2646873v9 / Attorney Initials - updated 1/9/2022
1 APPROVED AS TO FORM AND LEGALITY
________________________
CITY ATTORNEY’S OFFICE
OAKLAND CITY COUNCIL
RESOLUTION NO. ______________ C.M.S.
INTRODUCED BY COUNCILMEMBER DAN KALB
RESOLUTION IN SUPPORT OF SB 261 (STERN), GREENHOUSE GASES:
THE CLIMATE RELATED FINANCIAL RISK, REQUIRING A
COVERED ENTITY, AS DEFINED, TO PREPARE A CLIMATE -
RELATED FINANCIAL RISK DISCLOSURE REPORT AND SUBMIT
THE REPORT TO THE STATE
WHEREAS, the City of Oakland has been on the forefront of climate policy for decades; and
WHEREAS, the detrimental effects of climate change pose significant risk to the long - term economic success of our state and the City of Oakland; and
WHEREAS, in 2018, California’s Climate Change Assessment noted that California is more susceptible to the growing effects of climate change than other parts of the country1; and
WHEREAS, in 2017 the International Financial Stability Board’s Task Force on Climate- Related Financial Disclosures (TCFD) released disclosure recommendations for companies; and
WHEREAS, U.S. investor demands have spurred the Security and Exchange Commission to propose its own disclose rules for publicly listed companies; and
WHEREAS, disclosure is still needed for all leading companies, in cluding the private sector; and
WHEREAS, SB 261 will required covered entities to prepare annual climate -related financial risk disclosure report and submit the report to the state; and
WHEREAS, SB 261 will set the bar on TCFD -aligned disclosures and will fill the gaps from the proposed SEC rules; now, therefore, be it
1 https://climateassessment.ca.gov/
RESOLVED: That the City of Oakland endorses Senate Bill 261 and urge the California State Legislature and Governor Gavin Newson to support its enactment into law; and be it
FURTHER RESOLVED: That the City Council directs the City Administrator or his designee to immediately distribute this Resolution upon its adoption to Governor Gavin Newsom and State Senator Stern.
IN COUNCIL, OAKLAND, CALIFORNIA,
PASSED BY THE FOLLOWING VOTE:
AYES - FIFE, GALLO, JENKINS, KALB, KAPLAN, RAMACHANDRAN, REID, AND
PRESIDENT FORTUNATO BAS
NOES –
ABSENT –
ABSTENTION –
ATTEST:
ASHA REED
City Clerk and Clerk of the Council of the
City of Oakland, California