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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.
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