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The Latest Breaking News from GFANZ

ISO launches draft standard for net zero framework

In this week’s edition of Economy and Society:

Ballotpedia

The Guardian view on climate finance: crumbling under a second Trump presidency

Editorial: Voluntary climate commitments were supposed to be a step towards progress. A change in political climate has revealed their weaknesses

The Guardian - UK

Global financial sector dropping key green pledges as Trump takes office

Banks, asset managers and industry groups move to accommodate US president’s anti-net zero stance

The Guardian - UK

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read the most diverse news in one place.

Major banks are abandoning their climate alliance en masse. So much for ‘woke capital’

The scope of the Cop26 net zero banking alliance may have been limited, but the exodus of six US banks signifies a seismic political shift, says senior research fellow Adrienne Buller

The Guardian - UK

House Judiciary Committee subpoenas ESG supporters

Economy and Society is Ballotpedia’s weekly review of the developments in corporate activism; corporate political engagement; and the environmental, social, and corporate governance (ESG) trends and events that characterize the growing intersection between business and politics.

Ballotpedia

Of pots and kettles: Big Oil and the anti-ESG movement are accusing banks of running ‘climate cartels’

The consumers that politicians claim to be protecting want renewables.

Fortune

Republicans' anti-ESG attack may be silencing insurers, but it isn’t changing their pro-climate business decisions

Over recent months there has been an orchestrated pushback against investors and insurers who integrate the risks of climate change into their business models. That pushback – emanating from Republican-led states – is having an impact on how companies speak publicly. But whether it will affect their efforts to respond…

The Conversation

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Banks still investing heavily in fossil fuels despite net zero pledges – study

Financial institutions signed up to GFANZ initiative accused of acting as ‘climate arsonists’

The Guardian - UK

Wall Street reneges on climate promises

Vanguard, the world’s second-largest asset manager, announced it is resigning from a global net-zero initiative

Salon

Factbox-COP26 a year later: Where do last year's climate pledges stand?

A year ago at the U.N. climate talks in Glasgow, Scotland, countries, banks and business leaders announced a slew of climate plans and pledges. Here is an update on how some of the biggest promises have since progressed.

Reuters

Mark Carney-led grouping drops U.N. climate initiative requirement

A coalition of financial firms led by former Bank of England governor Mark Carney that aims to tackle climate change said on Thursday it has dropped a requirement for its members to sign up to a United Nations emissions reduction campaign.

Reuters

Mark Carney denies big banks threatened to quit climate finance group

Former BoE governor admits his net zero alliance weakened veto on coal investment because of ‘antitrust concerns’

The Guardian - UK

Economy and Society, October 11, 2022: Louisiana treasurer announces plan to divest state funds from BlackRock

Economy and Society is Ballotpedia’s weekly review of the developments in corporate activism; corporate political engagement; and the Environmental, Social, and Corporate Governance (ESG) trends and events that characterize the growing intersection between business and politics.

Ballotpedia

Bank group accused of exploiting loopholes and ‘greenwashing’ in climate pledge

‘Net zero’ global alliance of financial institutions, begun at Cop26, can still invest in coal and other fossil fuels

The Guardian - UK

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Reason

May Public Pension Plan Managers Use "Environmental, Social, and Governance" Investment Practices?

"[P]olitics has no place in Kentucky's public pensions.... '[S]takeholder capitalism' and 'environmental, social, and governance' investment practices that introduce mixed motivations to investment decisions are inconsistent with Kentucky law governing fiduciary duties owed by investment management firms to Kentucky's public pension plans."

The Guardian - UK

‘Cash, coal, cars and trees’: what progress has been made since Cop26?

Six months on, the war in Ukraine and ongoing Covid-19 pandemic have derailed some changes agreed on in Glasgow

People

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House Judiciary Committee

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