Wednesday, November 22, 2017

Panel Recommends Transparency Measures on Climate Change

By on December 14, 2016

FILE - In this Wednesday, July 27, 2016, file photo, former New York City Mayor Michael Bloomberg speaks during the third day of the Democratic National Convention in Philadelphia. After years of stamping out soda tax proposals with well-financed campaigns, Big Soda is suddenly finding itself up against bigger adversaries. In early November 2016, voters and lawmakers in five jurisdictions, including San Francisco and Chicago’s Cook County, approved special taxes on sugary drinks, with advocates chalking up the streak of victories to a shift in public attitudes. What’s also changed is that they’re now backed by billionaire Bloomberg, who as mayor of New York lost a bruising fight to limit the size of sugary drinks. (AP Photo/J. Scott Applewhite, File)

n this Wednesday, July 27, 2016, file photo, former New York City Mayor Michael Bloomberg speaks during the third day of the Democratic National Convention in Philadelphia.(AP Photo/J. Scott Applewhite, File)

LONDON — An international task force has recommended a raft of voluntary financial disclosures designed to help investors and industry manage the risks posed by rising global temperatures and develop the technologies needed to combat climate change.

The panel, chaired by former New York City Mayor Michael Bloomberg, developed the recommendations over the last year based on the idea that markets need more and better information to respond to the challenge of climate change.

See Also: Billionaires Put Pop in Advocates’ Push for Soda Taxes

Bloomberg and Bank of England Governor Mark Carney said in comments published Wednesday in the Guardian newspaper that “the challenge is that investors currently don’t have the information they need to respond to these developments. This must change if financial markets are going to do what they do best: allocate capital to manage risks and seize new opportunities.”

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