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WASHINGTON -- The House Financial Services Committee has approved the Climate Risk Disclosure Act, which would provide transparency about the dangers that climate change poses for American businesses, their employees and investors. In addition, the legislation, introduced by Rep. Sean Casten (IL), would require a Commission to establish requirements for what businesses must disclose, including, but not limited to, the specific risk of carbon and specific measures business must take to mitigate the risks. The Representatives on the committee voted to send the Climate Risk Disclosure Act to the full House for consideration by a vote of 34-25.
Statement of Andrea McGimsey, Environment America: "Our society faces increasingly serious disruptions as the earth warms and the climate changes. More severe storms cause power outages, flooding and damage to infrastructure. Longer and hotter heat waves can be dangerous for outdoor workers, such as those in construction and agriculture. Businesses with a presence along the coast face the spectre of increasingly powerful storm surges on top of sea level rise. It’s time for Congress to take this issue seriously and help Americans understand the risks of climate change to our country’s businesses.”
Statement of Ed Mierzwinski, U.S. PIRG: “For years, U.S. PIRG has supported greater transparency by public companies. It is critical that firms describe to investors, consumers, workers and the markets the material threats they face from climate risks as well as from competition, regulation and other factors. Climate change is increasingly rising to the top of the threat list and acknowledging it publicly is a critical step in responding to it.”
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