SPOTLIGHT

Anti-ESG sentiment in the U.S. hasn’t deterred asset managers and investors, but some are revising their messaging strategies. 30% of asset managers surveyed in a new Cerulli report plan to be more cautious about messaging, though none of them intend to cease integrating ESG considerations into investment decisions or offering sustainable investment products. Institutional investors also have faith in ESG investing, with only 4% saying they will no longer invest in ESG funds and only 3% planning to stop incorporating ESG considerations into investment decisions. Despite attacks on ESG from right-wing politicians, investor demand for the environmental aspect of ESG remains robust.

NEWS

• AlphaWeek: EU Proposes Root and Branch Review of its Flagship Sustainable Finance Disclosure Regulation
• BBC Worklife: The ‘climate quitters’ ditching corporate roles
• Bloomberg: Fund Managers Are Updating Bond Models to Capture a New Risk | Occidental Quietly Ditched World’s Biggest Carbon Capture Plant
• Bloomberg Law: Shell Oil Fails to Avoid Connecticut Climate Adaptation Claims 
• Capital & Main: As Colorado Races to Set New Rules for Climate-Friendly Industries, Its Plan Raises Concerns Over Dual Role of State Regulator 
• CarbonBrief: Analysis: UK ‘adds’ £450m to its climate-finance spending by changing definition
• Center for Economic Policy Research: The outlook is mixed: The asymmetric effects of weather shocks on inflation
• CNBC: UN committee deadlocked on climate disaster recovery fund 
• CNN Business: ESG investing is dying on Wall Street. Here’s why
• E&E News: Takeaways from tense hearing on DOE climate spending
• Energy Monitor: Greenhushing sees confidence in ESG strategies fall
• Environmental Finance: US still ‘fertile ground’ despite ESG pushback, says NY Green Bank 
• Fast Company: Extreme weather could slash investment portfolios by 50% 
• Financial Times: EU scientists wade into the climate data debate | Climate fund talks collapse as rich and developing countries clash 
• The Guardian: Impact of farming on climate crisis will be a key Cop topic – finally
• Harvard Law School Forum on Corporate Governance: TNFD Recommendations for Nature Related Disclosures 
• The Independent: Billions in local government pensions invested in fossil fuels, analysis reveals
• Inside Climate News: A Shadowy Corner of International Law Is Threatening Climate Action, U.N. Expert Warns 
• InsuranceBusiness: Report identifies main barriers to credible and efficient climate solutions 
• InvestmentNews: Asset managers tune out anti-ESG noise | Fund managers adjust bond strategies amid growing risk 
• Islander News: Florida drivers pay 52% more than the national average for auto insurance 
• Markets Insider: Perfect storm sets up catastrophe bonds for record returns this year as investors price in climate costs 
• National Law Review: SEC Climate Concerns List of Examination Priorities 
• National Legal and Policy Center: Insurgent Climate-Focused Exxon Directors Vote FOR Acquisition of Drilling Giant 
• The New Republic: The U.S. Is Spending a Fortune on War and a Pittance on the Climate Crisis
• Pensions & Investments: Little impact on investing from anti-ESG backlash 
• Politico: Dinner diplomacy: How John Kerry convened VIPs and lawmakers to ease the climate talks
• Reuters: Nestle, Volvo among 130 companies urging COP28 agreement to ditch fossil fuels | Banks call for clarity on Britain’s investment path to net-zero economy | Companies need to integrate climate reporting across functions to comply with California’s new law | Swiss banks push for self-regulation as government tackles greenwashing
• Semafor: The coming ‘greenwashing’ crackdown
• TheStreet: What the Bud Light boycott means for Disney, Target, and Starbucks

OPINION

• Directors & Boards: What Killed ESG?
• Financial Times: Shelving plans to improve corporate governance is wrong call | ESG is beyond redemption: may it RIP 
• Forbes: ESG Public Relations Need To Be Led With Trust, Truth And Transparency 
• The Hill: The faith factor: Can religion help to win support for the environment?
• The National: Private sector finance has more than a bit part to play in the global climate fight 
• Newsweek: Banks Must Help Communities Combat Climate Change
• Orlando Sentinel: Addressing the climate crisis: How to save Florida from an insurance catastrophe
• Pauls Valley Democrat: Anti-ESG law having impact

OPPOSITION

• Fox News: Ted Cruz targets top Biden agency over billion-dollar grants being tied to ‘equity,’ climate change
• Gun Coyote News: Texas Attorney General Paxton Challenges Major Banks over Anti-Gun and ESG Policies  
• New York Post: Elon Musk’s finances may crash Tesla’s stock to the ground 
• Washington Examiner: How ESG mandates might hurt the planet

SOCIAL 

• Patrick Henningsen shared a video: Thanks Tucker, although calling this out three years ago would’ve been more helpful! But those were Fox days so that definitely would’ve damaged Ruppert’s ESG score…
• MP Ryan Turnbull shared a video: Conservatives continually use carbon pricing as a scapegoat for global inflation! In reality, climate change has a much, much bigger impact on food prices than the price on pollution. If Conservatives really cared about reducing inflation, then they’d have a plan to fight climate change! #NoPlanPierre They are just #NotWorthTheRisk! #cdnpoli

DATES

• October 26: Ceres Charting Progress Webinar: Regulator Actions on Climate Financial Risks. Register here. 
• October 26: Gensler doing a fireside chat on climate disclosure at Chamber event.
• October 31: Ceres A Guide for Businesses: California’s New Climate Disclosure Legislation Webinar. Register here.