New York’s Comptroller Tom DiNapoli says he backs a bill by U.S. Senator Elizabeth Warren of Massachusetts to require that publicly traded companies disclose to the Securities and Exchange Commission, or SEC, how their businesses affect climate change.
The companies would have to report greenhouse gas emissions, and what steps they are taking to minimize the risks in operations. They would also have to detail how their business is impacted by climate change. DiNapoli says he’s already seeking that information from companies that the state’s pension fund invests in, and a law would help.
“If we, as an investor, just have to go company by company, it’s going to take forever,” DiNapoli said. “You really need to have a broader set of guidelines on this.”
The bill is not expected to be approved in the Republican-led Congress, but DiNapoli says if Democrats win more seats in Congress in November, that might change.