SPOTLIGHT

The SEC’s enforcement division has issued subpoenas to several asset managers, seeking details on their ESG investment marketing strategies, in a push to eliminate greenwashing. Those under scrutiny include traditional investment funds that have pivoted to ESG funds, as well as funds offered both in the US and Europe that have differing amounts of public disclosure. This push comes after the SEC enforcement division created a task force in March 2021 to crack down on misconduct within sustainable investment disclosures.  

Meanwhile, in Montana, a landmark ruling driven by youth activists—potentially the strongest decision on climate issued by any court to date—may pave the way for a surge of climate-related lawsuits. We’re hopeful that the precedent can also benefit our work on ESG.

NEWS

• Adweek: To Repair Brand Image in the Face of Climate Change, Fossil Fuel Companies Turn to Influencers 
• Axios: Coca-Cola’s new sustainability fund tackles bottlers’ carbon footprint 
• Ballotpedia News: Wyoming state board pushes back against ESG
• The Bond Buyer: S&P backs down from ESG scores critics called ‘confusing’ 
• Bloomberg: S&P Decision to Ax ESG Scores From Bond Ratings Splits Market | Amazon Loses Key Backer Four Years Into Plan to Eliminate Carbon Emissions 
• Business Insider: Republican-controlled states like Oklahoma are rushing to invest in clean energy, even as conservative groups push for more oil and gas 
• The Daily Courier: Forget Bud Light, this woke Starbucks case will enrage conservative investors
• ETF Stream: Desiree Fixler: ‘Time we retire the term ESG’ 
• Financial Times: SEC lawyers subpoena fund managers over ESG disclosures | A looming ESG crackdown
• FITSNews: South Carolina Attorney General To Address ‘Devastating’ ESG Impact
• Fortune: Employees say corporate claims of ESG progress are baloney according to a new survey, and boards had better pay attention 
• The Guardian: Transition from ‘dirty’ to green US jobs rises, leaving older workers behind
• The Hill: Court sides with kids who sued Montana over climate change 
• Investment Week: SEC demands disclosure documents from ESG fund managers 
• Los Angeles Magazine: L.A. Homeowners Are Finding it Harder to Secure Wildfire Insurance
• The National Law Review: Accounting Firms Challenged on Reporting of Climate Risks in Company Financial Statements 
• The New York Times: Judge Rules in Favor of Montana Youths in a Landmark Climate Case
• Pensions & Investments: ESG bonds top $4 trillion, while U.S. volume dipped | ESG risk management for pension fund clients improving, U.K. survey says 
• PlanAdviser: Lawsuit Would Block Missouri’s Anti-ESG Advising Rule
• PlanSponsor: Missouri Anti-ESG Rules Pre-empted by ERISA, Lawsuit Says
• S&P Global: Insurers hit hard as US hailstorms grow more severe, costly in warming climate
• The Washington Post: Conservative legal group sues Target over Pride month collection
• Western Standard: Investor sues Target over its $14B loss from anti-woke backlash

OPINION

• UN Principles for Responsible Investment: Net zero alliances and the way forward for our industry
• The Telegraph: Corporate wokeness is becoming a deeply sinister threat to our freedom 

OPPOSITION

• Daily Caller: Don’t Fall For The Left’s ‘Rebranding’ Of ESG 
• The Epoch Times: McDonald’s Erases Some Mentions of ‘ESG’ from Its Website
• Fox News: ESG cheerleaders are suddenly pivoting and and running for cover 
• Pensacola News Journal:  DeSantis’ war on ‘woke’ a Trojan Horse to attack transgender 
• The Washington Times: Holding ESG investing perpetrators accountable

SOCIAL

• Will Hild tweeted: 🚨 NEW: In a closed-door meeting, Goldman Sachs CEO David Solomon reportedly called ESG and the movement to divest from fossil fuels “stupid” and “hypocritical.”
• Last Call shared a video: “ESG is taking businesses, taking shareholder assets and trying to repurpose those for ideological things,” says FL Gov. @RonDeSantis 

DATES

• August 17: World Resources Institute One Year of the Inflation Reduction Act Webinar: A conversation with Ali Zaidi, White House National Climate Advisor. Register here. 
• August 23-25: Global Research Alliance on Sustainable Finance and Investment 2023 Annual Conference. Register here. 
• August 24-26: The Federal Reserve Bank of Kansas City 2023 Economic Policy Symposium “Structural Shifts in the Global Economy.” 
• September 17-24: Climate Group Climate Week NYC. View list of events here. 
• September 20: UN Climate Ambition Summit.