SPOTLIGHT

Chaos erupted at last night’s debate after Republican presidential candidates were asked if they would calm younger voters’ concerns that the party doesn’t care about climate change. A chorus of boos rained down on candidate Vivek Ramaswamy when he claimed the ‘climate change agenda’ was a hoax and doubled-down on the GOP’s ‘drill, frack, burn coal’ rhetoric. Voters weren’t buying it, with independent voters’ attitudes plummeting across the board, but the consensus seems to be that the combative Ramaswamy carried the night. What wasn’t said might be even more interesting. No one on the stage mentioned ESG and there was only one mention of wokeness near the end of the debate. Republican politicians may be finally waking up to the reality that it’s a losing issue, even with their own base.

NEWS

• The American Prospect: Jay Powell’s Legacy Depends on Whether He Steps Up on Climate Risk – The American Prospect 
• Axios: BlackRock’s support for shareholder proposals wanes | The SEC waters down new private equity rules
• Barron’s: BlackRock Backs Fewer ESG Proposals. The Reason Is Surprising. | Why Tonight’s Republican Presidential Debate Matters for Investors
• Bloomberg: PJT’s Allison Bennington on the Two Sides of the ESG Activist’s Coin 
• Bloomberg Law: Amazon-Backed Emissions Reporting Initiative Gets High Marks | BlackRock Backs Fewer Climate, Social Shareholder Proposals | Target Case Charts Path for ‘Go Woke, Go Broke’ Securities Suits | DeSantis ‘Anti-Woke’ Diversity Training Law Faces 11th Cir. Test 
• CityWire: ESG investors are doing good but trading badly 
• E&E News: ‘Drill, frack, burn coal’: Republicans echo Trump at presidential debate
• Fast Company: What CEOs should learn from the failure of Ron DeSantis 
• Financial News: Desiree Fixler: I have no regrets about blowing the whistle on DWS 
• Financial Times: BlackRock’s support for climate and social resolutions falls sharply
• The Guardian: ‘It’s a beast’: landmark US climate law is too complex, environmental groups say | Republican hopefuls shrug when asked about climate crisis during debate
• Harvard Law School Forum on Corporate Governance: EU Adopts Long-Awaited Mandatory ESG Reporting Standards 
• Mother Jones: The Fox GOP Debate Melted Down When the Word “Climate” Was Mentioned
• The Motley Fool: BlackRock Backs Off ESG
• National Catholic Reporter: Republican anti-ESG push complicates faith-based impact investing
• The New York Times: Chaos Erupts When Republican Candidates Are Asked if They Believe in Climate Change | One Year Later, Powell Faces a Changed Economy and Market
• NBC News: Vivek Ramaswamy says the ‘climate change agenda’ is a hoax
• Pensions & Investments: Conoco deal triggers divestment alert from pension fund investors | Money managers plan to increase spending on ESG data
• Politico: GOP’s ‘anti-woke’ campaigns have voters hitting snooze
• Reuters: Who is Vivek Ramaswamy, Republican presidential candidate?
• Rolling Stone: A Guide to Vivek Ramaswamy, From Culture War Commandments to 9/11 Trutherism 
• Route 50: An emerging ‘greenium’? New research says green bonds cost governments less
• The Wall Street Journal: Is Climate Change Real? GOP Candidates Split 
  

OPINION

• Institutional Investor: Proponents and Critics of ESG Claim It Can Change Society. Both Will Be Disappointed. 
• The New York Times: To Fight Climate Change, We Need a Better Carbon Market
• The Wall Street Journal: ESG Busters Need a New Playbook

OPPOSITION

• Fox Business: BlackRock turned down record number of climate proposals amid inflation, ESG pushback
• Washington Examiner: BlackRock eases support for ESG shareholder proposals

SOCIAL

• State Financial Officers Foundation shared an article: 🚨🚨Our CEO @dkreifels points out the not-so-subtle bias of @ISS_Research and it’s holding company Deutsche Börse AG and their desire to push the #ESGscam.
• Take on Wall St shared an article: 🧵60 years ago, the March on Washington called for racial and economic justice. Now, @RepPressley is calling on big banks to #ShowTheReceipts and keep their promises to help #CloseTheWealthGap.

DATES

• 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 19: Sustainable Investment Forum North America. Register here. 
• September 20: UN Climate Ambition Summit.