The climate crisis costs the world $391 million per day, according to a new study, and almost two-thirds of the costs come from human loss of life. This hefty price tag is attributed to climate change-induced wildfires, heatwaves, droughts, and other extreme events, with damages averaging over $100 billion per year from 2000 to 2019. Researchers note the daily figure underestimates the true costs of climate change due to challenges measuring indirect losses like decreased productivity, mental health impacts, and loss of access to education or jobs.
As climate change persists and intensifies the frequency and severity of extreme weather events, businesses will also feel the escalating costs. In response, over 130 major companies, including Ikea, Unilever, and Nestlé, with a combined annual revenue of nearly $1 trillion, have jointly issued an open letter ahead of COP28 in Dubai calling on world leaders to establish a clear timeline for phasing out fossil fuels.
- ABC News: Accelerating switch to renewables could put fossil fuel peak in sight this decade: International Energy Agency
- Barron’s: High Fossil Fuel Use Makes Hitting UN Targets Tough, But Possible
- Bloomberg: Citigroup CEO Jane Fraser Says the ‘New S’ in ESG Is Security | Catastrophe Bond Market Headed for Major Surge in Issuance
- Citywire: Fees and ESG: Why these two topics will shape fund selection’s future
- CNBC: The climate crisis has a price — and it’s $391 million a day | Debunking claims that a ‘cartel’ of asset managers controls major U.S. corporations
- Energy and Policy Institute: Fossil fuel money lurks behind anti-offshore wind power political ads in New Jersey
- ESG Clarity: Long-awaited SDR ‘missed opportunity’ for advisers
- ETF Trends: ESG Backlash Loud, But Not Preventing Adoption
- Financial Times: Apple’s ‘carbon neutral’ claims come under scrutiny
- FinTech Global: 64% of investors cite financial returns as sustainable investing drive
- Funds Europe: Asset management’s buoyant ESG jobs market
- Greenbiz: American Climate Corps jobs will ‘reach every community’
- Institutional Investor: Companies, Not Governments, Are in the Transition Driving Seat
- Investment Executive: U.S sustainable funds face continued outflows
- National Law Review: American Airlines Motion to Dismiss Complaint on ESG Investments | ECB Stress Test: Bank’s Credit Risk Doubles by 2030 under Slower Climate Transition
- The New York Times: Big Oil Gets Bigger as ESG Funds Are Falling Out of Favor
- NPR: Oil and gas demand will peak before 2030, says the International Energy Agency
- Pensions & Investments: What’s next for ESG investing?
- Politico: Biden’s climate diplomacy hits ditch over funding
- Private Equity International: Side Letter: ESG’s blurred lines
- Proactive Investors: US anti-woke movement targets ESG investment criteria
- Reuters: Tensions soar over new fund for climate ‘loss and damage’ ahead of COP28 | ESG fund closures in US outpace launches for first time since 2020 | US regulators unveil updated fair lending rules for banks
- The Wall Street Journal: Banks Face Shake-Up of Low-Income Lending Rules
- Eco-business: Taking investment treaties to the world court over climate
- Forbes: SEC Removes ESG From 2024 Audit Priorities, Is ESG Faltering?
- RealClearMarkets: There Is No Free Market Political Party In D.C.
- Ben Pile shared an image: Nigel Farage reveals, as we have long suspected, that financial institutions have taken it upon themselves to police the public sphere. Commitment to ESG requires banks — despite being largely state-owned — to refuse services to people who do not agree with the agenda they have signed up to. Those closes a gap in our understanding of politics and the green blob (and others, for that matter) — aka ‘E’ — and completes the picture of money turning itself into government — the ‘G’ — at the expense of democracy.
- The World Bank shared a quote: “It’s remarkable that over 10 years, green bonds have gone from basically nothing to a $2 trillion asset class globally.” Watch this #WBmeetings event replay to hear from Poppy Allonby, @TRowePrice’s Head of ESG Enablement: http://wrld.bg/BpbC50PZ1zP
- Today: Deep Dive “Protections for Farmer-Consumers: Farmers as Borrowers and Land Stewards.” Register here.
- October 26: Ceres Charting Progress Webinar: Regulator Actions on Climate Financial Risks. Register here.
- October 26: Climate Disclosure Developments: The SEC, California, and EU Extraterritoriality. Register here.
- October 26: Gensler doing a fireside chat on climate disclosure at Chamber event.
- October 27: Transatlantic Forum for Environmental and Climate Justice. Register here.
- October 31: Ceres A Guide for Businesses: California’s New Climate Disclosure Legislation Webinar. Register here.