Mike Bloomberg says companies need to make financial disclosures on climate risks

Former New York City Mayor Mike Bloomberg and Microsoft co-founder Bill Gates have helped pitch President Joe Biden’s climate-friendly transformation of the U.S. economy on Day 2 of the world leaders’ virtual summit, AP reports.

Bloomberg says combatting climate change will depend on improving financial transparency about the risks of global warming.

Bloomberg said Friday that companies need to provide financial disclosures on climate risks, so that investors can direct funding to businesses that are mitigating the threats of climate change. He says it will take historic investments to beat the challenge of global warning.

Bloomberg says mayors and CEOs tell him they want to do more to tackle climate change but need more help. The multibillionaire founder of a financial data and news company is a special U.N. envoy on climate change issues.

Gates thanked Biden and U.S. climate envoy John Kerry for reestablishing the U.S. leading role on tackling climate change. Gates says, “This is a promising moment.”

Gates says activists and young people are rightly demanding action. He says, “Governments around the globe are meeting those demands with ambitious commitments.”

Gates says climate change is “an incredibly complex issue and using just today’s technologies won’t allow us to meet out ambitious goals.”

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