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…
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.…
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…
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…
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,…
The U.S. Court of Appeals for the Fifth Circuit on March 15 temporarily blocked the implementation of the Securities and Exchange Commission’s (SEC’s) new rules on emissions data reporting while the court considers a lawsuit alleging the regulations exceed the SEC’s authority. Ballotpedia tracks support for and opposition to the environmental, social, and corporate governance…
Missouri Secretary of State Jay Ashcroft (R) published a rule last July restricting the use of ESG in public investment strategies. The Securities Industry and Financial Markets Association (SIFMA) filed a lawsuit in August claiming that the regulation conflicted with federal law. Judge Stephen R. Bough of the U.S. District Court for the Western District…
Four New York City employees, with the help of nonprofit legal organization Americans for Fair Treatment, filed a lawsuit in May opposing New York City pension plans’ environmental investment considerations. The court, according to E&E News, could be the first to hear a legal claim against investment managers who consider ESG. Ballotpedia tracks support for…