WASHINGTON, D.C. – Aarthi Ananthanarayanan, Senior Fellow, Climate and Plastics Initiative, at Ocean Conservancy, issued the following statement in reaction to the Climate Risk Disclosure Rules proposed by the U.S. Securities and Exchange Commission (SEC) on March 21, 2022:

“Climate risk is already real for far too many coastal communities and businesses that are bearing the brunt of rising sea levels, severe storms, and changing ecosystems. The SEC’s proposed rules are an important step in helping to standardize climate risk disclosures so that investors, banks, rating agencies, and other market participants have the information they need to make informed investment and voting decisions.

“We’re seeing investor demand for this information because the risks and costs of climate change are here. In the plastics sector, about 12% of global plastics capacity for four key resins used for packaging takes place along the U.S. Gulf Coast. In the last four years alone, extreme weather events like Hurricane Harvey, the Texas Freeze, and Hurricane Ida have caused major disruptions in plastic supply and higher prices with ripple effects throughout the supply chain. Requiring reliable, consistent disclosures would help all investors evaluate the physical and transition risks companies face as we move to a low-carbon economy.

“The proposed rules provide clarity and a meaningful baseline for climate disclosures as well as accommodations to support companies in complying. There are opportunities for improvement, particularly around requirements for Scope 3 emissions disclosures and impacts on vulnerable communities, key issues for the plastics industry. We look forward to working with the SEC during the comment period to strengthen the rules.”

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Aarthi Ananthanarayanan is available for interviews upon request.

Media Contact:
Caroline Gentile
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Ocean Conservancy is working to protect the ocean from today’s greatest global challenges. Together with our partners, we create science-based solutions for a healthy ocean and the wildlife and communities that depend on it. For more information, visit http://www.oceanconservancy.org, or follow us on Facebook, Twitter or Instagram.