The following is a statement from Craig Fugate, Chief Resilience Officer, One Concern, and former FEMA Administrator, regarding the U.S. Securities and Exchange Commission (SEC) proposed climate-related risk disclosures:
“We applaud SEC Chairman Gary Gensler for championing climate risk disclosures. We are at a turning point where we need consistent, transparent, comparable and decision-useful climate-related disclosures because climate risk is a people risk and investment risk.
“Our climate is changing faster than we can adapt, with extreme weather events becoming increasingly more frequent and severe. Climate change presents an immediate and increasing risk to companies’ physical assets, operating ability, credit and equity holdings. These risks are already starting to crystallize, and have the potential to increase substantially in the future. Downtime caused by damage to critical infrastructure can be as impactful for a company as direct damage to its facilities. The recent power outage crisis in Texas highlights the vulnerabilities of companies’ operations due to climate-change-induced risks. The direct and indirect physical risks of climate change are growing for companies.
“The bold ambition by the SEC sets a foundation to end climate risk blind spots for investors and U.S. enterprises.”
About One Concern
One Concern, a climate resilience technology company, enables organizations to focus on adaptation and resilience strategies by using newly developed resilience analytics for supporting risk selection, mitigation, pricing, scenario analysis and risk management. Applying machine learning and state-of-the-art resilience modeling, One Concern helps organizations better understand and prepare for physical climate risks with the mission of making disasters less disastrous. A 2019 Technology Pioneer, One Concern is part of the World Economic Forum’s Global Innovators community. oneconcern.com
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