SPOTLIGHT

Polluting companies would face a hefty price tag if they actually had to pay for their climate damage. The cost of emitted carbon pollution would eat up 44% of profits for the nearly 15,000 companies, with 90% of the calculated damage coming from the energy, utilities, transportation, and manufacturing sectors, according to the study. Despite the exorbitant socialized costs, governments continue to subsidize the fossil fuel industry at alarming rates. According to a recent analysis by the International Monetary Fund, these subsidies amounted to a staggering $7 trillion in 2022 alone ($23,373 billion in the US). This means $13 million flows from the public into the fossil fuel industry every single minute. While public funds aid climate destruction, Big Oil companies rake in record profits. 

NEWS

• AP News: Study reveals how much carbon damage would cost corporations if they paid for their emissions
• Barron’s: US Republican Positions On Climate Change Shock Environmentalists | Catastrophic Weather Is Wreaking Havoc With Insurance. These Companies Can Handle the Storm. 
• Bloomberg: Fossil Fuel Subsidies Hit $1.3 Trillion as Climate Change Worsens: IMF Report
• Business Insider: BlackRock keeps pumping the brakes on a new fund amid state-level ESG criticism 
• The Drum: Spoof Campaign Mocks Fossil Fuel’s Recruitment Of Influencers To Clean Up Image
• Financial News: Why BlackRock is backing fewer ESG proposals 
• Financial Times: Norway has a chance to transform climate finance | Global fossil fuel subsidies and costs hit record $7tn in 2022, IMF reports
• FTAdviser: Weighing up the pros and cons of climate-related financial disclosure
• The Guardian: Fossil fuels being subsidised at rate of $13m a minute, says IMF. | ‘He’s an insider’: Ramaswamy’s deep ties to rightwing kingpins revealed
• Impact Alpha: The Week in Impact Investing: How anti-ESG ends
• Insurance Business: Global reinsurers reducing catastrophe coverage
• Investments & Pensions Europe: Sustainable funds return to outperformance in reversal of 2022, says report
• IR Magazine: BlackRock lowers support for ESG-related proposals for third year running
• MarketWatch: Ramaswamy calls climate change a ‘hoax.’ Then the topic all but disappears from the Republican debate
• Miami Herald: DeSantis blows up debate moderators’ effort to query candidates on climate change 
• Mother Jones: Insurers Gave Ron DeSantis Millions. He Made It Harder to Sue Them.
• The New York Times: Hawaii Wildfires Spur Insurers to Reassess the State’s Risk
• NPR: Climate change made it in the GOP debate. Some young Republicans say that’s a win 
• Pensions & Investments: Oklahoma PERS will keep BlackRock, State Street after approving divestment exemption
• Reuters: Brazil aims to raise $2 billion in ESG sovereign bonds in September
• The Sacramento Bee: Presidential debate shows how GOP candidates are struggling to address concerns about climate change
• Time: Utilities Are Now a Risky Business Thanks to Climate Change
• Union of Concerned Scientists: Utilities Are Now a Risky Business Thanks to Climate Change
• The Wall Street Journal: Maui Wildfires Highlight Multiple Sustainability Risks for Utilities Companies — ESG Insight | Wagers on the Weather? Insurers Offer a Way for Businesses to Hedge Climate Risks

OPINION

• Eco-Business: The fossil fuel industry’s obstructionist climate change tactics

OPPOSITION

• Cowboy State Daily: Wyoming Officials Say Don’t Be Fooled By ‘Clown-Show’ Effort To Rebrand ESG
• The Federalist: Consumer Watchdog Launches Campaign Exposing Duke Energy ESG Priorities Over Reliable Power Grid 
• Fox News: Consumer group launches campaign targeting energy company pushing ESG measures
• Washington Examiner: Duke Energy’s ESG goals targeted by consumer group in new ad campaign | Republican debate: Vivek Ramaswamy bravely calls the climate change agenda ’a hoax’

SOCIAL

• Emily Atkin shared an article: Since everyone is talking about Vivek and his climate “hoax” comments today, let me provide some background: Vivek is currently a leader of the anti-ESG movement —  a movement started by some of the fossil fuel industry’s most notorious climate deniers.
• Will Hild shared an article: 🚨@DukeEnergy is putting their ESG To-Do List ahead of providing reliable, affordable energy for American families. Yet states continue to grant them monopoly power — leaving consumers with no choice but to pay more…It’s not right. Learn more at: https://RebukeDuke.com
• Bailoutwatch quoted a tweet: $23,373 BILLION dollars in the US went to subsidizing fossil fuels last year alone… How would you prefer that money were spent?

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.