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Financial Times: Climate change threatens not only fires, drought and surging seas but profound risks to the financial system, a federal advisory panel has warned in a first-of-its-kind report from a Wall Street regulator. [Full article available to Financial Times subscribers.]
Bloomberg: JPMorgan Chase & Co., the biggest U.S. bank by assets, is issuing bonds to finance environmentally friendly projects for the first time.
Harvard Business Review: Over the last decade, U.S. venture capital investments quadrupled, the number of businesses started by women grew to 40%, and we’ve seen growth in the number of entrepreneurs of color. However, the percentage of venture capital dollars going to women-founded companies has barely budged since 2012, and the numbers are even worse for Black and Latinx founders — only 1% of VC-backed founders are Black, and less than 2% are Latinx.
Institutional Investor: A proposal from the DOL seeks to block 401(k) plans from offering ESG funds. US SIF’s Lisa Woll and former Department of Labor deputy assistant secretary Judy Mares say such a move would harm the very investors the department is meant to protect.
Reuters: One of the world’s leading investor groups pushing for more corporate action on climate change said it has added Mexican state-owned oil company Petroleos Mexicanos (Pemex) to its list of targets.
GreenBiz: In the latter part of 2016, Ethan Steinberg and two of his friends planned a driving tour across the United States to interview farmers. Their goal was to solve a riddle that had been bothering each of them for some time. Why was it, they wondered, that American agriculture basically ignored trees?
Top 1000 Funds: CalPERS has a moral imperative to confront racism and economic inequality, according to its chair and president, Henry Jones, who spoke to Amanda White in a Sustainability in a time of crisis podcast.
GreenBiz: Morgan Stanley has become the first major U.S. bank to commit to measuring and disclosing the climate impact of its loans and investments, announcing last week that it has joined a multi-trillion dollar group of global financial institutions developing a standardized method for carbon accounting.
Top 1000 Funds: Investors have only a few days to comment on the US Department of Labor’s proposed amendment to investment duties regulation and ESG – which many believe is out of step with the market and potentially damaging to retirees’ retirement income – with the window for comment closing on July 30.
The Washington Post: In tightknit social media groups and private email chains, black entrepreneurs share their Silicon Valley stories. It often starts with a racist comment from a venture capitalist or a subtle jab that reveals a deep bias. The stories usually have the same ending: a decision to pass on investing.
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