ESG

US Rejects Binding UN Deal on Plastic Waste

May 15, 2019

AP reports that the US government was one of the few in the world that declined to sign a legally binding UN deal committing countries “to monitor and track movements of plastic waste outside their borders” and thus places burdens on companies to ensure accountability for the global shipping of plastics.
NGOs Seek UK Corporate “Due Diligence” Law

May 01, 2019

A group of nongovernmental organizations has published a demand for the UK government to introduce a law requiring companies to perform “human rights and environmental due diligence” relating to their operations and global supply chains or face lawsuits over their negative social and environmental impacts.
Investors, NGOs Call for “Due Diligence” Laws

April 30, 2019

Institutional investors, prompted and supported by civil society activists, recently sent a statement to lawmakers, UN agencies, and the OECD calling for the global adoption of laws and regulations requiring investors to perform “due diligence” on the environmental, social, and governance risks of their portfolios.
Report Examines Corporate BHR Due Diligence Mandates

April 29, 2019

The Global Business Initiative on Human Rights and law firm Clifford Chance have published a briefing examining how corporations should set up “human rights due diligence processes” and reporting mechanisms to ensure their compliance with legal and regulatory requirements shaped by the business and human rights (BHR) agenda.
EU Agency Welcomes Addition of Climate Impacts to Corporate Reporting Rules

April 29, 2019

The European Securities and Markets Authority has praised the European Commission’s proposal to include in non-binding Guidelines on corporate non-financial reporting a supplement on “climate-related disclosures” and issued a set of recommendations on further ways to improve the quality of EU businesses’ non-financial disclosures.
BlackRock Launches Sustainability-Focused ETFs

April 26, 2019

IR Magazine reports that, as the UN and activists seek more transparency from financial companies on the “sustainability” impacts of investments, asset management giant BlackRock has launched six exchange-traded funds (ETFs) offering public data on the environmental, social, and governance (ESG) implications of the assets contained in each fund.
Norwegian Wealth Fund Divests from Fossil Fuel Exploration

April 04, 2019

The Guardian reports that Norway’s $1 trillion sovereign wealth fund has announced it will remove investments from companies engaged in oil and gas exploration in an effort to reduce exposure to oil prices that are declining as UN and activists increase pressure on companies to switch to renewable energy projects.
Standard Setters Seek Global Alignment of “Sustainability” Reporting

April 04, 2019

Standard setters and others participating in the Corporate Reporting Dialogue are engaged in an international consultation process considering how best to align frameworks for corporate reporting on “sustainable development” and how to integrate social and environmental data into financial reports.
New York Yankees Sign UN Climate Action Framework

April 03, 2019

Demonstrating the ongoing pressure from the UN and nongovernmental organizations on businesses to show they are seeking to combat global warming, the New York Yankees baseball club has signed on to the UN Sports for Climate Action Framework, pledging to reduce and offset its carbon emissions and promote “climate awareness.”
US Opposes "Prescriptive" Global Approach to Plastics Regulation

March 18, 2019

At the recent UN Environment Assembly in Nairobi, US diplomats warned against an overly “prescriptive” approach to global governance of plastic waste, opposing the approach proposed by Malaysia and Turkey of creating a legally binding treaty to cut down on plastic production.