Apr. 21, 2022
Dear Secretary Vanessa Countryman, With human induced climate change risks mounting, the relevant rules proposed by the Securities Exchange Commission can serve to protect investors and promote a market environment worthy of the public’s trust. In fact, a national survey conducted by CERES and JUST Citizen shows 85% of Americans want large companies to publicly disclose climate related risks. If enacted, these rules can protect investors, promote innovation and transparency, and prepare the U.S. economy for a rapidly changing climate. In particular, including Scope 3 emissions in reporting requirements will give investors a more complete picture of climate-related risks and total emissions from public companies, allowing regulators and lawmakers to make smarter decisions that benefit the general public and our life sustaining natural resources. As we face increasingly frequent storms, heat waves, and sea-level rise, Virginia residents are eager to meet legislative mandates for a clean energy economy and mitigation recommendations of global scientific climate experts, but to do so requires transparency, consistency, and credible figures, especially from our investor-owned energy utilities. Systematic reporting required by the proposed rule will give state regulators, investors, and utility customers a vital tool to assess how Virginia’s energy monopolies are addressing human induced global heating and their intentional contributions to continuing climate change. Stephanie Malady