May 12, 2021

Warren Statement on House Financial Services Committee Passage of Climate Risk Disclosure Act

The Bill Passed the House Financial Services Committee Earlier Today

Bill Text | One-Pager (PDF)  | Support Letter from 82 Organizations

Washington, D.C. -- Today, United States Senator Elizabeth Warren (D-Mass.) released the following statement following the House Financial Services Committee passage of her and Rep. Casten's (D-Ill.) bill, the Climate Risk Disclosure Act:

 "We cannot afford to ignore the threats of the climate crisis, and it's time to fight back against giant corporations that want to pollute our environment and ask taxpayers to clean up the mess," said Senator Warren. "I am glad that my bill with Representative Casten passed the House Financial Services Committee today - I will continue pushing to give investors and the American public the power to hold corporations accountable for their role in the climate crisis."

Last month, Senator Warren and Representative Sean Casten (D-Ill.) reintroduced the Climate Risk Disclosure Act of 2021, which would reduce the chances of environmental and financial catastrophe by requiring public companies to disclose more information about their exposure to climate-related risks. By increasing market transparency, this bill will empower investors to appropriately assess climate-related risks and accelerate the market transition from fossil fuels to cleaner and more sustainable energy sources that mitigate climate change. Data for Progress polling shows that a majority of voters in the United States "want the government to enact and enforce mandatory disclosure rules so Wall Street does not hide behind their investments that are driving climate change." Yesterday, the Union of Concerned Scientists released a letter of support for the Climate Risk Disclosure Act signed by 82 organizations. 

The Climate Risk Disclosure Act is cosponsored by Senators Brian Schatz (D-Hawaii), Sheldon Whitehouse (D-R.I.), Richard Blumenthal (D-Conn.), Dianne Feinstein (D-Calif.), Chris Van Hollen (D-Md.), Edward J. Markey (D-Mass.), Amy Klobuchar (D-Minn.), Tina Smith (D-Minn.), Kirsten Gillibrand (D-N.Y.), Jeff Merkley (D-Ore.), Michael Bennet (D-Colo.), Tom Carper (D-Del.), Majority Leader Chuck Schumer (D-N.Y.), and Cory Booker (D-N.J.). U.S. Representative Sean Casten introduced the House companion legislation, along with Representatives Matt Cartwright (D-Pa.), Bill Foster (D-Ill.), Alan Lowenthal (D-Calif.), Nanette Diaz Barragán (D-Calif.), Joe Neguse (D- Colo.), and Mike Levin (D-Calif.).

The legislation is endorsed by 350.org, Americans for Financial Reform, Center for American Progress, Ceres, Data for Progress, Earthjustice, EarthRights International, Evergreen Action, National Whistleblower Center, Oxfam America, Principles for Responsible Investment (PRI), Public Citizen, Publish What You Pay - United States, Sierra Club, Sunrise Movement, Union of Concerned Scientists, and US SIF: The Forum for Sustainable and Responsible Investment. Yesterday, 82 organizations signed a letter of support for this legislation. 

Combatting the climate crisis is one of Senator Warren's highest priorities.

  •  In March 2021, Senator Warren unveiled the BUILD GREEN Infrastructure and Jobs Act which would invest $500 billion over ten years in state, local, and tribal projects to jumpstart the transition to all electric public vehicles and rail and help modernize the nation's crumbling infrastructure.  
  • Senator Warren and Congressman Andy Levin (D-Mich.) announced legislation to use U.S. federal procurement to help fight the climate crisis, spur innovation, and boost demand for American-made clean energy products at home and in the rapidly-growing markets for green products abroad.
  • In May 2019, Senator Warren and Representative Veronica Escobar (D-Tex.) announced the Department of Defense Climate Resiliency and Readiness Act, requiring the Department of Defense (DoD) to adapt its infrastructure and operations to address climate change and improve energy efficiency to strengthen military readiness.

 

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