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Opinion & Analysis

Addressing climate change has become a top priority for governments, policymakers, regulators, and concerned actors around the world. As a result, policies are changing, practices are evolving, data is being released, and calls for action are being proposed at a dizzying pace. This section highlights key resources for keeping up-to-date with climate-related disclosure practices, changes, and proposals.

Global Financial Markets Center’s The FinReg Blog Special Issue: Climate Change and Financial Markets – Risk, Regulation, and Innovation

In July 2020, the Global Financial Markets Center’s The FinReg Blog launched a month-long special issue that reflects the complex, international, and interdisciplinary interaction between climate change, financial markets, and financial stability. The Climate Change and Financial Markets special issue includes scholarship and analysis from practitioners and researchers spanning multiple disciplines and institutional contexts. The pieces address distinct aspects of climate Continue Reading »

SEC Commissioner Allison Herren Lee Statement on “Modernizing” Regulation S-K

In a January 2020 statement, SEC Commissioner Allison Herren Lee called on the SEC to stop ignoring the “challenge of disclosure around climate change risk,” and to “begin the difficult process of confronting it.” In her statement, Commissioner Lee highlights that investors are overwhelmingly expressing to the SEC their need for “consistent, reliable, and comparable disclosures Continue Reading »

Institutional Investors Call on U.S. Regulators to Enact Climate-Related Regulation  

A large group of institutional investors, representing nearly $1 trillion in assets, called on U.S. regulators to consider climate change as a systemic threat to financial markets and the real economy. The letter, sent to the heads of every federal financial regulatory agency, states that climate change could have a “significant disruptive consequences on asset valuations and our nation’s Continue Reading »

New York State’s Pension Fund Divests from Coal Companies

New York State Comptroller Thomas DiNapoli announced in mid-July that the New York State Common Retirement Fund has divested from 22 thermal coal mining companies, stating that the companies are “not prepared to thrive, or even survive, in the low-carbon economy.” The Fund, whose assets total over $200 billion, pulled nearly $90 million from coal investments. DiNapoli also signaled that the Fund Continue Reading »

Morgan Stanley to Disclose How Much Its Loans Contribute to Climate Change

Morgan Stanley recently committed to publicly disclosing the environmental impact of its loans and investments. The bank is also the first major U.S. bank to join the Partnership for Carbon Accounting Financials, a group of 66 formal members representing more than $5.3 trillion in assets who work to help facilitate the transition to net zero emissions, in line with the Paris Climate Agreement. Click here to read the Continue Reading »

Climate Change as an Issue for Credit Ratings

In a 2019 article, Kristoffer Tigue of Inside Climate News assessed how credit rating agencies, specifically Moody’s, Standard & Poor’s, and Fitch Group, are “paying more attention to global warming and its impact in the financial markets.”