Foreign-based insurers are getting a taste of the anti-ESG medicine that Republican policymakers have been serving to U.S. financial firms — and they’re clearly not enjoying it.
The UN is pushing back: “Regardless of the situation, UNEP reaffirms its conviction ever since it initiated, convened, and launched the NZIA — that in order to successfully tackle the climate emergency, there is a fundamental and urgent need for collaboration, not just individual action,” the UN Environment Programme said Wednesday.
And regardless of the legal merits of the antitrust argument, it makes sense that insurers would be spooked in the same vein as Vanguard, which pulled out of the Net Zero Asset Managers initiative last year in the wake of similar threats. They may be worried about jeopardizing their business in the U.S., one lawyer said.
“There’s a new cost to these initiatives that I think people are now starting to factor in and wonder if they are worthwhile,” said, a partner with K&L Gates’ asset management and investment funds practice. “There was a thinking three years ago that this was a great Good Housekeeping seal of approval…. But now there’s a downside that’s become very apparent with the U.S. state actions.”, the medicine continues being spooned out in Texas, as Jordan reports. The state Legislature sent Gov.
It’d be the first anti-ESG bill to go after the insurance industry. Environmentalists aren’t sure how it would actually work, but the intent is clear. “It’s very difficult to evaluate what this law would actually do because it appears to ban a practice that insurance companies aren’t actually undertaking,” said, a consultant with the Sunrise Project. “That said, I don’t want to suggest that the bill has no impact whatsoever, because I do think it is still sending a clear signal to insurance companies that they should ignore risk factors that are material to their business.
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