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Tim Mohin: SEC Disbands Climate & ESG Task Force

The SEC’s beleaguered ESG agenda took another hit this week as their Enforcement Division’s Climate & ESG Task Force, set up three years ago, was quietly disbanded. 

Key Impact Points:

• The SEC disbanded its Climate & ESG Task Force, signaling a retreat from its ESG enforcement agenda amid growing scrutiny and lawsuits.
• ESG was removed from the SEC’s 2024 policy priorities, a notable shift after being a focus from 2020–2023, as political and legal pressures mount.
• Despite the shift, the SEC continues limited enforcement, as shown by a recent $1.5 million fine against Keurig Dr Pepper for misleading recycling claims.

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This Smart Read article is contributed by Tim Mohin, Global Sustainability Leader, BCG. Every week ESG News delivers smart commentary from ESG practitioners and experts to unpack issues of the week. Submit your ESG Smart Read to [email protected]

ESG AROUND THE WORLD

• Global Investors Push for Stronger Climate Policies Ahead of COP29, Urging Governments to Unlock $29 Trillion for Net-Zero Transition
• Apple Reduces New iPhone 16’s Carbon Footprint by 30%
• ERM Launches Carbon Credit Portal in Partnership with CEEZER to Support Corporate Decarbonization
• Shopify Launches Carbon Commerce, A New CO2 Credits Platform
• Deloitte Launches Deloitte Academies to Upskill Workforces in AI, Sustainability, and Innovation
• SBTi Enhances Corporate Net-Zero Standard to Refine Emission Neutralization

CLIMATE & ENERGY TRANSITION

• IBM and UNDP Launch New Tools to Forecast Energy Access and Model Energy Equity
• GHG Emissions have Decreased by 32.55% Since 1990 despite the Economy Growing by 67%: EU Energy Report
• Ursula von der Leyen Names New EU Commission Team Focused on Climate Action, Security, Competitiveness
• India’s Tata Power to Invest up to $9 billion to Expand Renewable Energy Capacity
• EIB Approves €5.3 Billion for Climate Resilience and Business Innovation
• Hero Future Energies to Invest $20 Billion in Renewable Expansion by 2030

And More…

SUSTAINABLE FINANCE

• Reliance, Adani, and Financial Firms Pledge $386 Billion to Help India Achieve 500 GW of Clean Energy by 2030
• Standard Chartered and SEB Boost Carbon Removal Market with Puro.earth Partnership
• BlackRock, Microsoft and GIP Form Group To Raise $100 Billion to Invest in AI Energy Infrastructure and Sustainability
• U.S. DOE Awards $500M to 1PointFive for Direct Air Capture Hub in Texas
• Amex GBT Secures Net-Zero Climate Target Validation by SBTi
• Hong Kong, Dubai Strengthen Collaboration on Sustainable Finance as Climate Risks Mount
• Woodland Biofuels Invests $1.35B in Port of Louisiana for RNG and Green Hydrogen

And More…

CARBON MARKETS

• Google Joins Microsoft in Pioneering Carbon Removal Deals in Brazil
• Standard Chartered and SEB Boost Carbon Removal Market with Puro.earth Partnership
• MSCI Launches Groundbreaking Carbon Project Ratings
• ERM Launches Carbon Credit Portal in Partnership with CEEZER to Support Corporate Decarbonization
• Kenya Partners with S&P Global to Build Africa’s First Deforestation-Reduction Carbon Credit Registry
• Shopify Launches Carbon Commerce, A New CO2 Credits Platform
• Meta Signs Long-Term Deal with BTG Pactual for Up to 3.9 Million Carbon Offset Credits to Support Net Zero Goals by 2030
• U.S. DOE Awards $500M to 1PointFive for Direct Air Capture Hub in Texas
• Ørsted and Equinor Sign Deal for 330,000 Tonnes of Carbon Removal Credits

RESEARCH & ANALYTICS

• Accenture and UN Highlight Gen AI’s Role in Accelerating SDG Progress Amid Global Crises
• Report Shows U.S. Solar Jobs Surge in 2023, Setting Industry Milestones
• AI-Driven Climate Leaders Achieve Significant Financial Gains, Averaging $200M in Annual Decarbonization Benefits: BCG Study
• Confidence in ESG Data Grows as Concerns Drop from 50% to 22% in FTSE Russell’s 2024 Asset Owner Survey

SUSTAINABILITY GOALS, INITIATIVES AND ACHIEVEMENTS

• Travalyst Scales Sustainable Travel Efforts with Emissions Data for 65 Billion Flight Searches
• San Francisco 49ers Become First NFL Team to Purchase Sustainable Aviation Fuel for Game-Related Travel
• EU Greenlights €1.2 Billion Polish Aid to Boost Net-Zero Transition
• Report Shows U.S. Solar Jobs Surge in 2023, Setting Industry Milestones

ESG INVESTING & FUNDS

• Global Investors Push for Stronger Climate Policies Ahead of COP29, Urging Governments to Unlock $29 Trillion for Net-Zero Transition
• Kenya Partners with S&P Global to Build Africa’s First Deforestation-Reduction Carbon Credit Registry
• Goldman Sachs Stock-Picking Model Challenges Conventional ESG Views with Circularity Focus
• Confidence in ESG Data Grows as Concerns Drop from 50% to 22% in FTSE Russell’s 2024 Asset Owner Survey
• Vanguard’s Investor Choice Pilot Highlights Growing Investor Engagement in Proxy Voting

TECHNOLOGY, ESG TOOLS & SERVICES

• Shopify Launches Carbon Commerce, A New CO2 Credits Platform
• IBM and UNDP Launch New Tools to Forecast Energy Access and Model Energy Equity
• ERM Launches Carbon Credit Portal in Partnership with CEEZER to Support Corporate Decarbonization
• Deloitte Launches Deloitte Academies to Upskill Workforces in AI, Sustainability, and Innovation