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House Oversight Committee probes IRS over ESG policies
Committee Chair James Comer asked IRS Commissioner Daniel Werfel to explain how the agency ensures state retirement plans invest for the “exclusive benefit” of enrollees.
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Vanguard says ExxonMobil made a ‘compelling case’ for its shareholder lawsuit
The nation’s second-largest asset manager supported Exxon CEO Darren Woods and its board of directors at the energy giant’s May 29 board meeting after concluding it displayed appropriate oversight.
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Drive for energy permitting reform fuels tensions between climate, environmental justice advocates
A simplified permitting process would speed the deployment of clean energy, but some EJ advocates are concerned about unintended consequences.
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SEC asks organizations to complete diversity self-assessment
The agency said it will use the voluntary disclosures from its regulated firms to identify any trends and progress on diversity-related activities.
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Congressional Dems urge SEC to stay committed to climate disclosure rule
A group of 38 lawmakers asked the agency to “vigorously defend” its now-stayed final rule in court and enforce previous climate-related guidance in the interim.
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SEC views more shareholder proposals as micromanagement efforts
After a 2021 change in no-action reviews caused a backlash among institutional investors, Securities and Exchange Commission staff appear to side more with companies against activist shareholders.
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Scope 3 reporting is increasing, but cultural gaps undermine companies’ confidence in results
Internal considerations, including ROI and buy-in from CFOs and others, may hinder investments in reporting tools, a Reuters survey found.
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$1.3B earmarked for EV charging network expansion in US
The Biden-Harris Administration aims to accelerate public and private investment in clean transportation with the historic grant funding.
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ESG conferences to keep on your radar for 2024
Upcoming events will cover sustainable finance, corporate strategy and governance, climate change, supply chain, social impact and more.
Updated June 7, 2024 -
The fashion industry’s ‘urgent need’ for sustainable practices
It is “incumbent” on the industry to “bring new solutions forward,” said experts and stakeholders at the United Nations Fashion and Lifestyle Network annual meeting.
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Senate panel worries climate change is pushing insurance markets to the brink
Witnesses and the committee’s chair drew parallels between the current home insurance market and conditions leading up to the 2007-08 recession.
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How climate change is hitting highways
Resilience is a key consideration for road builders amid a slew of new environmental conditions, said a Federal Highway Administration official at the recent NIBS conference in Washington, D.C.
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Sierra Club, NRDC drop legal challenges to SEC climate rule
The two environmental groups have decided to focus resources elsewhere to improve climate-related financial disclosures.
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2 major EU sustainability and human rights regulations signed into law
The rules, which ban destruction of unsold textiles among other things, aim to redefine product standards and promote sustainability.
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Citi boosts paid parental leave to match industry peers
The bank is giving birth mothers an additional eight weeks of recovery time, bringing total leave to 24 weeks, in line with policies by Morgan Stanley and Barclays.
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SEC battles climate disclosure rule legal challenges
The agency faces nine petitions to the rule consolidated in the U.S. Eighth Circuit of Appeals, including suits collectively co-filed by 25 states.
Updated June 5, 2024 -
Vermont sends climate change tab to fossil fuel companies
The Green Mountain State passed legislation which holds oil and gas companies financially accountable for damage caused by climate change.
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Energy Capital Partners secures $6.7B to invest in clean energy industry
The New Jersey-based private equity firm said its fifth flagship fund would invest in companies focused on power generation, decarbonization and renewable and storage assets.
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Most M&A buyers would pay 3% extra for a company with a good ESG profile
ESG is playing a bigger role in dealmaking than ever before, Deloitte said.
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Bank of America tweaks its restriction on firearms, energy lending
New language indicates lending decisions go to senior risk officials for case-by-case evaluation, rather than being a non-negotiable “no.”
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IFRS, GRI seek full interoperability as global jurisdictions align with ISSB
The organization behind the International Sustainability Standards Board also said jurisdictions accounting for 55% of global GDP are aligning with its frameworks.
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Asset, pension managers bolster Climate Action 100+ after member exodus
The investor group was backed by the nation’s largest retirement fund and other pension systems Tuesday after it lost JPMorgan, State Street and PIMCO as members earlier this year.
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SBTi tightens target-setting guidelines for financial institutions
This is the first time public banks and asset managers have been looped into SBTi’s framework, which also includes fossil fuel financing target guidelines for the first time.
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Treasury issues proposed guidance on technology-neutral clean energy tax credits
The new credits, which cover wind, solar, hydropower, nuclear, geothermal and other technologies, are “one of the [Inflation Reduction Act’s] most significant reforms,” the Treasury Department said in a release.
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UN agency launches ESG metrics to measure workplace reproductive health care access
The UNFPA unveiled a slate of ESG indicators organizations can use to measure their performance across various sexual and reproductive issues being faced by their employees.