New York State Comptroller Thomas P. DiNapoli released the following statement on the Securities and Exchange Commission’s (SEC) adoption of the Climate Change Disclosure Rule:
“This is a significant victory for investors who are committed to mitigating the real investment risks associated with climate change.
“Today’s action by the SEC will greatly improve the state pension fund's ability to assess and address risks and opportunities as we navigate our path to net zero by 2040.
“For nearly 15 years, I have called on the SEC to mandate the disclosure of climate risk information to protect investors and the broader marketplace. Now with consistent, comparable, and reliable information provided by companies, investors will have a clearer view of how climate change and the transition to a net-zero economy will impact their investments. With these disclosures, we can make better-informed decisions about proxy voting and engagements with portfolio companies.
“This rule is a critical step toward greater transparency and accountability, but the work to improve climate risk disclosure is not done. Investors must be vocal in the protection of this rule and continue to advocate for further disclosure, like the disclosure of ‘scope 3 emissions,’ which can further improve efforts to measure and address climate-related investment risks.
“I want to thank Chairman Gensler for his leadership, as well as to the SEC commissioners and staff for their dedication and diligence in adopting this critical rule.”
Leading the Way on Climate Investment
Since taking office in 2007, DiNapoli has been recognized as a global leader for his efforts to protect the Fund’s investments, address material risks from climate change and pursue sustainable opportunities for the Fund’s investments. As part of his comprehensive Climate Action Plan to protect investments, DiNapoli has called on companies to focus on the climate change risks they face, to report on and reduce their GHG emissions and to acknowledge the business opportunities and risks in the emerging low carbon economy. To learn more about how the Fund is addressing climate change-related risk, please see the 2023 Progress Report on the New York State Common Retirement Fund’s Climate Action Plan.
About the New York State Common Retirement Fund
The New York State Common Retirement Fund is one of the largest public pension funds in the United States. The Fund holds and invests the assets of the New York State and Local Retirement System on behalf of more than one million state and local government employees and retirees and their beneficiaries. It has consistently been ranked as one of the best managed and best funded plans in the nation.