Investors are ditching Article 8 funds, an EU fund classification requiring ESG goals are “promoted,” due to growing skepticism around their efficacy. These funds lost more than €20.5 billion last quarter, and the funds that suffered the most had the weakest sustainability credentials. Funds within Article 9, a more stringent class of ESG funds, pulled in €1.4 billion.
Investors in the US are also stepping up to defend ESG, with six investment firms supporting a lawsuit contesting a Missouri rule that requires investment firms to obtain written consent before using any social or “non-financial” objectives when investing.
- Ballotpedia: SEC deprioritizes ESG enforcement
- Bloomberg: Big Banks Face Fresh Anti-Redlining Rules From Top US Regulators | Climate Risks and Rewards: Rating Companies’ Exposure | Investors Flee ESG Funds Without Clear Targets, Morningstar Says
- Bloomberg Law: Raymond James, Edward Jones Back Case Against Missouri ESG Curbs | Cintas Investors Reject Diversity Data, Climate Target Proposals
- BusinessGreen: COP28: Over 100 blue chip CEOs urge world leaders for ‘transformative’ climate policies
- CEO Magazine: Exclusive interview with ESG expert and DWS whistleblower Desiree Fixler
- CNBC: Immigration, AI, climate change are risks to companies’ bottom lines | Tucker Carlson signs first ad deal since Fox News departure
- E&E News: ‘Prudence demands we act’: Bank regulators unveil climate rules
- Environment Analyst: Climate risk is ‘weak link’ in sustainability reporting
- Gizmodo: Apple Called Out for ‘Scientifically Inaccurate’ Greenwashing
- Greenbiz: Companies are slowly realizing their banks are adding to their carbon emissions
- The Guardian: Top ASX firms report improved social and environment performance by revising past data, study finds
- The Hill: Most Americans oppose GOP plan to raid climate funds for farm bill
- Newsweek: What Is Sustainable Investing? How You Can Make Money and Tackle Climate Change | Scientists Say Climate Extremes of 2023 Point to Need to End Fossil Fuels
- NHPR: Dartmouth students urge college to stop accepting research money from fossil fuel companies
- PlanSponsor: NYC Pension Funds Argue ESG Lawsuit Hinges on ‘Legal Errors’
- Politico: Companies have trust issues around ESG
- Quartz: Where Alphabet, Disney, and other major brands rank on a new “purpose” scorecard
- Reuters: Europe’s ESG funds suffer more outflows | Insights in Action: Measuring growing ESG prioritization in 2023
- Fortune: The energy transition is under threat as the Global South lags behind
- Reuters: Companies stand ready to help policymakers phase out fossil fuels
- Competitive Enterprise Institute: Pope’s letter on climate change misses mark
- National Center for Public Policy Research: Stefan Padfield: ESG, DEI & Antisemitism
- RealClearEnergy: U.S. Federal Debt and Carbon Emissions Create the Perfect Storm for a Carbon Tax
- Sedona Red Rock News: ESG investing rarely improves people or planet
- Washington Examiner: GOP state officials pressure proxy advisory companies in ‘fight’ against ESG
- Sanjeev Sanyal shared an article: Now even Financial Times columnists & university professors accept that the ESG framework is a pile of garbage.Whole approach is set to collapse even faster than its sudden rise. Another example of how unaccountable NGOs & consultants mislead people
- FDIC shared a press release: For nearly 50 years, the Community Reinvestment Act has encouraged banks to help meet the credit needs of local communities, especially low- and moderate-income neighborhoods. Today, our Board of Directors approved new rules to strengthen & modernize CRA.
- 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.