Finance: Page 12
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House Republicans argue Labor Department ESG rule runs afoul of tax code
The Committee on Ways and Means’ majority raised objections to the Biden administration rule and called it a tactic to “use retirement savings to finance a political agenda.”
By Lamar Johnson • Nov. 8, 2023 -
How tech, venture capital can help food industry meet 2030 emissions goals
Efforts like feed additives for cattle and implementing solar panels on farms can help producers decrease their carbon footprint, Ceres said in its latest report.
By Chris Casey • Nov. 8, 2023 -
Trendline
Top 5 stories from ESG Dive
This year has shaped up to be a formative one for ESG, both on the regulatory and financial front, with the SEC’s climate disclosure rule and the battle over shareholder rights and proposal approvals.
By ESG Dive staff -
Credit union regulator proposes rule loosening hiring restrictions
The National Credit Union Administration Board aims to expand career opportunities for individuals convicted of certain minor offenses and advance financial inclusion and equity within the credit union system.
By Zoya Mirza • Nov. 7, 2023 -
Texas Comptroller adds 5 companies to divestment list for fossil fuel stance
The additions are part of a growing list of names drawn by the Lone Star state, which now mentions more than 350 investment funds and 15 companies, including BlackRock, BNP Paribas and UBS.
By Lamar Johnson • Nov. 6, 2023 -
House Judiciary subpoenas ESG, net-zero advocates alleging antitrust violations
Chair Jim Jordan subpoenaed financial coalition GFANZ and advocacy group As You Sow, whose CEO called the warrant “unfounded” and said the underlying allegations are “twisting the facts.”
By Lamar Johnson • Nov. 3, 2023 -
TD buys carbon removal credits
Over four years, TD said it will purchase 27,500 metric tons of direct-air-capture carbon dioxide removal credits from Occidental Petroleum. Financial details of the transaction were not disclosed.
By Gabrielle Saulsbery • Nov. 1, 2023 -
Republican AGs continue fight against Biden ESG rule
A coalition of 26 state attorneys general said it is willing to fight the Labor Department rule allowing ESG considerations for employee retirement plan managers all the way to the U.S. Supreme Court.
By Lamar Johnson • Oct. 30, 2023 -
Trio of federal agencies update bank guidelines for financial climate risks
Bank regulators issued new guidance for how large institutions should handle climate risk and updated an anti-redlining law to assign them more responsibility for climate risks.
By Lamar Johnson • Oct. 26, 2023 -
$2.7B in assets pulled from sustainable funds market: Morningstar
Sustainable fund closures outpaced new launches for the first time since 2020, and outflow outpaced investments for the fourth consecutive quarter, according to the financial research firm.
By Lamar Johnson • Oct. 25, 2023 -
UN-backed alliance members now represent $9.5T in assets under management: report
The Net Zero Asset Owner Alliance said 69 of its members have set intermediate targets to help align operations with a global goal of net-zero emissions by 2050.
By Lamar Johnson • Oct. 24, 2023 -
Deep Dive
7 ESG trends influencing corporate strategy
Developments in the ESG landscape directing investor decisions include the consolidation of reporting frameworks, the rise of AI and data metrics, social responsibility and impending regulation from the SEC.
By Lamar Johnson , Zoya Mirza • Oct. 23, 2023 -
Investors not willing to sacrifice returns for ESG performance: report
Retail investors care about incorporating ESG factors into their decision-making when they are “financially material” for company operations, according to recent research.
By Zoya Mirza • Oct. 23, 2023 -
SEC drops ESG from exam priorities for 2024
The agency’s office responsible for promoting compliance and monitoring market risk no longer lists environmental, social and governance investing as a priority for next year.
By Lamar Johnson • Oct. 19, 2023 -
Citigroup’s $1B racial equity program gets Labor Department greenlight
The department’s advisory opinion clears the way for the investment bank’s program, which includes plans to subsidize investment management fees for minority- and women-owned plan managers.
By Lamar Johnson • Oct. 18, 2023 -
Climate change leading cause for excluding companies from portfolios: report
A coalition of nonprofits released a financial exclusions tracker of companies that have been blacklisted by banks and investors over factors such as climate change, weapon and tobacco use, and human rights violations.
By Zoya Mirza • Oct. 17, 2023 -
BlackRock decarbonization venture with Temasek reached $1B in climate tech investments in Q3
CEO Larry Fink said the joint venture with the Singapore-based investment firm committed a first round of funding to five companies developing technologies that will be critical to the clean energy transition.
By Lamar Johnson • Oct. 13, 2023 -
FASB tightens draft environmental credit rule’s scope
The U.S. standard setter is developing the first accounting guidance to directly apply to certain environmental credits.
By Maura Webber Sadovi • Oct. 11, 2023 -
BlackRock creates net-zero investment after axing pair of ESG funds
The asset management firm has shifted resources to climate-specific funds after the SEC updated the “Names Rule” to increase accountability on ESG funds.
By Lamar Johnson • Oct. 9, 2023 -
75% of companies unprepared for coming ESG audits: KPMG
As regulators worldwide begin to mandate ESG disclosures, only 25% of companies are ready for audits of their reports, KPMG said.
By Jim Tyson • Sept. 26, 2023 -
22 Republican state attorneys general accuse a financial services climate alliance of potential antitrust violations
The letter, led by Tennessee Attorney General Jonathan Skrmetti, alleges the Net Zero Financial Services Providers Alliance’s market influence could “deprive disfavored companies of economic opportunities.”
By Lamar Johnson • Sept. 18, 2023 -
ESG ratings fluctuate for asset managers: Morningstar
Three U.S.-based firms saw their grades move up, while UBS Asset Management slipped following its merger with Credit Suisse.
By Zoya Mirza • Sept. 11, 2023 -
Vanguard joins BlackRock in pouring cold water on ESG proposals
The nation’s two largest asset management firms supported fewer environmental and social proposals in 2023, as companies voted on a record number of ESG proposals.
By Lamar Johnson • Sept. 1, 2023 -
Deep Dive
Who will pay to decarbonize the supply chain?
Some brands are helping their suppliers reduce greenhouse gas emissions. Others are dumping new requirements on vendors without shouldering any of the costs.
By Ben Unglesbee • Aug. 15, 2023 -
6 CFO tips for handling the backlash against ESG
The ESG backlash has compelled companies to alter their sustainability strategies, including ensuring close alignment with core business goals, the Conference Board said.
By Jim Tyson • Aug. 9, 2023 -
Record number of ESG shareholder proposals go to a vote
As of June 30, approval rates for shareholder proposals focused on environmental and social issues fell compared to all of 2022, Diligent Market Intelligence said.
By Jim Tyson • Aug. 4, 2023