Anti Fracking Democrats want companies to disclose their climate risks — and the fossil fuel industry should be worried. Proposals to make the disclosures mandatory are sprouting in the platforms of almost all the party’s leading White House hopefuls.
Presidential hopefuls like former Vice President Joe Biden, Massachusetts Sen. Elizabeth Warren, Washington state Gov. Jay Inslee and former Texas Rep. Beto O’Rourke are all proposing plans to strengthen the SEC’s climate-related disclosure requirements. And other Democrats said it’s about time for the SEC’s regulators to take climate change more seriously.
Warren says, companies are not factoring in that if we met the goals of the Paris climate accords, “at least 82% of global coal reserves, 49% of global gas reserves, and 33% of global oil reserves will have to go unused the next 30 years,” and therefore, the market is overinflating the value of the (possibly/hopefully) soon to be less valuable fossil fuels, creating what Vice President Al Gore calls a potentially dangerous “carbon bubble.”