Officials representing institutional investors controlling some $2.3 trillion in assets are asking Senate Democratic and Republican leaders to pass “strong national climate legislation” providing “legal, regulatory, and market certainty.”

In a May 20 letter to Senate Majority Leader Harry Reid (D-Nev) and Minority Leader Mitch McConnell (R-Ky), the group, acting as the “Investor Network on Climate Risk,” urged passage of legislation cutting greenhouse gas emissions by 80 to 95 percent below 1990 levels by 2050, levels the group said are “consistent with the most widely-accepted science.”

Mandating significant reductions “will not only help asset managers and institutional investors manage climate risks and opportunities, but also will help to repair a serious and growing threat to the global competitiveness of U.S. businesses in a world where the energy- and carbon-intensity of companies’ products, services, and supply chains is increasingly important,” the group said.

The group also is asking the Securities and Exchange Commission (SEC) to clarify climate change reporting issues companies must file with their regular SEC financial reporting.

“Delay is no longer an option, as opportunities will be squandered and the risks and economic cost of inaction will only continue to grow,” the groups said in their May 20 letter to the Senate leaders.