Typically I make one climate-related ask per week, but this info from Stop the Money Pipeline landed in my email box after I put up yesterday’s post, and it’s a time-sensitive request. Comments needed today! I’m going to paste that email below but, spoiler alert, the ask is that you personalize a letter to the Securities and Exchange Commission (SEC).  Thank you in advance for reading and taking action! Solidarity! ✊🏽

Edited to add: Just sent my letter which requires more steps (the SEC making things harder for we-the-people to be heard) and wanted to say that while it’s more complicated than usual, it’s doable! 🙂 Follow the instructions and holler here in the comments if you need help.

From Stop the Money Pipeline:

The Securities and Exchange Commission (SEC)–a major Wall Street and corporate regulator–is asleep at the wheel. This Wednesday, March 6th, it will vote on a crucial climate financial risk disclosure rule, an earlier draft of which required big corporations like banks and fossil fuel companies to report their scope 1, 2, AND 3 emissions. According to media reports, the current draft has them reporting only their scope 1 and 2 emissions, if they want to(1), which would miss most fossil fuel industry emissions and all financed emissions from banks.

Industry lobbyists are gutting this rule because they do not want people saving for retirement to know just how much their investments are at risk from these corporations’ decisions.

Take action with us and send an email to the SEC: They must protect investors and require companies to disclose all greenhouse gas emissions!  

Think of this–insurance companies are raising premiums at ridiculous rates while pulling out of areas they deem “uninsurable,” which typically lines up with historically redlined districts. Under the current draft of the rule, Scope 3 emissions, which include emissions from financing to burning fossil fuels, will not be disclosed.

If the industry lobbyists get their way, companies will get to choose whether or not they report Scopes 1 and 2 emissions (emissions from the energy the company buys, and emissions from the production process, including company vehicle emissions). Is it right that companies get to decide how transparent they should be?

Tell the SEC: Your disclosure rule needs some major work. Urge them to require companies to disclose their climate emissions.

The fossil fuel industry is toxic. This rule fails to respond to real-time hidden risks with financial implications for our entire economy. In the context of a ‘dying’ fossil fuel industry, we need to be able to foresee how prices will change as flows of money shift from fossil fuels to a clean future.

If this final rule is weaker than what the SEC proposed two years ago, it will fail the agency’s mission to protect investors and provide transparency about corporate climate risks. They should know we’re angry. Please take this action ASAP to make sure they hear our voices before the vote on Wednesday.

Together, we can make our voices heard and pressure these decision-makers to do the right thing at every opportunity.

In solidarity,
– the Stop the Money Pipeline team

1. https://www.politico.com/newsletters/the-long-game/2024/02/27/down-to-the-wire-at-the-sec-00143511