As the Securities and Exchange Commission (SEC) releases its rules on climate disclosure, concerns arise regarding their implementation. With global regulations on the rise, including in the EU, China, and domestically in California, there is a debate on whether the US may fall behind in climate disclosure.
There is a growing pushback against using Environmental, Social, and Governance (ESG) criteria for investment decisions. Asset managers are under pressure to minimize their ESG focus, with alliances like the Net Zero Insurance Alliance experiencing member exits due to concerns over antitrust laws.
Challenges to the new disclosure rules have emerged, with 10 Republican states legally challenging them. The Fifth Circuit Court has temporarily stayed their implementation following challenges from oil companies, citing concerns over the rules' constitutionality and potential impacts on the energy industry.
Climate change poses systemic risks, with events potentially triggering economic and social impacts. The World Meteorological Organization's latest report highlights record-breaking climate indicators, emphasizing the need for urgent action to address climate risks.
The European Environment Agency warns of climate risks threatening various sectors, urging policymakers to act swiftly to reduce risks through emission cuts and adaptation policies.
A study estimates the annual cost of extreme weather events attributable to climate change at $143 billion, with global climate change damage projected to reach trillions by 2050.
The World Meteorological Organization emphasizes the high cost of inaction on climate change, urging increased investments in climate finance to mitigate risks and build resilience.
The backlash against ESG approaches raises concerns about hindering necessary actions on emissions, potentially driven by short-term commercial interests. Critics view these actions as a form of climate science denial, urging a shift towards addressing climate change without industrial lobbying and political interference.
