Bank of America on Friday voiced support for the securities regulator's proposal requiring U.S.-listed companies to disclose their climate-related risks and greenhouse gas emissions.
A Bank of America sign stands on the side of a building in New York U.S., July 16, 2018. REUTERS/Lucas Jacksonon Friday voiced support for the securities regulator's proposal requiring U.S.-listed companies to disclose their climate-related risks and greenhouse gas emissions.
"We think the proposal is constructive and headed in the right direction," said Paul Donofrio, head of sustainability at Bank of America, the country's second-biggest bank by assets.The bank is still reviewing the SEC's 500-plus-page draft rule and plans to submit a comment letter by the regulator's deadline.
"We are all in on this notion of companies providing the marketplace with disclosures that will help everybody understand what the emission status is at a company and what their plans are to get to net zero ... so that market participants can allocate capital to the best and highest use," Donofrio told reporters.
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