This week in responsible investing, Unlocking America’s Future (UAF) launched new ads targeting Big Oil for the billions of dollars spent in lobbying – with their focus now turned to banning ESG. Big Oil will stop at nothing to protect its bottom line and it’s far past time for Congress to act. That and more below:
UAF launched new ads calling out Big Oil’s multi-billion dollar lobbying machine and calling on Congress to act.
From UAF’s release: “Big Oil has spent billions of dollars lobbying and are now trying to ban responsible investing, all to line their own pockets,” said Unlocking America’s Future Spokesperson Kyle Herrig. “Self-serving politicians would rather do Big Oil’s bidding and keep their wealthy donors happy than do what’s right for our economy and environment. Americans deserve better.”
Oklahoma lawmakers held a hearing doubling down on an anti-ESG law, despite a legal injunction.
From UAF’s ICYMI: Oklahoma State Representatives last week held a hearing on the state’s controversial anti-ESG law, the Energy Discrimination Elimination Act (EDEA), which directs the state treasurer to produce a list of financial institutions that boycott the oil and gas industry. The law, which blacklisted some of the world’s largest financial institutions, was estimated to have cost Oklahoma municipalities $184.7 million in additional expenses in its first 17 months of implementation…Despite the legal injunction in place due to concerns about the effects of the law on public funds, anti-ESG lawmakers are doubling down on the fossil fuel mandate, hurting taxpayers and the state economy.
Activists urged a U.S. Securities and Exchange Commission (SEC) panel to back shareholders rights and the current proposal process.
From ESG Dive: A group of shareholder advocates sent a letter to the U.S. Securities and Exchange Commission’s Investor Advisory Commission last week, urging it to defend the current shareholder proposal process from attacks and back investor resolutions raising concerns on issues such as climate risk and artificial intelligence.
Even with pressure from anti-ESG politicians, companies have boosted social and climate reporting, according to an analysis from Reuters.
From Reuters: Many U.S. companies have stepped up reporting on environmental and social matters in recent years even with sustained pressure from conservative politicians, data reviewed by Reuters shows. The trend shows the importance investors and regulators now place on environmental, social and governance (ESG) issues, analysts said, amid rapid global warming and shifting workforce demographics. Some political conservatives call the attention misplaced or worry the disclosures could give activists leverage to force companies to make unnecessary changes.
Read more:
- RELEASE: Unlocking America’s Future Launches New Ads Calling Out Big Oil’s Lobbying Machine and Calling On Congress to Act
- ICYMI: Oklahoma Lawmakers Hold Hearing Doubling Down On Big Oil-Backed Anti-ESG Law Despite Legal Injunction
- ESG Dive: Companies boost social and climate reporting amid ESG backlash
- Reuters: Companies boost social and climate reporting amid ESG backlash
