It’s Friday the thirteenth and California’s pension funds’ scary Big Oil investments just got exposed. After launching one of the most prominent lawsuits against Big Oil in the nation, joining international calls to end fossil fuels, and passing global-leading climate financial risk and emissions disclosure requirements, new analysis by Stand.earth and Climate Safe Pensions Network found CalSTRS and CalPERS collectively have over $4.3 billion invested in Chevron, BP, ExxonMobil, ConocoPhillips, and Shell—the same five oil companies named in the state’s lawsuit. The nation’s two largest state pension funds have thus far resisted divestment pressure, defending the investments by claiming that removing funds would undermine their influence and ability to ‘affect positive change’ at these corporations. Picking the right Big Oil exorcists for the CalPers chief investment officer vacancy following the incumbent’s resignation after just 18 months could be critical to correcting this conflict.
- Bloomberg: Climate Change Can’t Overcome Capitalism, and That’s OK | Top House Republican Demands SEC Turn Over Documents on ESG
- Bloomberg Law: Comer Demands SEC Turn Over Documents on ESG and Europe
- Bloomberg Tax: ESG Reporting Flap Leads Sustainability Board Advisers to Resign
- BNN Bloomberg: Greenpeace files securities complaint against Suncor over climate risk disclosures
- CBC News: Threat of climate change looms over Atlantic insurance industry gathering on P.E.I.
- Climate Home News: Saudi Arabia, Russia urge World Bank to keep funding fossil fuels
- Dallas Morning News: New map shows how climate change affects your community and its vulnerability to weather
- Deseret News: The notorious ESG
- DeSmog: California Pension Funds Have Billions Invested in Fossil Fuel Companies Named in State’s Lawsuit
- ESG Clarity: Only 4% of companies disclosing in line with full TCFD recommendations
- Euronews: New World Bank president signals that time is up on billion euro subsidies for fossil fuels
- Financial Times: Strive Asset Management plans move into model portfolios | UK competition watchdog green lights rules for climate collaboration | The next phase of ESG and Moral Money
- FinTech Global: ESG understanding dips amid geopolitical strain and investor pressures
- FTAdviser: Climate philanthropy built into platform in ‘first of its kind’ collaboration | Fears of greenwashing in ESG investing have grown
- Grist: ‘Nothing’s predictable’: Extreme weather is ruining farmers’ crops, and their finances
- The Guardian: More than £2bn of UK foreign climate aid channelled through consultancies since 2010
- Harvard Law School Forum on Corporate Governance: Attacks on ESG Investing are also attacks on company support for Sustainability
- Insurance Journal: Banks in EU Get World’s First ESG-Related Rewrite of Capital Rules
- Investment Executive: Climate-related disclosures need work, report suggests
- MarketsMedia: FSB Publishes Progress Report on Climate-Related Disclosures
- Nasdaq: How Millennials and Gen Z Are Driving Growth Behind ESG
- The New York Times: Fossil Fuels Aren’t Going Anywhere
- PlanAdvisor: Former Pilot Adds to Arguments in American Airlines ESG Case
- Pensions & Investments: ESG-blacklist law tweaks weighed by Oklahoma
- Reuters: How U.S. bank balance sheets have changed as Fed raises rates
- Wyoming News Now: Secretary of State’s Office Completes Public Comment Period on Proposed Securities Rules Requiring ESG Disclosure
- Yahoo Finance: What to Know About the SEC’s ESG Investing Rules
- Financial Times: Sunak’s green U-turn dismays sustainable investors
- Los Angeles Times: Opinion: What California Gov. Gavin Newsom could learn from China’s response to climate change
- The Washington Times: House GOP launches probe into legality of Biden Climate Corps
- Right Side of History shared a document: New Paper Just Published on How to Sneakily Coerce Companies to Adopt ESG Principles by Tricking Lenders Into Assuming All Companies are on Board with ESG, Causing Them to Increase Interest Rates on All Borrowers – This Will Result in Much Higher Prices for Consumers
- Old Glory Bank shared a video: Customers come to Old Glory Bank because of what we stand for. They love us for our technology. Member FDIC. Hear the entire interview at https://youtube.com/watch?v=LdOZGiegvu0. Learn more about America’s first anti-cancel-culture bank at http://oldglorybank.com.
- October 17: Orbitas The High Cost of Ignoring Scope 3 Deforestation Emissions Webinar. Register here.
- October 26: Ceres Charting Progress Webinar: Regulator Actions on Climate Financial Risks. Register here.
- October 31: Ceres A Guide for Businesses: California’s New Climate Disclosure Legislation Webinar. Register here.