A coalition of investors, US state officials and environmental groups have filed a petition with the US Securities and Exchange Commission (SEC) calling on the regulator to force companies to assess and disclose their financial risks from climate change.

The petition cites scientific evidence and regulatory developments it claims prove that the risks and opportunities many companies face in connection with climate change are material to shareholder investment decisions and must be disclosed under existing law.

The 22 petitioners include: Ceres, an environmental coalition; Environmental Defense, an environmental non-profit organisation; Bill Lockyer, California state treasurer; and Andrew Cuomo, New York State attorney general.

The petitioners state that despite investor demand, corporate disclosure on climate risks has been scant and inconsistent. For instance, Exxon Mobil, the petrochemical company, included only one reference to climate change in the whole of its 2006 filing with the SEC.    

According to Mindy Lubber, Ceres president: "The SEC needs to do more to protect investors from the risks companies face from climate change, whether from direct physical impacts or new regulations. Shareholders deserve to know if their portfolio companies are well positioned to manage climate risks or whether they face potential exposure".