SPOTLIGHT

New York City pension funds asked the state’s Supreme Court to dismiss a lawsuit against them for divesting from fossil fuels. The funds argue that the plaintiffs are “wasting the Court’s time” and trying to protect companies that repeatedly uplift fossil fuels despite the necessary transition to a low carbon economy. 

Elsewhere, Oklahoma Treasurer Todd Russ is rolling back the number of firms banned from doing business with the state for allegedly boycotting oil and gas companies. The move to slash half of the blacklisted firms could mean Republican money managers are finally catching on to the financial consequences of anti-ESG attacks.

NEWS

• Bloomberg: The Key to the G: ESG Currents | Few US Workers Leaving Carbon-Intensive Jobs Move to Green Ones | NYC Pensions Seek to Dismiss Lawsuit Over Fossil Fuel Stakes 
• Bloomberg Law: CEOs Sharpen ESG Positions as Conservative Backlash Intensifies 
• Brooklyn Eagle: NYC pension funds seek dismissal of ‘baseless’ lawsuit over fossil fuel divestment 
• CityWire: Mercer CEO deposed, more execs subpoenaed in suit with ex-advisor 
• Common Dreams: As Biden Hails Inflation Reduction Act, Climate Groups Say He Must Stop Boosting Fossil Fuels 
• CNBC: Fitch warns it may be forced to downgrade dozens of banks, including JPMorgan Chase | A multitrillion-dollar carbon bubble? Climate chief warns world leaders over fossil fuel plans 
• DeSmog: How Shell Used a ‘Granfluencer’ to Promote its Brand
• Financial News: Norway’s sovereign wealth fund boss warns of anti-ESG backlash in the UK 
• InvestmentNews: SEC hits ESG funds with subpoenas 
• Investment Week: Green bonds hit record fundraise while lending and M&A sink 
• Just the News: ESG groups co-release report pressuring insurance firms to avoid covering fossil fuel producers
• The Motley Fool: The SEC is Zeroing In on ESG | Are ASX sustainability shares delivering for ESG investors? 
• National Law Review: Congress Turns Up The Heat On ESG And Climate-Related Disclosures 
• Pensions & Investments: ESG rules for advisers OK’d by Missouri violate federal law, SIFMA suit says | Oklahoma treasurer cuts blacklist by more than half
• PlanSponsor: Judge Sets Trial Date for American Airlines ESG Lawsuit
• Politico: Reading the room on IRA
• Responsible Investor: NYC funds file motion to dismiss ‘baseless’ divestment lawsuit 
• Reuters: Lahaina wildfire insured property loss to be about $3.2 bln
• Time: The Inflation Reduction Act Took U.S. Climate Action Global
• The Wall Street Journal: ESG Roundup: Market Talk

OPINION

• The Business Times: Fix, not dump, imperfect ESG ratings
• Corporate Secretary: Activism, ESG and universal proxy: How to make friends and influence shareholders
• Forbes: Are ESG-Supportive Institutions Addressing Income Inequality, The ‘Other’ Big Risk? | Montana Climate Change Court Victory Is Limited 

OPPOSITION

• New York Post: Why the Montana climate change lawsuit ruling is total bunk 
• Washington Examiner: SEC subpoenas fund managers over ESG investing

SOCIAL

• Kelly Mitchell quoted a tweet: The problem with ESG is, surprisingly, not that it’s a tool of a woke global cabal hell bent on subverting democracy. The problem is that it’s been an underregulated marking tool for a bunch of otherwise shitty companies. SEC should flex.
• Justin Baragona shared a video: This is where the conservative movement is now. Charlie Kirk calls on Republican attorneys general to launch a “criminal investigation” into Target CEO Brian Cornell, calling him a “pervert groomer” and “very sick person” who “really has like a fetish for going after children.”

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.