Green Groups Stand Together to Protect Climate Risk Carbon Initiative

The document is a statement by environmental organizations opposing amendments to California Senate Bill 488. These amendments seek to limit the California Insurance Commissioner's ability to issue data calls, specifically targeting the Climate Risk Carbon Initiative. Launched in January 2016, this initiative requires insurers with over $100 million in annual premiums to disclose investments in coal, oil, and natural gas, while encouraging voluntary divestment from thermal coal. The authors argue that such disclosures are essential for financial stability and transparency, citing risks of stranded assets and the necessity of accounting for carbon transition risk to protect institutional investors and fiduciaries.

• The Climate Risk Carbon Initiative, launched in January 2016, consists of two primary components: a request for insurance companies in California to voluntarily divest from thermal coal and a requirement for insurers with more than $100 million in annual premiums to disclose investments in oil, gas, and coal companies.
• Senate Bill 488 has been amended with language that would limit the California Insurance Commissioner's regulatory authority to issue data calls, which the authors claim is an attempt by corporate interests to block climate risk disclosure and transparency.
• Failure to account for carbon transition risk exposure is described as contrary to the positions of the Securities and Exchange Commission, Moody's, and major asset managers, and may create liability for fiduciaries of institutional investors like public pension funds.

APA

Feit, S. (2017). Green Groups Stand Together to Protect Climate Risk Carbon Initiative. Center for International Environmental Law. https://www.ciel.org/green-groups-stand-together-protect-climate-risk-carbon-initiative/

Chicago

Feit, Steven. Green Groups Stand Together to Protect Climate Risk Carbon Initiative. Center for International Environmental Law, 2017. https://www.ciel.org/green-groups-stand-together-protect-climate-risk-carbon-initiative/.

Wikipedia

{{cite press release |last1=Feit |first1=Steven |title=Green Groups Stand Together to Protect Climate Risk Carbon Initiative |publisher=Center for International Environmental Law |date=22 August 2017 |url=https://www.ciel.org/green-groups-stand-together-protect-climate-risk-carbon-initiative/ |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@misc{feit2017green, author = {Feit, Steven}, title = {{Green Groups Stand Together to Protect Climate Risk Carbon Initiative}}, publisher = {Center for International Environmental Law}, year = {2017}, month = aug, url = {https://www.ciel.org/green-groups-stand-together-protect-climate-risk-carbon-initiative/}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }