This week in responsible investing, the media continued to write about how extreme Texas policies are hurting the state’s economy; Unlocking America’s Future rolled out new Texas specific polling; and despite the politically motivated attacks on ESG, states are pushing forward with pro-responsible investing measures.
The Hill exclusively covered UAF’s new poll and report release on Textremism.
From the article: “Over the past three years, however, Republican leaders including Perry’s successor, Gov. Greg Abbott, or Attorney General Ken Paxton, have told a different story of Texas’s economic success: that it relies on the unchecked ability of the fossil fuel and firearms industries to access capital.”
ESG Dive also covered UAF’s Textremism campaign.
From the article: The report said the state’s shift toward the far right — with other laws looking to chip away at abortion and reproductive rights and rights for the LGBTQ+ community — are leading the state to lose out on jobs and raising borrowing costs. UAF spokesperson Kyle Herrig told ESG Dive that the state’s lawmakers are hurting Texas’ reputation as being “good for business.”
States are still moving to protect responsible investing in the face of political pressure.
From UAF’s round up: As states across the country recognize the growing importance of addressing climate risk, lawmakers are making efforts to hold corporations accountable and protect responsible investing. States like California and Michigan are leading the charge, standardizing climate risk disclosures and taking greedy billionaires at the helms of the oil and gas industry to court for lying to Americans and burdening taxpayers.
A survey from Morgan Stanley shows 80% of companies see sustainability as a potential profit driver.
From ESG Today: “Sustainability strategies and core business strategies are converging, with companies increasingly seeing sustainability factors as integral to the company’s long-term value creation.” — Jessica Alsford, Chief Sustainability Officer at Morgan Stanley
The Oklahoman published an op-ed detailing how the anti-responsible investing laws are hurting Oklahomans.
From the op-ed: “Ultimately, this anti-ESG law has created a classic case of unintended consequences. Policymakers in Oklahoma may have believed they were shielding the state’s energy industry, but in reality, they have burdened taxpayers with new costs. And these costs go beyond the direct hit to municipal budgets ― higher borrowing expenses can also lead to the delay or abandonment of critical infrastructure projects, hampering economic growth.”
Anti-responsible investing laws in Florida and Texas are drawing the attention of members of Congress.
From a Bloomberg Government article: “A growing body of evidence demonstrates that these policies threaten public employees’ retirement savings and leave taxpayers on the hook for higher fees and increased borrowing costs,” the letters state.
Read more:
- ICYMI: The Hill Covers New Poll, Report From Unlocking America’s Future Showing Texans Are Done With State’s Extremism
- The Oklahoman: Oklahoma’s ‘anti-ESG’ law is a saber-rattling policy that harms more than helps
- Bloomberg Government: Anti-ESG Laws in Florida, Texas Draw Ire of House Democrats.
- ESG Dive: Anti-ESG laws hurting Texas economically, unpopular with voters: research
- ROUND UP: States Move To Protect Responsible Investing, Hold Big Oil Accountable As Self-Serving Politicians From Texas, Oklahoma Double Down
- ESG Today: 80% of Companies See Sustainability as a Potential Revenue, Profitability Driver: Morgan Stanley Survey
