State of California Launches Advisory Group on Climate Risk Disclosure
Recognizing that climate change poses a clear and immediate risk to long-term investment stability, the State of California has launched the Climate-Related Risk Disclosure Advisory Group. The group, led by the Governor’s Office of Planning and Research in partnership with Stanford University’s Sustainable Finance Initiative, aims to further California’s leadership on addressing the immense challenges posed by climate change.
The advisory group includes Tim Profeta, director of the Nicholas Institute for Environmental Policy Solutions at Duke University. Profeta is also part of the steering committee for the Climate Risk Disclosure Lab, a collaboration between the Global Financial Markets Center at Duke Law, the Nicholas Institute for Environmental Policy Solutions, and the National Whistleblower Center to improve corporate reporting of climate-related risk and facilitate information sharing and policy development.
California Governor Gavin Newsom called for the Advisory Group to support the State of California through the development of a climate risk disclosure standard, consistent with federal and international best practices.