Green Groups Stand Together to Protect Climate Risk Carbon Initiative

Fourteen environmental organizations are opposing amendments to California Senate Bill 488, which seek to limit the Insurance Commissioner's authority to issue data calls and collect financial information regarding climate risk. This opposition aims to protect the Climate Risk Carbon Initiative, a program designed to evaluate the financial risks of climate change for insurance companies operating in California.

• The Climate Risk Carbon Initiative was launched by California Insurance Commissioner Dave Jones in January 2016 to assess how climate change financial risks might affect the investments of insurers in California. The initiative consists of two components: a request for insurance companies to voluntarily divest from thermal coal and a requirement for insurers with over $100 million in annual premiums to disclose investments in natural gas, oil, and coal companies.
• Senate Bill 488 has been amended with language that would restrict the Insurance Commissioner's ability to issue data calls, specifically targeting the Climate Risk Carbon Initiative and potentially other future areas. This is viewed by environmental organizations as an attempt by corporate interests to limit regulatory authority and transparency regarding climate risk disclosure.
• Failure to account for carbon transition risk exposure contradicts findings from Moody's, statements from the Securities and Exchange Commission, and views of influential asset managers. Such failure may be detrimental to institutional investors, such as public pension funds, and could lead to liability for fiduciaries for not acting with prudence.
• Previous attempts to restrict the Insurance Commissioner's power through similar language were included in Assembly Bill 566 and Assembly Bill 601, though neither passed the Assembly.

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} }