Letter to SEC from STMP coalition members

Dear Chair Gensler and Commissioners,

We, the undersigned 79 organizations, recognize your commitment to addressing the critical issue of the financial risks from climate change and its profound implications for our collective future. Your awareness of the stakes involved positions you uniquely to effect meaningful change during your tenure.

However, we must express our disappointment in recent reported outcomes, while still holding onto the belief that there is time for you to impact our climate trajectory significantly.

We have 3 asks of you:

  1. Require companies to disclose Scope 3 emissions.
  2. Do not subject Scopes 1 and 2 to a materiality assessment.
  3. Require disclosures quantify the financial impacts of both physical risks and transition risks and expenditures to address physical risks and transition risks.

Boldly defining the terms of a debate with a strong rule commensurate with the scale of the climate crisis would be a testament to your efforts to champion what is just and necessary, and within your authorities. Conversely, preemptively limiting the scope of your regulatory actions would relegate you and other Commissioners to the ranks of those who have forsaken their duty to safeguard investors and future financial stability.

It is imperative that the financial risks climate change poses to businesses—and the consequential effects on financial reporting—are transparently communicated. Legislative measures such as the Inflation Reduction Act, along with precarious decisions to temporarily halt permitting for LNG facilities, serve to diminish the viability of fossil fuel enterprises. This, in turn, strengthens the position of renewable energy sources, potentially impacting the future returns of projects and the investments of pension holders. The latter deserve clear insight into how their investments are affected by these shifts.

Furthermore, accurate climate reporting and strategic transition planning should be integral to financial disclosures. The younger generation merits transparency regarding corporate efforts to mitigate climate change versus claims of intent that lack substance. Understanding the emissions resulting from the consumption of fossil fuel products is crucial for reducing our carbon footprint. The American public deserves full disclosure of the financial damage inflicted by these corporations on our climate and the long-term consequences for our nation.

As we navigate towards an inevitable transition, fueled by increasing occurrences of extreme weather and its impact on economic stability, the need for leadership that embodies courage rather than caution has never been more apparent.

The potential challenges that may flow from bold action are not lost on us. However, history tends to favor those who act decisively in the face of adversity. Your leadership could pave the way for financial stability and, perhaps, define your legacy.


ActionAid USA

Alabama Interfaith Power & Light

Alliance for Just Money

Beloved Community Ministries

Carbon Collective Investing

Center for International Environmental Law

Climate Action Now

Climate First!, Inc.

Climate Hawks Vote

Climate Organizing Hub

Coast Range Association

Coastside Jewish Community

Connecticut Citizen Action Group 

Consumer Watchdog

Dayenu: A Jewish Call to Climate Action

Divest Oregon

Earth Ethics, Inc.

Earth Guardians

Elders Climate Action

Extinction Rebellion Phoenix

Flat Shoals Community Youth Club, Inc.

Fossil Free California 

FreshWater Accountability Project 

Global Witness


Greenpeace Hawaii

Greenpeace USA

Habitat Recovery Project

Indigenous Environmental Network


La Cañada Flintridge Country Club

Lakota People’s Law Project

Maine Youth Action

MARBE SA, Costa Rica

Mazaska Talks 

Mid-Missouri Peaceworks

My Sea to Sky

New Mexico Climate Justice

New York Communities for Change

Oil and Gas Action Network

Peoples Climate Movement – NY

Public Citizen

Rainforest Action Network 


Regenerating Paradise

Revolving Door Project 

Rise Economy (formerly California Reinvestment Coalition)

Rivers & Mountains GreenFaith

Seeding Sovereignty

Shift Action for Pension Wealth and Planet Health

Silver Lake Couch Collective

Sixth Street Community Center 


Studio Everberg

The Climate Reality Project Chicago Metro Chapter 

The People’s Justice Council

The Peoples Hub

The YEARS Project

Third Act

Third Act Upstate New York

Third Act Virginia

THIS! Is What We Did

Vessel Project of Louisiana 

Women’s Earth and Climate Action Network

Youth Emergency Auxiliary Service Sierra Leone 

Zero Hour

350 Conejo / San Fernando Valley

350 New Hampshire

350 SW Idaho

350 Wenatchee




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