SPOTLIGHT

Despite being sued by former employees and insider trading accusations, Vivek Ramaswamy’s firm Strive made headlines for eclipsing over $1 billion in assets a few weeks ago, making the right-wing asset manager one of the biggest players in the small anti-ESG pond. While Vikek and Strive are most certainly doomed in the long run, it’s turning out to be a great way to make a lot of money. Senior Researcher Jesse Coleman at Documented explained it well: “There’s a really well-coordinated, large group of dark money political players that have spent the last two years creating this tempest in a teapot around climate issues. Then you have Ramaswamy and Strive, and to us, it looks like they’re trying to capitalize on that political momentum.” Grifters are going to grift.

NEWS

• Bloomberg: Unrelenting Fed Hikes Are Good News for Asia ESG Investors | Canada’s PSP Eyes Adding Transition Bonds to ESG Funding Arsenal | ESG Investing: Meaning, Risks, Progress and Challenges
• Business Wire: Senators, Congress Members Cite Brookfield Renewable’s “Misleading Climate-Related Claims” In Push for SEC Disclosure Rule, Referencing Report by UNITE HERE
• Corporate Secretary: Most companies lagging in ESG data-assurance readiness, KMPG finds
• ESG Clarity: Absence of loss-mitigation capital slows blended finance progress | Sector-by-sector implementation plans crucial to investors at COP28 | Green Dream with Square Mile’s Moeller: Is it important for asset managers to attend COP28?
• Economist: What’s breaking America’s insurance market? 
• FT Advisor: Next gen interest in ESG and crypto is a ‘generalisation’
• Financial Times: Big insurers cover dirty coal mining projects despite climate pledges
• Guardian: Big European insurers ‘underwrite 30% of US coal despite net zero pledges’ 
• IPE: Sustainability chiefs overwhelmed by plethora of ESG disclosures and platforms
• Jacobin: Vivek Ramaswamy’s Crusade Against “Woke Capital” May Be Lucrative, but It’s Doomed
• Mining Magazine: ‘Too many’ similar ESG standards, says head of BHP
• Morningstar: SEC Targets Greenwashing With DWS Investments Settlement, Names Rule
• National Law Review: Congressional Democrats Pressure the SEC to Maintain a Robust Climate Disclosure Rule, Including Scope 3 Emissions
• New York Times: Government Shutdown May Hurt Home Sales in Flood-Prone Areas
• Pensions & Investments: TPR issues first climate-related reporting penalty to ExxonMobil’s U.K. plan | Climate-focused fund assets jump 30%, but few on track for net zero – Morningstar | Sweden’s AP2, Climate & Co. investigate deforestation exposure in portfolios | Danish pension fund wraps up $520 million oil and gas exit  
• Plansponsor: Plaintiffs File Dueling Motions in NYC Pension Funds ESG Lawsuit
• Politico: Climate change is wrecking this political gig | It’s no fun being California insurance commissioner
• Reinsurance News: Argenta to adopt Moody’s ESG insurance underwriting solution | Leading European insurers underwrite 30% of U.S. coal: Insure Our Future 
• Responsible Investor: Bayer attributes improved ESG ratings to investor dialogue
• WWD: Recognizing Visionaries Driving Positive Change In ESG 

OPPOSITION

• Breitbart: Expert: Asset Managers Using State Pensions to Push ‘Racial Equity Audits’, Green Energy Schemes    

 

SOCIAL 

• Patrick McHenry shared an image: Chairman @GaryGensler is abusing his power to force a far-left climate and social agenda on the American people. Neither climate nor social policy is within the purview of the @SECGov and the @FinancialCmte will continue fighting to end #ESG mandates.
• State Financial Officers Foundation posted: The realities and returns of the #ESGscam are becoming more apparent. We need to keep them out of public pensions, land trusts, permanent funds, and other public tax-based investment vehicles. @BlackRock ESG ETFs fail to shine over past 10 years 

DATES

• October 2: NY Fed 2023 Environmental Economics and Policy Conference: Measuring and Adapting to Climate Risk. 
• October 3: FHFA Fall Economic Summit in DC at the Constitution Center. 
• October 17: Orbitas The High Cost of Ignoring Scope 3 Deforestation Emissions Webinar. Register here.