STATEMENT: Ocean Conservancy Comments on New SEC Climate Risk Disclosure Rules

WASHINGTON, D.C. – Aarthi Ananthanarayanan, Director of Ocean Conservancy’s Climate and Plastics Initiative, issued the following statement in reaction to the Climate Risk Disclosure Rule released by the U.S. Securities and Exchange Commission (SEC) on March 6, 2024:

“Climate risk is financial risk. Across the U.S., climate-driven disasters caused over $92 billion in damages in 2023. Coastal communities and businesses are already living this reality. Investors have been clear that they need data on climate-related financial risks to help inform their investment decisions. Today the SEC took a first step in providing investors with the consistent, comparable, and reliable information about climate risk they have long said they need.

“At the same time, this rule falls far short by not requiring any reporting of Scope 3 emissions, which make up 70% of the heat-trapping emissions that are driving climate risks. We can’t manage what we don’t measure, and the SEC’s ruling highlights the importance for investors of the stronger disclosure standards from California and internationally. We look forward to seeing the SEC work toward more robust disclosure requirements over time that improve transparency and equip investors to navigate and mitigate climate risks and take advantage of opportunities.”

###

Aarthi Ananthanarayanan is available for interviews upon request.

Read more here:

• Opinion: California needs companies to fully disclose climate risks
• Ocean Conservancy testimony before the Senate Climate Change Task Force: Community Risks are Climate Risks
• Reliable Scope 3 Emissions Disclosures are Key to Addressing Climate-Related Financial Risks A Plastics Industry Case Study

About Ocean Conservancy 

Ocean Conservancy is working to protect the ocean from today’s greatest global challenges. Together with our partners, we create evidence-based solutions for a healthy ocean and the wildlife and communities that depend on it. For more information, visit http://www.oceanconservancy.org or follow us on Facebook, X (Formerly known as Twitter) and Instagram.