SEC urged on reporting oil climate impact

LONDON (Reuters) – Major investors from the U.S., Canada and the UK are pressuring the United States Securities and Exchange Commission (SEC) to require energy companies to assess the environmental impact of oil and natural gas reserves.

A group of 19 environmental, investor and non-profit groups want the regulators, under new proposals, to ask that oil and gas companies disclose reported reserves that have higher than average greenhouse gas emissions associated with their extraction, production and combustion.


The group includes London’s F&C Asset Management (FCAM.L: Quote, Profile, Research), Ceres, a North American coalition of investors and the California Public employees’ Retirement System (CalPERS), the largest U.S. pension fund.

“We urge the SEC to pay more careful attention to the implications of climate change and carbon-related regulations … since the risks and challenges posed are likely to grow rapidly in the coming years, with significant consequences for the oil and gas industries,” the group said in an open letter.

“We are concerned that climate change, and policies adopted to combat greenhouse gas emissions, could render certain assets — particularly those with high carbon intensity — uneconomic.”

Reuters