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Updated: 4 hours 6 min ago

Email Citi Executives: Stop Burning the Planet

18 hours 36 min ago
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Categories: G1. Progressive Green

Tweet at Wells Fargo: We Demand Climate Action Now!

18 hours 47 min ago
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Categories: G1. Progressive Green

Email Wells Fargo: Stop financing fossil fuels!

18 hours 55 min ago
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Categories: G1. Progressive Green

Tell Bank of America: Stop financing fossil fuels!

Tue, 04/23/2024 - 08:30
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Categories: G1. Progressive Green

Stand Up Against Corporate Fraud: Support Stronger Auditing Standards!

Thu, 03/28/2024 - 13:31
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Categories: G1. Progressive Green

Email Citi & Chase: Reject financing for Petroperú

Wed, 03/27/2024 - 07:50
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Categories: G1. Progressive Green

SEC fails to ensure transparency in corporate reporting as financial risks from climate grow 

Wed, 03/06/2024 - 13:16

FOR IMMEDIATE RELEASE

MARCH 6, 2024

Media contacts:

Jackie Fielder, jackie@stopthemoneypipeline.com

SEC fails to ensure transparency in corporate reporting as financial risks from climate grow 

 

WASHINGTON, DC — Wednesday morning, the Securities and Exchange Commission (SEC) passed a rule on climate disclosure that falls significantly short of the necessary measures to address the financial risks posed by climate change. Partisan political pressure by self-serving politicians and litigation threats from corporate lobbyists caused the SEC to weaken the rule. This ruling leaves the retirement savings of millions vulnerable and fails to ensure workers’ jobs are protected through the transition.

The rule’s notable omissions, particularly the lack of requirement for companies to disclose Scope 3 emissions, present a stark deficiency. Scope 3 emissions, which account for the majority of a company’s carbon footprint through its supply chain, are critical to understanding the full extent of a corporation’s climate financial risk. The decision to allow companies to omit this information, based solely on their materiality assessment, further dilutes the rule’s efficacy. This discretion leaves investors in the dark about the true climate risks and financial implications associated with their investments.

“Chair Gensler claims the SEC dropped Scope 3 disclosures due to ‘public feedback.’ Yet, almost 18,000 members of the public demanded quick adoption of stringent standards: specific climate risk financial data and compulsory, comprehensive emissions reporting. The SEC yielded to corporate lobbying, sidelining savers worried about their financial future by opting for voluntary measures. This marks a blatant failure to act, and indicates that California and Governor Newsom need to step up with implementation of the Corporate Accountability Act” said Jackie Fielder, Co-director of Stop the Money Pipeline. 

Nowhere is climate financial risk more irrefutable than in the insurance industry, where homeowners face unprecedented premiums and coverage denials. This crisis is a harbinger of the broader financial instability posed by unchecked climate risks. 

“In their reports last year, State Farm and Allstate appear to have omitted any hint of possibly exiting California over wildfire dangers in reporting. Similarly, Bankers, Travelers, and AIG seem to have kept silent about the threat extreme weather and flooding in Florida pose to insurance coverage. And yet, within a year, all five insurers made massive changes to their coverage in each state and reported huge losses. Savers should back firms that act in our best interest, not those fleeing disasters they contributed to. This requires robust, compulsory climate risk disclosures—a task the SEC failed to accomplish. Companies gamble our savings on climate chaos and leave us holding the bag” said Frankie Iannuzzi, an educator who organizes with Planet over Profit. 

The rule’s failure to mandate the quantification of financial impacts from both physical and transition risks related to climate change significantly undermines investors’ ability to make informed decisions. This omission is a glaring oversight in the face of an escalating climate crisis that threatens to destabilize global financial markets.

“This loophole-riddled rule is a win for Wall Street, and a loss for everyone else. Corporations could have been required to disclose their unpreparedness for climate challenges, to show us how they would transition to a clean and just economy, and fully disclose pollution. But under this rule, New Yorkers who want to protect both the planet and their retirement portfolios won’t be able to compare one company to another under a decent federal rule,” said Pete Sikora, Climate Campaigns Director of New York Communities for Change.

This weak stance on climate risk disclosure is a departure from international norms and best practices. As countries around the globe, including China and the European Union, advance their regulatory frameworks to include rigorous climate risk disclosures, the SEC’s proposed rule lags, jeopardizing the United States’ position in the global market. Furthermore, the Inflation Reduction Act’s (IRA) potential is significantly hampered by the absence of robust climate risk disclosures, which are essential for mobilizing capital towards sustainable investments.

“Retirees want to ensure their retirement savings aren’t at risk from industries that aren’t planning for the needed transition to climate solutions. This rule could have required companies to reveal their strategies for handling climate risk. Instead, the SEC chose to let companies decide what climate risks to disclose, so investors still will not have adequate information on which to make decisions for managing their retirement portfolios and investments securely,” said Deborah Moore, Campaign Strategist with Third Act.

Real-world examples abound of the financial toxicity hidden by inadequate disclosures. Diversified Energy Co.’s 20% loss in share value and Exxon and Chevron’s $6.6bn in asset write-offs underscore the urgent need for transparency in how companies are navigating the transition to a low-carbon economy. Without this transparency, the financial system remains vulnerable to the disruptive shocks of climate-related bankruptcies, reminiscent of the 2008 financial crisis but with far-reaching environmental consequences.

With the adoption of new, quantifiable, and enforceable guidelines for transition plans underway on the international stage, the United States must intensify its efforts to avoid falling behind.

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Categories: G1. Progressive Green

STMP members disappointed with reported draft of climate financial risk disclosure rule

Tue, 03/05/2024 - 12:34

FOR IMMEDIATE RELEASE

MARCH 5, 2024

Media Contact: Jackie Fielder, jackie@stopthemoneypipeline.com

 

As financial risks from climate grow, SEC fails to ensure transparency in corporate reporting

WASHINGTON, DC — Today, in a last ditch effort, 79 organizations of the Stop the Money Pipeline coalition sent a letter to Chair Gary Gensler and other commissioners of the Securities and Exchange Commission (SEC) asking them to require companies to disclose Scopes 1, 2, and 3 emissions in their climate financial risk disclosure rule. The SEC will vote on the rule on Wednesday. Reports from last week indicate that the rule falls significantly short of the necessary measures to address the financial risks posed by climate change and lets the most polluting corporations and Wall Street financial institutions off the hook. Partisan political pressure by self-serving politicians and litigation threats from corporate lobbyists caused the SEC to weaken the rule. If passed, the SEC would abandon the most vulnerable investors – working people saving for retirement.

The rule’s reported notable omissions, particularly the lack of requirement for companies to disclose Scope 3 emissions, present a stark deficiency. Scope 3 emissions, which account for the majority of a company’s carbon footprint through its supply chain, are critical to understanding the full extent of a corporation’s impact on climate financial risk, and have reportedly been left out of the final draft of the rule. As well, Scope 1 and 2 emissions may reportedly only be voluntarily disclosed based solely on their materiality assessment, further diluting accountability for corporations. This discretion leaves investors in the dark about the true climate financial risks associated with their investments.

The urgency of the climate crisis necessitates strong and decisive action. We are witnessing the tangible impacts of climate change through the insurance crisis, where homeowners face unprecedented premiums and coverage denials. This crisis is a harbinger of the broader financial instability posed by unchecked climate risks. Furthermore, the Inflation Reduction Act’s (IRA) potential is significantly hampered by the absence of robust climate risk disclosures, which are essential for mobilizing capital towards sustainable investments.

This watered-down rule on climate risk disclosure is a departure from international norms and best practices. As regulators around the globe, including those in China and the European Union, advance their regulatory frameworks to include rigorous climate risk disclosures, the SEC’s proposed rule lags, jeopardizing the United States’ position in the global market.

The SEC’s reported rule is a step backward in effort to mitigate climate-related financial risks for the protection of investors. It is imperative that the SEC revises its rule to align with the recommendations outlined in the coalition letter: mandatory disclosure of Scope 3 emissions, removal of materiality assessments for Scope 1 and 2 emissions, and the requirement for companies to quantify the financial impacts of climate risks.

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Categories: G1. Progressive Green

Letter to SEC from STMP coalition members

Tue, 03/05/2024 - 11:50

Dear Chair Gensler and Commissioners,

We, the undersigned 79 organizations, recognize your commitment to addressing the critical issue of the financial risks from climate change and its profound implications for our collective future. Your awareness of the stakes involved positions you uniquely to effect meaningful change during your tenure.

However, we must express our disappointment in recent reported outcomes, while still holding onto the belief that there is time for you to impact our climate trajectory significantly.

We have 3 asks of you:

  1. Require companies to disclose Scope 3 emissions.
  2. Do not subject Scopes 1 and 2 to a materiality assessment.
  3. Require disclosures quantify the financial impacts of both physical risks and transition risks and expenditures to address physical risks and transition risks.

Boldly defining the terms of a debate with a strong rule commensurate with the scale of the climate crisis would be a testament to your efforts to champion what is just and necessary, and within your authorities. Conversely, preemptively limiting the scope of your regulatory actions would relegate you and other Commissioners to the ranks of those who have forsaken their duty to safeguard investors and future financial stability.

It is imperative that the financial risks climate change poses to businesses—and the consequential effects on financial reporting—are transparently communicated. Legislative measures such as the Inflation Reduction Act, along with precarious decisions to temporarily halt permitting for LNG facilities, serve to diminish the viability of fossil fuel enterprises. This, in turn, strengthens the position of renewable energy sources, potentially impacting the future returns of projects and the investments of pension holders. The latter deserve clear insight into how their investments are affected by these shifts.

Furthermore, accurate climate reporting and strategic transition planning should be integral to financial disclosures. The younger generation merits transparency regarding corporate efforts to mitigate climate change versus claims of intent that lack substance. Understanding the emissions resulting from the consumption of fossil fuel products is crucial for reducing our carbon footprint. The American public deserves full disclosure of the financial damage inflicted by these corporations on our climate and the long-term consequences for our nation.

As we navigate towards an inevitable transition, fueled by increasing occurrences of extreme weather and its impact on economic stability, the need for leadership that embodies courage rather than caution has never been more apparent.

The potential challenges that may flow from bold action are not lost on us. However, history tends to favor those who act decisively in the face of adversity. Your leadership could pave the way for financial stability and, perhaps, define your legacy.

Sincerely,

ActionAid USA

Alabama Interfaith Power & Light

Alliance for Just Money

Beloved Community Ministries

Carbon Collective Investing

Center for International Environmental Law

Climate Action Now

Climate First!, Inc.

Climate Hawks Vote

Climate Organizing Hub

Coast Range Association

Coastside Jewish Community

Connecticut Citizen Action Group 

Consumer Watchdog

Dayenu: A Jewish Call to Climate Action

Divest Oregon

Earth Ethics, Inc.

Earth Guardians

Elders Climate Action

Extinction Rebellion Phoenix

Flat Shoals Community Youth Club, Inc.

Fossil Free California 

FreshWater Accountability Project 

Global Witness

GreenFaith

Greenpeace Hawaii

Greenpeace USA

Habitat Recovery Project

Indigenous Environmental Network

Kellyceramicsla

La Cañada Flintridge Country Club

Lakota People’s Law Project

Maine Youth Action

MARBE SA, Costa Rica

Mazaska Talks 

Mid-Missouri Peaceworks

My Sea to Sky

New Mexico Climate Justice

New York Communities for Change

Oil and Gas Action Network

Peoples Climate Movement – NY

Public Citizen

Rainforest Action Network 

RapidShift

Regenerating Paradise

Revolving Door Project 

Rise Economy (formerly California Reinvestment Coalition)

Rivers & Mountains GreenFaith

Seeding Sovereignty

Shift Action for Pension Wealth and Planet Health

Silver Lake Couch Collective

Sixth Street Community Center 

SLCC

Studio Everberg

The Climate Reality Project Chicago Metro Chapter 

The People’s Justice Council

The Peoples Hub

The YEARS Project

Third Act

Third Act Upstate New York

Third Act Virginia

THIS! Is What We Did

Vessel Project of Louisiana 

Women’s Earth and Climate Action Network

Youth Emergency Auxiliary Service Sierra Leone 

Zero Hour

350 Conejo / San Fernando Valley

350 New Hampshire

350 SW Idaho

350 Wenatchee

350.org

350Hawaii

350NYC 

7 Directions of Service

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Categories: G1. Progressive Green

Email Your CA Reps! Corporate Accountability in Jeopardy

Wed, 02/28/2024 - 09:20
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Categories: G1. Progressive Green

Tweet at Insurers: Stop Financing Toxic LNG Now!

Mon, 02/26/2024 - 11:44
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Categories: G1. Progressive Green

Tell Insurers: Stop Financing Toxic LNG Now!

Mon, 02/26/2024 - 11:32
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Categories: G1. Progressive Green

Tweet at Bank of America: Stop financing Arctic Oil+Gas!

Wed, 02/21/2024 - 07:52
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Categories: G1. Progressive Green

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