SPOTLIGHT
Three-quarters of the largest publicly traded companies should not encounter additional compliance costs from disclosing their greenhouse gas emissions under the upcoming Securities and Exchange Commission climate financial risk disclosure rules, according to a new report from The Sierra Club, Public Citizen and Americans for Financial Reform. New disclosure rules in California will require companies to disclose emissions from their activities and supply chains, that means those companies should have no problem providing the same data to the SEC.
Some U.S. business groups’ including the U.S. Chamber of Commerce and the Bank Policy Institute have claimed that the costs of fully disclosing their climate risks would be too high, without much in the way of evidence.
Other regulators are gearing up too, with the Federal Reserve, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation releasing unified guidelines on how large financial institutions should handle climate-related financial risk management.
NEWS
- American Banker: Federal regulators finalize guidance on climate risks
- Bloomberg: Oil Refiners Struggle for Financing as Banks Shun Fossil Fuels
- Bloomberg Law: Australia Releases Draft Climate Risk Disclosure Standards | Fashion Industry’s Labor, Climate Impact Piques State Scrutiny | EU Markets Watchdog Says Capex Review Signals Future ESG Growth
- BNN Bloomberg: Business leaders increasingly see importance of climate plans | EU Markets Watchdog Says Companies Spending More on ESG
- Ecologist: Pensions fund fossil fuel investments
- Edie: Government shirks request to disclose carbon impact of net-zero policy rollbacks | Arla partners with retail giants to drive Scope 3 emissions reductions
- Environment + Energy Leader: TMF Group Offers ESG Admin Services as Reporting Requirements Ramp Up
- ESG Clarity: US sustainable fund outflows accelerate in Q3 but Europe remains resilient
- Greenbiz: Helping companies navigate today’s evolving global ESG regulatory landscape
- Grocery Dive: Grocery Outlet outlines top priorities in first ESG report
- The Hill: Regulators take first steps to head off a climate financial crisis
- Impakter: $1 Trillion Business Coalition Issues Bold Call to Phase Out Fossil Fuels at COP28
- Investment Executive: Confidence in ESG investing grows as market matures
- Investments & Pensions Europe: Pension funds view private equity as ESG compatible asset, says Apex Group
- The Messenger: ESG Is Becoming a Four-Letter Word: Investors Are Pulling Billions From Sustainability-Themed Funds
- The New York Times: Chasing Big Mergers, Oil Executives Dismiss Peak Oil Concerns
- Insurance Journal: Morningstar: Coastal Communities at Risk of Becoming Uninsurable
- Pensions & Investments: Morningstar added to Florida’s Israel-boycott list
- Politico: Banks pressured to step up climate work
- Proactive Investors: More insurers could withdraw coverage as climate ‘risk tipping points’ increase
- Triple Pundit: Inflation Reduction Act Sparks a Clean Energy Boom in the US
- The Wall Street Journal: Climate Activists Want SEC to Copy California, Europe
- WUSF: Florida legislators will hold a special session in November with focus on insurance rates
- Yahoo Finance: Banks and Their Boards Need a More Strategic Approach to Responding to Societal Challenges
OPINION
- Boston Globe: Mass. home insurance sector feels the heat of climate change
- FTAdviser: ‘Emerging markets are missing out on crucial funding due to ESG ratings’
- Miami Herald: New poll shows Floridians, unlike DeSantis, aren’t ducking climate change reality
- Reuters: Why biodiversity is about to go mainstream in ESG investing
- The Telegraph: ESG has become a giant Petri dish for groupthink
- Toronto Star: Fifty years ago, the insurance industry warned of climate change — now parts of North America are becoming uninsurable
- The Wall Street Journal: The Fed’s New Climate-Change Mandate
OPPOSITION
SOCIAL
- Riley Moore shared an article: ESG funds have LOST over $14 billion so far this year. ESG isn’t just bad for America. It’s a terrible investment strategy.
- Alex Martin shared a press release: Breaking: 75% of Fortune 1000 companies will likely be required to report Scope 3 emissions in California. @SECgov must finish the job and ensure this data is comparable across the whole market. New report: @Public_Citizen @RealBankReform @SierraClub
DATES
- Today: Ceres Charting Progress Webinar: Regulator Actions on Climate Financial Risks. Register here.
- Today: Climate Disclosure Developments: The SEC, California, and EU Extraterritoriality. Register here.
- 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.