Full Title: Stormy Seas, Rising Risks: What Investors Should Know About Climate Change Impacts at Oil Refineries
Author(s): Christina Carlson, Gretchen Goldman, and Kristina Dahl
Publisher(s): Union of Concerned Scientists, Center for Science and Democracy
Publication Date: February 1, 2015
Full Text: Download Resource
Description (excerpt):
Oil refineries are especially vulnerable, as they often sit on low-lying land. Yet many companies—ironically, including those whose operations have contributed to the emissions that cause climate change— fail to disclose such vulnerabilities, even though the U.S. Securities and Exchange Commission (SEC) asks all publicly traded companies to consider the climate-related risks they face and to disclose those that are material. When companies neglect to disclose and prepare for these risks, they face greater potential for spills and other damages caused or made worse by climate impacts. investors, taxpayers, and communities should not have to bear the burden of this failure. They should instead take action, pressuring companies to fully consider and disclose their climate change risks. For its part, the SEC should educate companies about these climate impacts and ensure they are reported. Greater transparency about the risks associated with our fossil fuel energy infrastructure allows us to make more informed decisions about our energy choices