Happy Earth Day!

Climate Action 100+ reports that, last year, there were 22 climate-related weather disasters in the U.S. that "each caused more than $1 billion in damages-far and away a record. To investors, climate change poses not only physical risks of damage to assets, supply chains and infrastructure but also transitional risk if portfolio companies do not adjust rapidly enough as the economy decarbonizes and systemic risk posed to the entire economy." According to environmental nonprofit Ceres, as of April 21, 408 businesses and investors "with a footprint" in the U.S. have signed an open letter to the President indicating their support for the administration's commitment to climate action and for setting a new climate target to reduce emissions. The signatories collectively represent over $4 trillion in annual revenue, over $1 trillion in assets under management and employ over 7 million U.S. workers across all 50 states. The letter states that to "restore the standing of