This week’s Current Climate, which every Saturday brings you the latest news about the business of sustainability.
finds that more companies are working to prioritize ESG in their business. For example, last March, when Deloitte ran a similar survey, only 21% of the executives surveyed said their companies had built cross-functional teams geared towards ESG. Just a few months later, that number is now 57%—nearly triple what it was. Challenges lay ahead for these types of efforts, however.
One of the hottest trends in finance is prepaid muni bonds structured to help local utilities buy decades worth of renewable electricity. They’re good for the environment, but even better for the banks that will profit from cheap financing, trading profits and federal tax breaks.
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Elon Musk Said To Bring Tesla China Head To Oversee Giga Texas RampBloomberg reports that Tesla China president Tom Zhu is in Austin this week with some of his engineering team from China to help oversee the ramp of Giga Texas.
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Texas Subpoenas BlackRock for Documents Linked to ESG EffortThe Texas legislature subpoenaed BlackRock and any of its subsidiaries and affiliate entities last month for any documents related to the asset manager’s effort to push Environmental, Social, and Governance (ESG) policies.
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Vanguard Quits Net-Zero Alliance in Blow to Climate Change Group, ESGVanguard, one of the primary asset managers, withdrew from the largest climate change alliance after facing increasing scrutiny of its hostility to the fossil fuel industry.
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BlackRock’s ESG push puts CEO Larry Fink in activist crosshairsBlackRock, the world’s largest asset manager with about $8 trillion under management, is aggressively pushing ESG initiatives with clients. The move is drawing ire from one of the firm’s smaller investors, Bluebell, who is calling it “hypocrisy” and asking Fink to resign.
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Activist Investor Calls for BlackRock CEO to Step Down over ESG HypocrisyLondon-based activist investor Bluebell Capital is calling for BlackRock CEO Larry Fink to step down from the company over the alleged “hypocrisy” of its environmental, social, and governance (ESG) messaging.
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