Ceres CEO and President Mindy Lubber Testifies Before U.S. House Subcommittee

Ceres CEO and President Mindy Lubber testified before the U.S. House Judiciary Committee Subcommittee on the Administrative State, Regulatory Reform, and Antitrust. Lubber discussed Ceres and its leadership role in Climate Action 100+, the world’s largest investor engagement initiative on the financial risks of climate change, and Net Zero Asset Managers initiative, an investor-led initiative committed to supporting investors as they work to reduce risk by aligning portfolios and investing consistent with a net zero economy by 2050 or sooner.  

Last year, the Committee issued a subpoena asking Ceres to produce documents related to Ceres and these initiatives. Since then, Ceres has delivered tens of thousands of documents to the Committee. Today’s hearing was an expected result of that process.  

View Mindy’s full testimony here.  

“We work with investors and companies to make the business case for action as they address some of the greatest global financial challenges facing our world today -- climate change, water scarcity and pollution, and nature loss. These global threats pose material financial risks to investment portfolios, business operations, and supply chains, thus to the long-term stability of our markets and the economy,” Lubber testified. "Our message has been heard. Today, the private sector has widely embraced the financial imperative to improve sustainability practices throughout business operations and supply chains and to report on their efforts to shareholders, customers, and employees. Climate change is an issue that presents both serious financial risks and opportunities for investments and job creation in the rapidly emerging clean energy economy. Investors and companies are acting on climate because the business case is compelling.” 

The hearing is part of a larger political campaign from opponents of climate action who continue to pressure investors to withdraw from global initiatives that support investors in addressing the financial impacts of climate change. Most recently, some 17 Republican state attorneys general sent a letter to U.S.-based asset managers that greatly misrepresents the nature of collaborative investor engagements and ignores the business rationale for addressing climate-related financial risk. Opponents have also launched a legislative attack at the state level, introducing 160 bills to ban investors from considering climate-related financial risks in decision-making. However, most of these bills have failed over legitimate concerns about the negative economic impacts if such proposals were implemented.  In addition, there has been steady pushback from investors, companies, and policymakers from both sides of the aisle. 

Further, hundreds of U.S. and global investors remain committed to acting on climate risk in line with their fiduciary duty by engaging the largest corporate emitters to reduce emissions and improve climate risk governance and disclosures. Last month, 45 asset owners reaffirmed their support for Climate Action 100+ and their commitment to engage with high-emitting companies, stating that addressing climate risk is a fiduciary imperative to protect their investments and provide security for their beneficiaries.  

“Working collaboratively with other investors through Climate Action 100+ is an effective and efficient way to address both the specific and systemic risks to our investments posed by climate change, which is why we remain fully committed to participating in this valuable initiative,” the asset owners wrote.  

Climate Action 100+ investors are independent fiduciaries responsible for their own investment and voting decisions. 

About Ceres 

Ceres is a nonprofit advocacy organization working to accelerate the transition to a cleaner, more just, and sustainable world. United under a shared vision, our powerful networks of investors and companies are proving sustainability is the bottom line—changing markets and sectors from the inside out. For more information, visit ceres.org.