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While pressure from institutional investors, such as BlackRock, Vanguard, and State Street, has contributed to increased
focus and urgency on environmental, social, and governance (ESG)
matters, so has pressure from environmental groups, employees,
customers, and other corporate stakeholders. State
Street has announced that it will start voting against the boards
of companies that underperform their peers when it comes to ESG
standards.
Simultaneously, as we highlight below, the Securities and
Exchange Commission (SEC) announced, in the first quarter of 2021,
multiple efforts to highlight climate change in corporate
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In an extended Earth Day event, President Biden hosted the
virtual Leaders Summit on Climate ( Summit ) on April 22
and 23, seeking to unite nations around the world in the goal of
reducing global greenhouse gas ( GHG ) emissions. Forty
international leaders attended the much-anticipated event,
including China President Xi Jinping, Russia President Vladimir
Putin and United Kingdom Prime Minister Boris Johnson. The Summit
marks the United States return to the world stage as a leader
in climate regulation. The following summarizes key announcements
from the Summit.
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Today, we issued a Client Alert summarizing the White House Climate Change Summit from last week. We are replicating it below for the benefit of our blog readers.
President Biden hosted the Leaders Summit on Climate (Climate Summit) on 22-23 April. The Climate Summit is a next step in the President’s plan to employ a “whole of government” approach to combat climate change. The Climate Summit, which was attended by 40 world leaders, also shows that the United States intends to become a global leader in the fight against climate change, both at home and abroad. During the meeting, the U.S., the other invited governments, and key stakeholders set ambitious goals for investing in climate solutions, supporting innovation, and creating new economic opportunities in climate action.
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As today, Friday, April 23, 2021, marks the conclusion of
President Biden s Leaders Summit on Climate, we note five key
takeaways.
1. Climate diplomacy was the big winner of the Summit
The Biden-Harris administration s ability to convene over 40
global leaders, including President Vladimir Putin of Russia and
President Xi Jinping of China, for a constructive conversation on
climate change is a significant achievement in these times of
elevated political tensions. The United States has criticized and
sanctioned leaders of both nations for their roles in cyberattacks,
election interference and human rights violations, and Biden
The climate action target date started out as 2050, basically a way to do nothing now.
The Biden Climate Summit is not just the two day zoomfest. That show is the crescendo to a complex concert that has played out over the last few weeks. Each of the speeches by Federal Agency heads is the announcement of their part of a massive green plan the Biden climate agenda. The speeches were predictably boring but the plan is unpredictably dangerous.
Here is my take on the whole concert, not just the snorey speeches. My focus is on how the Biden climate agenda will fail, as it surely will.