SEC Climate Disclosure Sign-On Statement

The investor, business, and stakeholder communities face a historic opportunity to shape the responses of U.S. financial markets to climate change. As the SEC develops a climate disclosure rule, we have an opportunity to provide a collective statement about essential principles the SEC should incorporate into a final rule. The sign-on remains open through the SEC’s forthcoming comment period on the proposed rule expected in Q1 in February or March 2022. The statement will be submitted on the comment deadline. Signatories through June 2021 was submitted with the statement to the SEC in response to the March 2021 request for comment. Contact Ms. Randi Mail, Director of Campaigns at the Ceres Accelerator for Sustainable Capital Markets with questions at rmail@ceres.org. 

Statement of Essential Principles for SEC Climate Change Disclosure Rulemaking

We are investors with over $2.7 trillion in assets under management and advisement (as of June 9), corporations, non-profit organizations, and individuals who support climate change disclosure rulemaking by the Securities and Exchange Commission. We believe that disclosure of the material and systemic risks of climate change will help companies and investors to understand, price, and manage climate risks and opportunities. These activities are at the core of efficient securities markets and are essential to ensuring a just and thriving economy that works for all people and communities. 

Climate change poses a systemic risk to the economy. The impacts of the climate crisis on our lives and our livelihoods are worsening at a dramatic rate. These include physical risks to real assets from climate-fueled weather events and transition risks posed by regulatory, technology, economic, and litigation changes during the shift to a net-zero economy. The risks can combine in unexpected ways, with serious, disruptive impacts on asset valuations, global financial markets, and global economic stability.

Furthermore, climate change poses a variety of material risks to companies of all sizes in all industries across our nation. The costs to companies of inaction may be dire in the medium and long term, and many of those impacts, such as those from floods, fires, droughts, and hurricanes, are already being incurred in the short term. While there will be a cost for compliance with SEC climate disclosure rules, it is far less costly to companies and their investors than ignoring the risk.

Climate risk disclosure would bring significant benefits to investors and companies. They need access to consistent, comparable, and reliable information at scale to fully assess their risk exposure and to navigate the path to a net-zero future. The current state of climate change disclosure does not meet our needs. Companies and investors need comprehensive, decision-useful data from all enterprises facing material climate change risks. 

We also call on the SEC to take into consideration the broader impacts of climate change as a part of the rulemaking process, including the physical and transition impacts of the climate crisis on communities, human rights implications, and the connection between climate, water, food, and forests.

We appreciate the SEC's Request for Comment on its Proposed Rule on Climate Change Disclosure. We believe that climate change disclosure rules from the SEC should, at minimum, include the following elements: 

• Based on the TCFD: The SEC’s work should be based on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) which has been endorsed by hundreds of companies and investors globally. 

• Industry-specific metrics: SEC rulemaking should include industry-specific metrics because material climate risks manifest in different ways by industry. These metrics should build on existing standards in common use by investors and companies. Identifying such industry-specific metrics would also allow for comparable disclosures.

• Governance and strategy disclosure: Disclosure rules should provide insights into companies’ climate risk exposure, strategies, and scenario planning. 

• Emissions disclosure: Disclosure rules should include Scope 1, 2, and 3 greenhouse gas emissions, which are needed to assess the full range of climate change risks facing companies. 

• Inclusion in financial filings: Material climate disclosures, including discussion on risk exposure and business opportunities, impacts on strategy, and emissions reporting and management, should be included in annual, quarterly, and other appropriate SEC filings. 

• Regular updates: Climate change impacts, scientific consensus around climate impacts and capital market responses to climate risks are rapidly evolving. SEC rules should be updated regularly in response to these developments, and they should include the development or adoption of new metrics. 

The undersigned organizations and individuals support SEC climate disclosure rulemaking in alignment with these principles, to ensure consistent, comparable, and decision-useful information. We sincerely appreciate the Commission’s consideration of our views, and we look forward to working with you. We urge the SEC to act urgently in response to the growing threats of the climate crisis to markets and the economy.

Sincerely,

North American Investors

1. Adrian Dominican Sisters, Portfolio Advisory Board
2. Aquinas Associates
3. Ariel Investments
4. As You Sow
5. Asterra Partners
6. AUM Consulting, LLC
7. Avaron Asset Management
8. Avera Health
9. Boston Common Asset Management
10. Boston Trust Walden
11. California State Teachers Retirement System (CalSTRS)
12. Canada Post Corporation Pension Plan
13. Capricorn Investment Group
14. Centered Wealth
15. Change Finance
16. Chicory Wealth
17. Christian Brothers Investment Services, Inc.
18. Clean Energy Ventures (CEV)
19. ClearBridge Investments
20. Connecticut Office of the State Treasurer
21. Dana Investment Advisors
22. Domini Impact Investments
23. Dominican Sisters ~ Grand Rapids
24. DSC Meridian Capital LP
25. East Bay Municipal Utility District Employees' Retirement System
26. Ecofi
27. Ecofin
28. EcoLogical Solutions /// Saunders Hotel Group
29. Employees' Retirement System of the State of Hawaii
30. Epoch Investment Partners
31. Everence and the Praxis Mutual Funds
32. First Affirmative Financial Network
33. Friends Fiduciary Corporation
34. Green America Endowment
35. Green Century Funds
36. Ground Effect
37. Hannon Armstrong
38. Illinois State Treasurer Michael Frerichs
39. Interfaith Center on Corporate Responsibility (ICCR)
40. Inherent Group
41. Investor Advocates for Social Justice
42. JBQ Trust
43. JSA Sustainable Wealth Management
44. Lombard Odier Investment Managers ("LOIM")
45. Macroclimate LLC
46. Mennonite Education Agency
47. Mercy Investment Services, Inc.
48. Metrus Energy
49. Miller/Howard Investments, Inc.
50. Minnesota State Board of Investment
51. NEI Investments
52. Nephila Capital Ltd
53. Neumeier Poma Investment Counsel, LLC
54. New Forests
55. New York State Common Retirement Fund
56. Nugent Properties
57. Oregon State Treasury
58. Pacific Community Ventures
59. Progressive Investment Management
60. Province of Saint Joseph of the Capuchin Order
61. Refugee Investment Network
62. Region VI Coalition for Responsible Investment
63. Reynders, McVeigh Capital Management LLC
64. Rockefeller Asset Management
65. School Sisters of Notre Dame Cooperative Investment Fund
66. Seattle City Employees' Retirement System
67. Sema4, Inc.
68. Seventh Generation Interfaith Inc
69. SHARE
70. Sisters of Bon Secours USA
71. Sisters of St. Dominic of Caldwell, NJ
72. Sisters of the Humility of Mary
73. Sisters of the Presentation of the BVM of Aberdeen SD
74. Stance Capital, LLC
75. Sunwealth
76. Sustainable Insight Capital Management
77. Terra Alpha Investments LLC
78. The Episcopal Church (DFMS)
79. The Facilities Group
80. The Sustainability Group of Loring, Wolcott & Coolidge
81. Tiemann Investment Advisors, LLC
82. Toniic Institute
83. Tortoise Capital Advisors, LLC
84. Trillium Asset Management
85. Vanderbilt /dba Greenvest
86. Vermont Pension Investment Committee
87. Vert Asset Management    
88. Vine Associates    
89. Volery Capital Partners
90. Wespath Benefits and Investments

Foundations

1. Bullitt Foundation
2. Climate Emergency Fund
3. ClimateWorks Foundation
4. David and Lucile Packard Foundation
5. Green2Gold A
6. Hartfield Foundation
7. Heising-Simons Foundation
8. Manaaki Foundation
9. Sant Foundation
10. Skoll Foundation
11. Summit Foundation
12. The Educational Foundation of America
13. Tidwell Idaho Foundation, Inc.
14. Wallace Global Fund
15. William and Flora Hewlett Foundation

Global Investors

1. Aargauische Pensionskasse (APK)
2. ATISA Personalvorsorgestiftung der Tschümperlin-Unternehmungen
3. Bâtirente
4. Bernische Lehrerversicherungskasse
5. Bernische Pensionskasse BPK
6. Caisse Cantonale d'Assurance Populaire - CCAP
7. Caisse de pension du Comité international de la Croix-Rouge
8. Caisse de pension Hewlett-Packard Plus
9. Caisse de pensions de l'Etat de Vaud (CPEV)
10. Caisse de pensions du CERN
11. Caisse de pensions du personnel communal de Lausanne (CPCL)
12. Caisse de pensions ECA-RP
13. Caisse de prév. des Fonctionnaires de Police & des Etablissements Pénitentiaires
14. Caisse de Prévoyance de l'Etat de Genève CPEG
15. Caisse de Prévoyance des Interprètes de Conférence (CPIC)
16. Caisse de prévoyance du personnel communal de la ville de Fribourg
17. Caisse de prévoyance du personnel de l'Etat de Fribourg (CPPEF)
18. Caisse de prévoyance du personnel de l'Etat du Valais (CPVAL)
19. Caisse intercommunale de pensions (CIP)
20. Caisse paritaire de prévoyance de l'industrie et de la construction (CPPIC)
21. CAP Prévoyance
22. Church of Sweden
23. CIEPP - Caisse Inter-Entreprises de Prévoyance Professionnelle
24. DWS Group
25. Etablissement Cantonal d'Assurance (ECA VAUD)
26. Ethos Foundation, Switzerland
27. Fondation de la métallurgie vaudoise du bâtiment (FMVB)
28. Fondation de prévoyance Artes & Comoedia
29. Fondation de prévoyance du Groupe BNP PARIBAS en Suisse
30. Fondation de prévoyance professionnelle en faveur de AROMED
31. Fondation de prévoyance Romande Energie
32. Fondation Interprofessionnelle Sanitaire de Prévoyance (FISP)
33. Fondation Leenaards
34. Fondation Patrimonia
35. Fonds de Prévoyance de CA Indosuez (Suisse) SA
36. Fonds interprofessionnel de prévoyance (FIP)
37. Gavi Alliance
38. Gebäudeversicherung Luzern
39. Gebäudeversicherung St. Gallen
40. Gestion FÉRIQUE
41. Hexavest
42. Le Regroupement pour la Responsabilité Sociale des Entreprises (RRSE)
43. Lombard Odier Investment Managers ("LOIM")
44. Luzerner Pensionskasse
45. Nest Sammelstiftung
46. North East Scotland Pension Fund
47. Pensionskasse  Römisch-katholische Landeskirche des Kantons Luzern
48. Pensionskasse AR
49. Pensionskasse Bank CIC (Schweiz)
50. Pensionskasse Basel-Stadt
51. Pensionskasse Bühler AG Uzwil
52. Pensionskasse Caritas
53. Pensionskasse der Stadt Frauenfeld
54. Pensionskasse der Stadt Winterthur
55. Pensionskasse Pro Infirmis
56. Pensionskasse Schaffhausen
57. Pensionskasse SRG SSR
58. Pensionskasse Stadt Luzern
59. Pensionskasse Stadt St. Gallen
60. Pensionskasse Unia
61. Personalvorsorgekasse der Stadt Bern
62. Prévoyance Santé Valais (PRESV)
63. prévoyance.ne
64. Profelia Fondation de prévoyance
65. Prosperita Stiftung für die berufliche Vorsorge
66. Raiffeisen Pensionskasse Genossenschaft
67. Rentes Genevoises
68. RP - Fonds institutionnel
69. Secunda Sammelstiftung
70. Spida Personalvorsorgestiftung
71. St. Galler Pensionskasse
72. Stiftung Abendrot
73. SVA Zürich
74. Terre des hommes Schweiz
75. Unfallversicherungskasse des Basler Staatspersonals
76. Université de Genève (UNIGE)
77. Verein Barmherzige Brüder von Maria-Hilf (Schweiz)
78. Vorsorge SERTO

Companies (A = American Sustainable Business Council member, B = B Corporation)

1. 17 Communications A
2. 3Degrees B
3. Advanced Communications Company A
4. AJF Financial Services
5. Aldik Home A
6. Allbirds B
7. Alliance for Sustainability A
8. Alter Eco B
9. Amicus Solar Cooperative B
10. AppHarvest, Inc
11. Arabesque
12. Artisan Dental B
13. Avocado Green Brands A
14. Baloise Asset Management AG
15. Banyan Botanicals B
16. BHP B
17. BigFoot for Good
18. Biotic Brands B
19. Blended Capital Group
20. Bon Secours Mercy Health
21. BTN A
22. c | change B
23. C. Wolfe Software Engineering A
24. Camilla O. McRory Attorney at Law
25. Canyonlights Photography A
26. CarCar, Inc. A
27. Case Medical, Inc. A
28. CauseLabs, PBC B
29. Charles Wolfe Consulting
30. Chrysalis Farm A
31. Citizens Energy Corporation
32. Civekps Co-Living A
33. Climate Positive Consulting A, B
34. Comeback Farm Organic Produce A
35. CONTEMPL8 T-SHIRTS LLC A
36. Cooperative Coffees B
37. Danone North America B
38. Deltec Homes B
39. DLC A
40. Dr. Bronner's B
41. EcoAdvisors B
42. Ecodeo B
43. EDP - Energias de Portugal
44. Eighty2degrees
45. Encore Editorial Services A
46. Enel North America, Inc.
47. Engage Strategies A
48. Ethical Markets Media A, B
49. Evergreen Sustainability, LLC A
50. Evolution Marketing, LLC B
51. Future Nexus
52. Garnant Computer Services    
53. Generate Capital
54. GMB Rentals, LLC A
55. Green Retirement, Inc. A
56. GreenStep Solutions, Inc.
57. Gryphon Solutions, LLC A
58. Guayaki Yerba Mate
59. Guru B
60. Habitus Incorporated A
61. HigherRing A
62. HJKessler Associates, Inc. A
63. Home Rental
64. Hua Nani Partners
65. In the Cause of Peace Productions
66. Intex Solutions, Inc. A
67. Jarmusz & Associates A
68. JB Media Group, LLC B
69. Kathryn Blume, International A
70. Keap Co. A, B
71. Kent Mollohan Designs A
72. Laboratoires Expanscience USA B
73. Lamey-Wellehan Shoes
74. Laurie Allan & Associates
75. Legacy Vacation Resorts B
76. Lemonade B
77. Leonie Lacouette Clocks A
78. Living Giving Enterprises, LLC B
79. LolitaMoon Productions A
80. Luke's Lobster B
81. Mark Hewitt Pottery
82. Mark J. Guay, PC
83. Matt Sheridan Dog Walking A
84. Meaningful Organizational Design, Inc. A
85. MedicareForAll.us A
86. Mendelsohn, Gittleman & Associates, LLC
87. Mightybytes B
88. MMercer Consulting B
89. Molo Constituency Forest Association
90. Montanya Distillers A, B
91. M&J Cleaning Service A
92. Namaste Solar B
93. Namu Baru Inc. A
94. National Foundry Products A
95. Natura & Co B
96. Net Impact A
97. NLGC, LLC
98. Numi Tea B
99. Otherwild A
100. Patagonia B
101. Pearson, PLC
102. Pirelli Tire North America A
103. Planet+Purpose Solutions A
104. Provoc B
105. Pure Strategies B
106. R | K Invest Law, PBC A
107. r.Cup A
108. Real Pickles Cooperative A
109. ReCIRC B
110. Rescue Agency B
111. Riverwater Partners B
112. RONJOE’S A
113. Rosebud Agency A
114. Salt Palm Development B
115. Sanderson Sustainable Design A
116. SecondMuse B
117. Sema4, Inc.
118. SharePower Responsible Investing A
119. Shift Group A
120. Shifting Patterns Consulting B
121. SIMPLI A
122. Simply Straws B
123. Soap Alchemy A
124. Social Impact Consulting & Coaching A
125. Software Business Advisors A
126. Solar Energy Industries Association
127. South Pole B
128. Spirit Filled Press
129. Springhead Social Impact
130. StraightUp Solar B
131. STOKE A
132. SULA NYC A
133. SunCommon B
134. Sunnova Energy International
135. Sunrise Banks B
136. Sunsport Gardens, Inc. A
137. Sustainability Associates, LLC A
138. Sustainable Design Consulting, LLC A
139. Sustainable Results Consulting, LLC
140. SustcoScore, LLC
141. Symbiotic A
142. Tall Poppy, LLC
143. tentree B
144. Terra Vista A
145. The E.P. Systems Group, Inc.
146. The Gatto Agency
147. The Paula Gordon Show A
148. The Spencer Group, Ltd.
149. THG Energy Solutions, LLC
150. thinkPARALLAX
151. Tonient
152. Transcend, The Fearless Company B
153. Transformative Wealth Management, LLC A
154. Transition Services, Inc. A
155. Trip Zero B
156. Triple Ethos A
157. Two Octobers B
158. Unity Technologies
159. Urban Turbines, LLC A
160. VR & Associates A
161. Veritable Vegetable A
162. Vista Global Coaching & Consulting B
163. Vital Plan B
164. Walk Your Talk Production A
165. Weil Aquatronics, Inc A
166. WHATiF 88 LLC
167. Wiltse Kitchen A
168. Wolf + Associates A
169. Yulu Public Relations B

Religious Organizations

1. Congregation of Sisters of St. Agnes
2. Congregation of St. Joseph
3. CRI office - Province of Saint Joseph of the Capuchin Order
4. Daughters of Charity, Province of St. Louise
5. Jesuit Committee on Investment Responsibility
6. Sisters of Bon Secours USA
7. Sisters of the Humility of Mary
8. Sisters of the Presentation of the BVM of Aberdeen SD
9. Sisters of St. Dominic of Blauvelt, New York
10. Sisters of St. Dominic of Caldwell, NJ
11. Sisters of St. Francis
12. Sisters of Saint Joseph of Chestnut Hill, Philadelphia, PA
13. Unitarian Universalist Association
14. USA East Province of the Society of Jesus

Nonprofit Organizations

1. 1worker1vote
2. 350 New Orleans
3. 350PDX
4. Acadia Center
5. Adrian Dominican Sisters, Portfolio Advisory Board
6. Alliance to Save Energy
7. American Sustainable Business Council
8. Association of Geophysicists and Environmentalists of Serbia 
9. Atlantic Coast Conference Climate Justice Coalition
10. B Lab
11. BlueHub Capital
12. Boma Global
13. Bon Secours Mercy Health
14. Business for Social Responsibility
15. Case Medical, Inc.
16. Catholic Divestment Network
17. Center for Climate and Energy Solutions
18. Center for Community Based Enterprise
19. Ceres
20. China Water Risk
21. Climate Emergency Fund
22. Citizens Energy Corporation
23. Climate Justice at Boston College
24. Connecticut Citizen Action Group (CCAG)
25. E2 (Environmental Entrepreneurs)
26. Earth Action, Inc.
27. Earthday.org
28. Earth Economics
29. Environmental Defense Fund
30. Environmental League of Massachusetts
31. Environmental Protection Network
32. Extinction Rebellion Boston
33. Florida for Good
34. Fossil Fuel Divest Harvard
35. Governance Institute
36. Green America
37. Innovation Network for Communities
38. Institute for Market Transformation (IMT)
39. Jesuit Committee on Investment Responsibility
40. Kiss The Ground
41. Mass Audubon
42. Natural Resources Defense Council
43. New Jersey Sustainable Business Council
44. North Carolina Business Council A
45. Northeast Clean Energy Council
46. One Step Closer A
47. Project on Organizing, Development, Education, and Research (PODER)
48. Publish What You Pay-United States
49. Reward Value Foundation
50. RMI
51. Slow Money NC
52. Solutions for Climate Change Network
53. Texas Campaign for the Environment
54. Tonient
55. Trinity Human Rights Group A
56. Union of Concerned Scientists
57. United Nations Foundation
58. We Are Neutral
59. World Business Council for Sustainable Development North America (WBCSD)

The sign-on process for the statement remains open to interested investors, companies, non-profit organizations, and individuals because the SEC rulemaking process has just begun. Feel free to contact Randi Mail, Director of Campaigns at the Ceres Accelerator for Sustainable Capital Markets (rmail@ceres.org) with any questions or for more information.