Tag: ESG investment

  • UBS quits NZBA

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    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…

  • ESG opponents argue BlackRock still boycotts Texas energy

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    Consumers’ Research (CR), a nonprofit critical of ESG investing, and the American Energy Institute (AEI), an energy advocacy group, released a report arguing BlackRock, the world’s largest asset manager, is still boycotting Texas energy. The report contradicts BlackRock’s claims and those made by former Texas Comptroller Glenn Hegar (R), who earlier this summer removed the…

  • Missouri attorney general investigates proxy advisory services

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    Missouri Attorney General Andrew Bailey (R) announced last week his office is investigating Institutional Shareholder Services (ISS) and Glass Lewis, the two largest U.S. proxy advisory firms, alleging they prioritized political agendas over fiduciary duties in their voting recommendations. ISS and Glass Lewis have drawn recent attention in ESG debates. Critics argue their combined market…

  • States passed 27 bills either supporting or opposing environmental, social, and governance (ESG) investing this year

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    In case you’re not familiar, here’s a quick background on ESG. ESG investing is an asset management approach that considers environment, social issues, and corporate governance practices. It’s a type of stakeholder investing which says shareholder returns should not be the only goal. Stakeholder investing contrasts with traditional approaches that exclusively consider financial factors like…

  • Oregon governor signs ESG investing law

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    Oregon Gov. Tina Kotek (D) signed the Climate Resilience Investment Act on June 26, directing the state’s $96 billion Public Employees Retirement System to study the effects of its investments on climate change and to “pursue the goal of reducing the carbon intensity of the fund.” The law is among the first to directly require…

  • Texas comptroller removes BlackRock from boycott list

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    What’s the story? Texas Comptroller Glenn Hegar announced last week that his office removed BlackRock from the state’s list of firms barred from managing public investment funds over their treatment of fossil fuel companies. Hegar said BlackRock’s recent shift away from public ESG support made the firm eligible to do business with the state again.…

  • European Commission proposes ESG reporting rollback

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    The European Commission unveiled a proposal to scale back ESG reporting requirements under the Corporate Sustainability Reporting Directive (CSRD). Germany and France urged the Commission to ease CSRD requirements, arguing that they undermine EU companies’ competitiveness, especially as the U.S. Securities and Exchange Commission (SEC) has paused its reporting rules. The proposal would exempt up…

  • Banks exit net-zero alliance

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    What’s the story? Three major banks announced over the last several days that they are leaving the Net-Zero Banking Alliance. Morgan Stanley, Citigroup, and Bank of America indicated they would exit the group. Why does it matter? The announcements follow similar actions from Goldman Sachs and Wells Fargo last month. They are part of a…

  • U.S. ESG funds see record outflows

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    In the first quarter of 2024, U.S. investors removed nearly $9 billion of net capital from funds promoting ESG investing strategies. The move marked the largest ESG outflow recorded. Ballotpedia tracks support for and opposition to the environmental, social, and corporate governance (ESG) investing movement. To learn more about arguments for, against, and about ESG,…