This morning, the League of Conservation Voters (LCV) sent the below letter to the Senate urging Senators to oppose S.J. Res. 72. LCV will strongly consider including votes on this legislation in the 2024 National Environmental Scorecard.

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May 21, 2024

United States Senate
Washington, DC 20510

Re: Oppose S.J. Res. 72, disapproving of SEC’s final climate risk disclosure rule

Dear Senators:

The League of Conservation Voters (LCV) believes that everyone has a right to clean air, clean water, public lands, and a safe climate protected by a just and equitable democracy. Each year, LCV publishes the National Environmental Scorecard, which details the voting records of members of Congress on environmental legislation. The Scorecard is distributed to LCV members, concerned voters nationwide, and the media.

LCV urges you to vote NO on S.J. Res. 72, which would undo the Securities and Exchange Commission’s (SEC’s) final rule to require publicly traded companies to disclose their financial risks due to climate change. If enacted, this resolution would prevent the SEC from fulfilling its mission to protect investors, such as people saving for retirement, from all types of financial risks, including those due to climate change and the energy transition. This resolution would leave investors without the consistent, comparable data they need to make informed investment decisions, and must be rejected.

The SEC requires publicly traded companies to make all manner of disclosures about financial risks as part of its mission to protect investors and ensure fair markets. The climate risk disclosure rule does just that and is well within the agency’s authority; it is a basic step to ensure that investors understand the climate risks posed to and by the company so that people can make the best financial decisions while saving for their retirements. In fact, 99% of institutional investors who submitted comments on the rule supported requiring disclosures of greenhouse gas emissions from company-owned and purchased resources, and 95% supported requiring disclosure of emissions reduction targets and goals.

Investors are demanding this information because they know that climate risk is financial risk. Investors understand the widespread impacts climate change is already having on our economy, like skyrocketing home and business insurance premiums, and are wary of not only the ways these publicly traded companies are contributing to this crisis, but also how their investments could be damaged by climate impacts like wildfires and strange and extreme weather. According to the Fifth National Climate Assessment, extreme weather events fueled by the climate crisis cost the U.S. over $150 billion per year. A warming planet will only worsen these financial risks.

We urge you to REJECT S.J. Res. 72, the resolution disapproving of the SEC’s final climate risk disclosure rule. LCV will strongly consider including votes on this legislation in our 2024 National Environmental Scorecard. If you would like more information, please reach out to a member of our government relations team.

Sincerely,

Gene Karpinski

President