May 21, 2021

Warren Statement on President Biden Calling for Climate-Related Risk Disclosures

Washington, DC - United States Senator Elizabeth Warren (D-Mass.), a member of the Senate Banking, Housing, and Urban Affairs Committee, made the following statement regarding President Biden's executive order to direct agencies to analyze and mitigate climate risks: 

"The climate crisis threatens our communities and our economies and we cannot afford to ignore this threat. I've been calling for mandatory climate-related risk disclosures so that investors and the public have the information they need to assess the impacts of climate change on American companies - and I am glad that President Biden is taking action to help address the serious risks that the climate crisis poses to the U.S. financial system," said Senator Warren.

Similar to provisions in Senator Warren's Climate Risk Disclosure Act of 2021, President Biden's executive order calls for regulators to assess climate-related risks and improve climate-related disclosures. Senator Warren's Climate Risk Disclosure Act of 2021 would reduce the chances of environmental and financial catastrophe by directing the SEC to mandate public companies to disclose their exposure to climate-related risks. Earlier this month, the Union of Concerned Scientists released a letter of support for the Climate Risk Disclosure Act signed by 82 organizations. 

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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