Warren reintroduces bill mandating climate disclosures by companies

Warren reintroduces bill mandating climate disclosures by companies
© Greg Nash

Sen. Elizabeth WarrenElizabeth WarrenPress: Susan Rice would be ready to step in as POTUS Pentagon charts its own course on COVID-19, risking Trump's ire Warren to host high-dollar fundraiser for Biden MORE (D-Mass.) on Wednesday reintroduced legislation in the Senate that would require public companies to disclose climate-related risks they are exposed to.

The Climate Risk Disclosure Act would direct the Securities and Exchange Commission, in consultation with climate experts at other federal agencies, to issue rules within the next year requiring companies to disclose their greenhouse gas emissions, fossil fuel assets and its risk management strategies related to the climate crisis.

A companion bill was introduced in the House by Rep. Sean CastenSean CastenHuman Rights Campaign rolls out congressional endorsements on Equality Act anniversary Chicago Tribune accuses Illinois congressional candidate of plagiarism China hawks flex muscle amid coronavirus fallout MORE (D-Ill.).

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"It's time to wake up and fight back against giant corporations that want to pollute our environment and ask taxpayers to clean up the mess," Warren said in a statement. 

"I'm reintroducing the Climate Risk Disclosure Act to give investors, and the American public, the power to hold corporations accountable for their role in the climate crisis," she said.

All Senators running for the Democratic nomination are co-sponsors on the legislation in the Senate, as well as Green New Deal proponent Sen. Ed MarkeyEdward (Ed) John MarkeyOVERNIGHT ENERGY: New documents show EPA rolled back mileage standards despite staff, WH concerns | Land management bureau grants 75 royalty rate cuts for oil and gas | EPA employees allege leadership interference with science in watchdog survey EPA's Wheeler grilled by Democrats over environmental rollbacks amid COVID-19 Markey says EPA administrator should apologize to minorities for coronavirus response MORE (D-Mass.).

Rep. Alexandria Ocasio-CortezAlexandria Ocasio-CortezThe Hill's Campaign Report: GOP beset by convention drama Ocasio-Cortez challenger drops out of GOP primary Ocasio-Cortez posts experience getting antibody tested for COVID-19 MORE (D-N.Y.) was a co-sponsor of the House legislation. 

"Our bill utilizes market mechanisms to incentivize climate action by ensuring that corporations disclose the risks posed by climate action to the benefit of their shareholders and the public," Casten said.