconsistent, with limited evidence that companies are preparing for climate change's impact. Time is short. No matter what the current President says or does regarding climate risk, local, state and city governments and nations around the around the world are moving to make the Paris Agreement's goals a reality. Investors need the information required by Senator Warren's bill to succeed."
About the New York State Common Retirement Fund
The New York State Common Retirement Fund is the third largest public pension fund in the United States, with an estimated $209.2 billion in assets under management as of June 30, 2018. The Fund holds and invests the assets of the New York State and Local Retirement System on behalf of more than one million state and local government employees and retirees and their beneficiaries. The Fund has a diversified portfolio of public and private equities, fixed income, real estate and alternative instruments.
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