Tag: esg
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Net Zero Asset Managers Initiative relaunches without net-zero deadline
The Net Zero Asset Managers Initiative announced on Oct. 30, 2025, that it will resume operations after pausing earlier this year to review its climate commitments. The investor coalition—which once included more than 325 firms managing over $57 trillion—said it has deleted language in its commitment statement that required members to aim for net-zero greenhouse-gas…
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EU to delay sustainability reporting for non-EU companies
The European Union (EU) will postpone its requirement that non-EU companies adopt upcoming sustainability-reporting standards under the Corporate Sustainability Reporting Directive (CSRD). The delay, part of the Omnibus I reform package the European Parliament’s Legal Affairs Committee approved on October 9, 2025, would move the compliance date from June 2026 until at least October 2027.…
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Judge restricts ESG use in American Airlines 401(k) plan
U.S. District Judge Reed O’Connor, appointed by President George W. Bush (R), issued a final ruling in Spence v. American Airlines Inc., siding partly with a pilot who sued the airline over ESG-linked retirement investments. O’Connor ruled that American Airlines breached its duty of loyalty under the Employee Retirement Income Security Act (ERISA) because it…
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EPA proposes ending emissions reporting
On Sept. 13, the Environmental Protection Agency (EPA) published a proposed rule that would eliminate the Greenhouse Gas Reporting Program (GHGRP), which requires fossil fuel producers to disclose carbon emissions. Administrator Lee Zeldin said the reporting program goes beyond what the Clean Air Act requires. Why does it matter? Administrator Zeldin says the change could…
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Department of Labor announces ESG retirement plan rule
The Department of Labor (DOL) announced Sept. 4 that it plans to issue a new rule governing the use of environmental, social, and governance (ESG) factors in retirement plans covered by the Employee Retirement Income Security Act of 1974 (ERISA). The department’s Employee Benefits Security Administration listed the issue in its semi-annual regulatory agenda as…
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Net Zero Banking Alliance to suspend operations
On Aug. 27, the Net Zero Banking Alliance (NZBA) announced that it is suspending operations, as a number of large banks have exited the group over the last several months. NZBA has said its remaining members will vote to determine whether it should remain a member-based group or transition to an organization that provides guidance…
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Democratic state financial officers send letter to asset managers
Seventeen Democratic financial officers (16 state officers, plus New York City Comptroller Brad Lander) sent a letter to 18 of the largest asset management firms on Aug. 15. The officials asked the firms to confirm their commitment to considering climate and other ESG factors in their long-term return models. The Democratic officials said their letter…
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Judge denies effort to stop California climate reporting law
U.S. District Judge Otis Wright II denied a motion from the U.S. Chamber of Commerce and other plaintiffs seeking a preliminary injunction to block enforcement of SB253 and SB261, two California laws that require corporations to report their Scopes 1, 2, and 3 emissions. The laws are set to go into effect in 2026 and…
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UBS quits NZBA
UBS, Switzerland’s largest bank, announced Thursday it is leaving the Net-Zero Banking Alliance (NZBA), joining several recent global departures from the coalition. UBS was a founding member of the NZBA and is the third major bank to leave in as many weeks. The departures could limit the alliance’s ability to set shared targets and monitor…
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Florida attorney general launches investigation of climate groups
Florida Attorney General James Uthmeier (R) announced yesterday an investigation into two climate groups—the Climate Disclosure Project (CDP) and the Science Based Targets Initiative (SBTi)—over alleged deceptive trade practices and antitrust violations. Uthmeier argued SBTi “sells companies validation of their climate goals—then directs them back to CDP to report their progress, creating what appears to…