SPOTLIGHT

Amid raging wildfires and coastal deluge, HSBC’s global head of ESG research fears “the externalities of sustainability issues aren’t well priced or accurately priced at the moment.” Instead of relying on ESG scores, HSBC is seeking a more comprehensive approach by integrating climate and social factors into risk assessments. 

When it comes to addressing these issues through the proxy process at Fortune 250 companies, investors have been less comprehensive. Support for shareholder proposals on environmental and social issues is falling. That said, many of these same companies are quietly making progress, for example, by setting climate targets, and support for “anti-esg” shareholder proposals among investors is tiny. 

NEWS

• Bloomberg: HSBC Executive Sees Broad Mispricing of Risk as ESG Bites | UBS Slips in ESG Asset-Manager Ranking After Credit Suisse Deal
• Bloomberg Tax: Clients Taking Harder Looks at Tax Firm’s ESG When Hiring 
• Climate Home News: Developing countries call for $100 billion loss and damage target 
• CNBC: Climate risk guarantees home insurance policies will keep getting more expensive 
• Daily Herald: Climate change? Inflation? Why Illinois home insurance rates are up 30% since 2015 
• Financial Times: Secret paper trail reveals hidden Adani investors | In the woke wars, there are no winners | What does ‘transition finance’ actually mean? 
• Forbes: DeSantis Under Fire For Rejecting Millions In Home Energy Funding From Biden’s Inflation Act 
• FTAdviser: The ESG rules all SJP fund managers must now comply with
• The Guardian: Modi-linked Adani family secretly invested in own shares, documents suggest | Hurricane Idalia could become 2023’s costliest climate disaster for the US 
• The Hill: Climate change raising risks of financial disaster for homeowners, insurers and bankers
• Investments & Pensions Europe: ESG roundup: Just eight get top Morningstar commitment mark
• Morningstar: Just Eight Fund Houses Earned Top Marks For ESG in Our Study 
• Nasdaq: Investors are Helping Drive Oil Money to Climate Tech, and Reaping the Rewards
• The New Republic: DeSantis Rejected $350 Million in Climate Funding Before Hurricane Idalia
• The New York Times: Idalia Brings Surge of Seawater, but Less Damage Than Feared 
• The Northwest Arkansas Democrat Gazette: Senate leader appoints Frost to ESG panel 
• Pensions & Investments: Australia agrees to acknowledge climate change impact on bonds
• Politico: DeSantis is refusing Biden’s IRA money
• Reuters: Insurers brace for Idalia claims, UBS estimates $9.36 billion cost in Florida 
• The San Francisco Standard: Watch: How California’s Insurance Crisis Is Hitting Homebuyers 
• Time: The ‘Hurricane Tax’ Hitting Florida Alongside Idalia 
• Vox: The conservative boycott playbook is kind of working 
• The Wall Street Journal: ESG Roundup: Market Talk | Insurance Industry Braces for Hurricane Idalia 

OPINION

• Forbes: The SEC May Be Overstepping Its Authority In ESG/ Climate Related Disclosure Standards 

OPPOSITION

• Fox News: Ramaswamy confronts MSNBC host on climate change: ‘Hard fact’ fossil fuels prevent ‘climate related deaths’ 
• Newsbusters: PBS Laments ‘Backlash’ Against ESG Investing: Ignore Those Lower Returns for Now 
• One America News: Financial Institutions Easing Away From ESG 
• The Texan: Texas, Red States’ Fight Against ESG Advances Into Third Year With Some Notched Victories 

SOCIAL

• Steven Rothstein shared a link: Appreciate the work of @FHFA to address climate risk as financial risk in our nation’s housing stock @CeresNews. More information on our recent Scorecard https://ceres.org/accelerator/regulation/scorecard  @FannieMae @FreddieMac @FHLBanksVoice. The FL hurricane is more evidence
• Ben Cushing shared a link: NEW REPORT: Big banks including @Barclays, @Chase, @BankofAmerica & @Citi are propping up deadly coal plants across the US. 🏦🏭⚠️These banks won’t directly fund coal projects, but giant loopholes allow them to keep funding the companies operating them.

DATES

• 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.
• September 25-26: Insure Our Future Campaigning Academy ’23. Complete this form by September 11th to express interest.