Warren wants companies to disclose more about climate change impacts

Warren wants companies to disclose more about climate change impacts
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Sen. Elizabeth WarrenElizabeth WarrenThe Hill's Campaign Report: Trump's tax bombshell | More election drama in Pennsylvania | Trump makes up ground in new polls New Biden campaign ad jabs at Trump's reported 0 income tax payments Democrats blast Trump after report reveals he avoided income taxes for 10 years: 'Disgusting' MORE (D-Mass.) wants to require corporations to disclose to the public and investors about how much they are contributing to climate change and what risks it causes their businesses.

Warren, seen as a likely presidential candidate in 2020, has largely built her political career on pushing progressive policies on corporate accountability, like her role launching the Consumer Financial Protection Bureau.

She proposed the Climate Risk Disclosure Act Friday to raise public awareness of how dependent companies are on fossil fuels and how the effects of climate change could hurt them.

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The Securities and Exchange Commission (SEC) would dictate the exact rules, but Warren’s bill spells out sweeping standards for the disclosures, including companies’ greenhouse gas emissions, their fossil fuel holdings, how climate policies would impact them and how climate effects like rising sea levels could hurt them.

“Climate change is a real and present danger — and it will have an enormous effect on the value of company assets,” Warren said in a statement.

“Investors need more information about climate-related risks so they can make the right decisions with their money,” she said. “Our bill will use market forces to speed up the transition from fossil fuels to cleaner energy — reducing the odds of an environmental and financial disaster without spending a dime of taxpayer money.”

Democratic Sens. Brian SchatzBrian Emanuel SchatzDemocrats blast Trump after report reveals he avoided income taxes for 10 years: 'Disgusting' Democrats turn focus to health care for Supreme Court fight Democratic senator to party: 'A little message discipline wouldn't kill us' MORE (Hawaii), Ed MarkeyEdward (Ed) John MarkeyManchin opposes adding justices to the court A game theorist's advice to President Trump on filling the Supreme Court seat Watchdog confirms State Dept. canceled award for journalist who criticized Trump MORE (Mass), Sheldon WhitehouseSheldon WhitehouseTrump, GOP aim to complete reshaping of federal judiciary Supreme Court fight pushes Senate toward brink The Hill's Morning Report - Sponsored by Facebook - Trump previews SCOTUS nominee as 'totally brilliant' MORE (R.I.), Cory BookerCory Anthony BookerBooker says he will ask Amy Coney Barrett if she will recuse herself from presidential election-related cases Sunday shows preview: Lawmakers prepare for SCOTUS confirmation hearings before election The movement to reform animal agriculture has reached a tipping point MORE (N.J.), Kamala HarrisKamala HarrisHarris says she hasn't 'made a plan one way or another' on meeting Supreme Court nominee Compromise, yes — but how? A pre-debate suggestion Biden must clarify his stance on energy for swing voters MORE (Calif.), Kirsten GillibrandKirsten GillibrandSunday shows preview: Lawmakers prepare for SCOTUS confirmation hearings before election Sunday shows preview: Justice Ginsburg dies, sparking partisan battle over vacancy before election Suburban moms are going to decide the 2020 election MORE (N.Y.) and Jeff MerkleyJeffrey (Jeff) Alan MerkleyThe Hill's Morning Report - Sponsored by The Air Line Pilots Association - Trump, Biden renew push for Latino support Sunday shows - Trump team defends coronavirus response Oregon senator says Trump's blame on 'forest management' for wildfires is 'just a big and devastating lie' MORE (Ore.) co-sponsored the legislation.

Many big companies such as oil giants Exxon Mobil Corp. and BP already make some public disclosures about their climate impacts and risks. But Warren's bill would expand those and mandate them.

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The legislation is very unlikely to pass while Republicans control both chambers of Congress and the White House.

But it nonetheless provides a clear statement of Warren’s policy position on corporate America’s role in climate change ahead of the 2020 campaign season, and potentially how she would seek to steer SEC policy as president.

The legislation has the support of former Vice President Al GoreAlbert (Al) Arnold GoreCompromise, yes — but how? A pre-debate suggestion Trump-Biden debate: High risk vs. low expectations Interest in presidential election hits near-record high: poll MORE and environmental groups including the Sierra Club, the Natural Resources Defense Council, the Union of Concerned Scientists and Greenpeace USA.

“Our addiction to fossil fuels has led to a ballooning sub-prime carbon bubble that threatens to strand assets in every sector of the American economy. Sen. Warren clearly understands this and is demonstrating strong leadership by introducing legislation to assess the financial risks of climate change and require that they be disclosed to the public,” Gore said in a statement.

Greens and Democrats have in recent years ramped up their efforts to increase corporate accountability for climate change and hold fossil fuel companies and their investors responsible.

Those efforts have largely focused on the courts, including lawsuits against big oil companies. But the cases have had, at best, mixed results in punishing firms.