Investors and some California state legislators are pressing the Securities and Exchange Commission to require full disclosure of the risk that global warming poses to corporations.

The investors’ appeal to federal regulators could get a boost if a disclosure bill is approved by the California State Assembly and signed by Gov. Arnold Schwarzenegger.

State Sen. Dean Florez, a Democrat, and a group of 20 institutional investors and environmental groups expect the bill to create climate disclosure standards for California businesses. Should it became law, the investor group predicts it would prompt action from the SEC.

The group includes Ceres, a network of environmental and investment groups, and the California Public Employees’ Retirement System.

“We hope this bill will have a trickle-up effect to Washington and show the government that California will act if they don’t,” said Florez, the bill’s Democratic sponsor.
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