SPOTLIGHT

California’s leadership on climate risk disclosure and emissions reporting requirements is hitting all the right marks. After Gov. Newsom confirmed he’d sign the global-leading legislation earlier this week, SEC Chair Gensler indicated that it could make it easier for the agency to pass its own rules because it’s likely to “change some of the economic baselines.” If you’re reading between the lines, now is the time to get any post-California cost-benefit economic analysis into the SEC.

In other good news, a federal judge in Texas recently dismissed a legal challenge from 26 Republican-led states attempting to overturn a Biden Administration rule that allows retirement plans to take ESG factors into account. Judge Matthew Kacsmaryk has a history of conservative decisions, signifying that the legal challenges attempting to limit investors’ freedom lack merit. Despite the major blow to anti-ESG crusaders, an appeal to the ruling is likely. 

NEWS

• AP News: Wildfire-prone California to consider new rules for property insurance pricing 
• Axios: Climate-focused professionals are ready to move beyond “throwing spaghetti at the wall”
• Bloomberg Law: FedEx Investors Vote Against Climate Disclosure Proposals | Judge Denies Red State Bid to Axe ‘Woke’ ESG Investing Rule
• BusinessGreen: Public supports tax on fossil fuel firms to meet UK climate finance promises, study shows
• CBS News: Climate change will affect South Florida property insurance rates 
• CNN: Rishi Sunak delays crucial UK climate targets, with one eye on the next election
• ESG Clarity: Wealth managers spend little time on client ESG preferences 
• Financial Times: Asahi chief warns climate change could lead to beer shortages 
• Fortune: The flood of insurance companies out of California is so bad that the golden state is changing its whole climate change pricing plan  
• Greenbiz: UN climate chief Simon Stiell: ‘We need concrete climate action, not empty fanfare.’
• Impact Alpha: The Brief: Climate Week’s brighter outlook, naming rules for ESG funds, European climate tech VC, impact notes, messiness and mutuality in measurement
• Impakter: Joe Biden’s New Climate Action: Meet the American Climate Corps
• Insurance Business: California unveils landmark sustainable insurance strategy 
• Los Angeles Times: California home insurers plan return to fire zones under new deal 
• NowThis Earth: These Banks Are Funding the Climate Crisis 
• Pensions & Investments: Messaging on ESG strategies becoming critical, money managers say
• Responsible Investor: Cautious welcome for California climate laws but legal challenge predicted  
• Reuters: California lets insurers factor wildfire risks in rates to widen coverage | US judge will not block Biden rule on socially conscious investing | US environment agency calls for bids for $4.6 billion in grants to cut emissions
• The Economist: Climate change is coming for America’s property market 
• The New York Times: For Many Big Food Companies, Emissions Head in the Wrong Direction | How Climate Week in New York Turned Into ‘Burning Man for Climate Geeks’ | U.S. Judge Denies States’ Bid to Block Biden Rule on E.S.G.
• The Wall Street Journal: SEC Chair Signals California’s Climate Bill Could Help Clear Path for Agency’s Rule 
• The Washington Post: California plans big insurance shifts as climate change hits home 

OPINION

• Los Angeles Times: Letters to the Editor: Denser cities are our future. California’s home insurance crisis shows why
• Santa Cruz Sentinel: Kudos for climate activism targeting fossil fuels

OPPOSITION

• Breitbart: More ESG Funds in U.S. Closed in 2023 Than in Past 3 Years Combined 
• Fox Business: Stuart Varney: Don’t expect Biden to follow Britain’s bold lead on climate change
• New York Post: Think Manhattan is a mess this Climate Week? Wait until the UN-led movement bans fossil fuels 
• RealClearPolicy: Why the ESG Battleground Must Shift From Asset Managers to Proxy Advisors

SOCIAL

• NowThis shared a video: Is your bank *making bank* on the climate crisis? We’re following the money trail on which financial institutions have contributed the most to fossil fuel funding.💰 (with @emorwee and @ariellesamuel)
• Clara Vondrich shared an article: We have a right to know how much polluters pollute. This is a public harm so it must be public information. With @CAgovernor poised to sign bold new climate reforms, @SECGov just lost cover to avoid the same. Thanks @pkwsj for more excellent reporting.

DATES 

• September 17-24: Climate Group Climate Week NYC. View the list of events here. 
• September 20: UN Climate Ambition Summit and SEC Investment Company Names Rule.
• September 25-26: Insure Our Future Campaigning Academy ’23.