{"id":32572,"date":"2023-03-24T00:01:19","date_gmt":"2023-03-24T04:01:19","guid":{"rendered":"https:\/\/beyondpesticides.org\/dailynewsblog\/?p=32572"},"modified":"2023-03-24T18:40:08","modified_gmt":"2023-03-24T22:40:08","slug":"as-catastrophic-global-warming-accelerates-president-biden-vetoes-bill-that-exacerbates-crisis","status":"publish","type":"post","link":"https:\/\/beyondpesticides.org\/dailynewsblog\/2023\/03\/as-catastrophic-global-warming-accelerates-president-biden-vetoes-bill-that-exacerbates-crisis\/","title":{"rendered":"As Global Warming Accelerates to Catastrophic Levels, President Biden Vetoes Bill that Would Exacerbate Crisis"},"content":{"rendered":"\r\n<p>(<em>Beyond Pesticides<\/em>. March 24, 2023)\u00a0The news on March 20 yielded a telling juxtaposition as the United Nations International Panel on Climate Change <a href=\"https:\/\/www.washingtonpost.com\/climate-environment\/2023\/03\/20\/climate-change-ipcc-report-15\/\">(IPCC) issued a report<\/a> asserting that the world is on the \u201cbrink of catastrophic warming\u201d \u2014 even while <a href=\"https:\/\/www.washingtonpost.com\/politics\/2023\/03\/20\/biden-veto-investment-rule-republicans\/\">Congressional Republicans passed a measure to allow corporate profiteers<\/a> to make that warming worse. Fortunately, President Biden vetoed that \u201cESG\u201d bill, which sought to overturn a Labor Department rule that eased the ability of pension and 401(k) fund managers to consider environmental, social, and corporate governance (ESG) impacts of investments and shareholder rights decisions. (On March 23, <a href=\"https:\/\/www.cnn.com\/2023\/03\/23\/politics\/veto-override-vote-house\/index.html\">House Republicans tried, but failed<\/a>, to override the veto.) <a href=\"https:\/\/www.ipcc.ch\/site\/assets\/uploads\/2023\/03\/IPCC_AR6_SYR_PressRelease_en.pdf\">The IPCC\u2018s definitive report<\/a> finds that humanity is very close to a dangerous climate threshold, but that \u201cit does not mean we are doomed\u201d if humans rapidly transition off of burning fossil fuels. Beyond Pesticides endorses both investment rules that advance protection of the climate, people, and the environment, and dramatic action on climate \u2014 including the <a href=\"https:\/\/beyondpesticides.org\/dailynewsblog\/2021\/10\/climate-crisis-soil-pesticides-fertilizers-red-alert-this-is-not-a-drill\/\">cessation of use of fossil-fuel-derived synthetic pesticides and fertilizers<\/a> and the <a href=\"https:\/\/beyondpesticides.org\/dailynewsblog\/2021\/02\/a-national-shift-to-organic-farming-not-carbon-trading-is-critical-to-thwart-the-climate-crisis-and-biodiversity-collapse\/\">transition to organic<\/a> agriculture and land management.<\/p>\r\n<p><a href=\"https:\/\/www.ipcc.ch\/report\/sixth-assessment-report-cycle\/\">The IPCC report<\/a>, <a href=\"https:\/\/www.washingtonpost.com\/climate-environment\/2023\/03\/20\/climate-change-ipcc-report-15\/\">says <em>The Washington Post<\/em><\/a> (<em>WaPo<\/em>), asserts that the world is very likely to blow by the 1.5\u00b0C (2.7\u00b0F) <a href=\"https:\/\/unfccc.int\/process-and-meetings\/the-paris-agreement\">Paris Agreement<\/a> goal (of global average temperature increase above preindustrial temperatures) by the early 2030s. <a href=\"https:\/\/www.washingtonpost.com\/climate-environment\/2023\/03\/20\/climate-change-ipcc-report-15\/\"><em>WaPo<\/em> reports that<\/a>, \u201cBeyond that 1.5\u00b0C threshold, scientists have found, climate disasters will become so extreme that people will not be able to adapt. Basic components of the Earth system will be fundamentally, irrevocably altered. Heat waves, famines and infectious diseases could claim millions of additional lives by century\u2019s end.\u201d<\/p>\r\n<p><a href=\"https:\/\/www.washingtonpost.com\/climate-environment\/2023\/03\/20\/climate-change-ipcc-report-15\/\">The report prompted<\/a> U.N. Secretary General Ant\u00f3nio Guterres \u201cto demand that developed countries such as the United States eliminate carbon emissions by 2040 \u2014 a decade earlier than the rest of the world. With few nations on track to fulfill their climate commitments and with the developing world already suffering disproportionately from climate disasters, he said, rich countries have a responsibility to act faster than their low-income counterparts.\u201d<\/p>\r\n<p><a href=\"https:\/\/www.washingtonpost.com\/climate-environment\/2023\/03\/20\/climate-change-ipcc-report-15\/\"><em>WaPo<\/em> continues<\/a>: \u201cCalling the report a \u2018how-to guide to defuse the climate time-bomb,\u2019 Guterres announced on Monday an \u2018acceleration agenda\u2019 that would speed up global actions on climate. Emerging economies including China and India \u2014 which plan to reach net zero in 2060 and 2070, respectively \u2014 must hasten their emissions-cutting efforts alongside developed nations, Guterres said.\u201d Both the Secretary General and the IPCC report call for humans to phase out \u2014 rapidly \u2014 use of gas, oil, and coal, which generate more than 75% of global greenhouse gas emissions.<\/p>\r\n<p>The February 28 House vote on the Republican-led ESG measure passed, 216\u2013204, passed, with all Republicans voting \u201cyea,\u201d and one Democrat \u2014 Representative Golden (ME) \u2014 crossing over party lines to vote for it. Democrats Castro (TX), Cleaver (MO), Davis (IL), Garcia (IL), Lofgren (CA), Sarbanes (MD), and Wild (PA) did not vote. On March 1, Republicans prevailed in the Senate vote, 50\u201346, in which they all voted for the measure, along with Democratic Senators Joe Manchin (WV) and Jon Tester (MT); both are up for re-election in 2024 in conservative-leaning states. Democratic Senators Merkley (OR), Feinstein (CA), and Fetterman (PA) did not vote.<\/p>\r\n<p>The Biden Labor Department rule on ESG, which now prevails because of the President\u2019s veto, aims to protect the interests of people who have assets in pension and 401(k) accounts by allowing plan managers to choose stocks, bonds, funds (and other instruments) with the risks of investment choices as part of the calculus. The ESG rule applies to plans that invest $12 trillion, in the aggregate, on behalf of more than 150 million people.<\/p>\r\n<p>There are demonstrable financial risks that come with investing in companies involved in worsening the climate crisis, polluting environments, endangering the health of workers and the public, and engaging in non-transparent, inequitable, and insufficiently accountable corporate practices. Companies that disregard (or, as via the Trump rule, could not consider) ESG criteria expose themselves to risks of\u00a0consumer boycotts, environmental disasters, and\/or reputation scandal, among others.<\/p>\r\n<p>And, <a href=\"https:\/\/www.theglobeandmail.com\/investing\/article-why-most-esg-focused-investments-outperform-the-broader-market\/#:~:text=There%20is%20no%20uniformity%20around,due%20to%20their%20lower%20risk.\">according to coverage by <em>The Globe and Mail<\/em><\/a>, \u201c[T]he majority of ESG-focused investments outperform the broader market,\u201d in part because they enjoy lower capital costs and have better access to debt due to their reduced risk. In 2022, ESG funds lagged non-ESG funds for the first time because of the Russian war on Ukraine, which caused upheaval in energy market dynamics. (See more on sustainable investing from McKinsey&amp;Company <a href=\"https:\/\/www.mckinsey.com\/~\/media\/McKinsey\/Industries\/Private%20Equity%20and%20Principal%20Investors\/Our%20Insights\/From%20why%20to%20why%20not%20Sustainable%20investing%20as%20the%20new%20normal\/From-why-to-why-not-Sustainable-investing-as-the-new-normal.ashx\">here<\/a>.)<\/p>\r\n<p>Many companies now incorporate ESG into their operations; <a href=\"https:\/\/www.mckinsey.com\/capabilities\/sustainability\/our-insights\/does-esg-really-matter-and-why\">according to <em>McKinsey Sustainability<\/em><\/a>, more than 90% of S&amp;P 500 companies and 70% of Russell 1000 companies generate ESG reports of some sort. <a href=\"https:\/\/www.bankrate.com\/investing\/esg-investing-statistics\/#:~:text=About%20two%2Dthirds%20of%20privately,asset%20management%20firm%20Capital%20Group.\"><em>Bankrate<\/em> reports<\/a> that roughly two-thirds of privately owned companies have put ESG initiatives in place, and 89% of investors weigh ESG issues in making investment decisions. <a href=\"https:\/\/www.abrdn.com\/docs?editionId=e9849fef-1cc0-4bec-8b54-ccfadaffeea7#:~:text=%E2%80%9C%20The%20conclusion%20is%20that%20ESG,higher%20risk%2Dadjusted%20returns.%E2%80%9D\">Abrdn, a UK-based investment company, concludes<\/a> that \u201cESG factors bring lower volatility and therefore lower risk, and consequently higher risk-adjusted returns.\u201d<\/p>\r\n<p><a href=\"https:\/\/www.adecesg.com\/resources\/blog\/esg-investing-and-climate-change\/#:~:text=ESG%20investing%20is%20an%20effective,main%20causes%20of%20climate%20change.\">Research out of the London School of Economics<\/a> has found that, as of 2018, the global economy had suffered losses of $24 trillion USD due to climate change; researchers concluded that ESG is an effective tool in countering climate change because it guides investment toward companies whose operations reduce greenhouse gas emissions. <a href=\"https:\/\/www.adecesg.com\/resources\/blog\/esg-investing-and-climate-change\/#:~:text=ESG%20investing%20is%20an%20effective,main%20causes%20of%20climate%20change.\">ADEC Innovations\u2019 coverage of the research identifies multiple examples of climate progress traceable to ESG.<\/a><\/p>\r\n<p>The upswell in ESG activity \u2014 some of which is likely greenwashing by companies \u2014 has propelled the FTC (Federal Trade Commission) to take a look at the ESG landscape. <a href=\"While%20the%20Green%20Guides%20are%20currently%20just%20that\u2014non-legally%20binding%20guidelines\u2014one%20of%20the%20FTC\u2019s%20comment%20requests%20asks%20whether%20the%20Green%20Guides%20should%20be%20codified%20as%20federal%20regulations,%20carrying%20the%20force%20of%20law.\"><em>JDSupra<\/em> notes<\/a> that in 2022, the FTC \u201cpublished a\u00a0<a href=\"https:\/\/www.govinfo.gov\/content\/pkg\/FR-2022-12-20\/pdf\/2022-27558.pdf\">Notice<\/a>\u00a0soliciting public comment on proposed updates to its Guides for the Use of Environmental Marketing Claims, colloquially known as the \u2018Green Guides.\u2019\u201d The Green Guides were created to help companies avoid making \u201cunfair or deceptive\u201d environmental marketing claims.<\/p>\r\n<p>Much has changed since the guides were last updated in 2012, with many more companies (in part because of the influence of ESG) now touting their products or services as \u201cenvironmentally friendly\u201d or \u201cenvironmentally conscious.\u201d The FTC is reviewing the guides with an eye to these developments. In addition, and potentially importantly, \u201cWhile the Green Guides are currently just that \u2014 non\u2013legally binding guidelines \u2014 one of the FTC\u2019s comment requests asks whether the Green Guides should be codified as federal regulations, carrying the force of law.\u201d<\/p>\r\n<p>On March 20, <a href=\"https:\/\/www.washingtonpost.com\/politics\/2023\/03\/20\/biden-veto-investment-rule-republicans\/\"><em>WaPo<\/em> covered the Presidential veto and wrote<\/a>, \u201cIn his letter informing Congress of the veto, Biden said the Labor Department rule \u2018protects the hard-earned life savings and pensions of tens of millions of workers and retirees across the country\u2019 and allows retirement plan fiduciaries to make \u2018fully informed investment decisions by considering all relevant factors. The Republican-led bill would force retirement managers to ignore these relevant risk factors, disregarding the principles of free markets and jeopardizing the life savings of working families and retirees.\u2019 The Republican bill, he said, would stop plan fiduciaries from \u2018taking into account factors like the physical risks of climate change and poor corporate governance, that could affect investment returns.\u2019\u201d<\/p>\r\n<p>In addition, ESG policies attract investors who want to advance environmental\/climate, good governance, and\/or social responsibility. The Republican measure to kneecap the new rule is <a href=\"https:\/\/beyondpesticides.org\/dailynewsblog\/2023\/03\/u-s-house-votes-to-reverse-protection-of-threatened-waterways-will-senate-uphold-rule-set-for-march-20\/\">another use of the Congressional Review Act<\/a> to attempt to nullify a rule of a Biden administration agency in what many pundits are calling the latest in the Republican war against \u201cwokeness\u201d \u2014 broadly and in this case, in business practices.<\/p>\r\n<p>With the raging climate crisis ongoing, the conservative Right (which at this juncture harbors most Republicans) appears hell-bent on countering progress on emissions reductions. Indeed, in January 2023, <a href=\"https:\/\/www.washingtonpost.com\/climate-environment\/2023\/01\/30\/climate-change-sustainable-investing\/\"><em>WaPo<\/em> reported on a group, Consumers\u2019 Research<\/a>, that has been working largely behind the scenes to prevent financial institutions from dealing with the reality of climate change. <em>WaPo<\/em> wrote, \u201cBankrolled by mysterious donors, a little-known group named\u00a0<a href=\"https:\/\/consumersresearch.org\/\">Consumers\u2019 Research<\/a>\u00a0has emerged as a key player in the conservative crusade to prevent Wall Street from factoring\u00a0<a href=\"https:\/\/www.washingtonpost.com\/climate-environment\/2023\/01\/06\/climate-change-scenarios-extremes\/?itid=lk_inline_manual_2\">climate change<\/a>\u00a0into its investment decisions.\u201d<\/p>\r\n<p><a href=\"https:\/\/www.washingtonpost.com\/climate-environment\/2023\/01\/30\/climate-change-sustainable-investing\/\">Among the organization\u2019s recent activities<\/a> was joining a late-2022 pressure campaign brought by 13 state attorneys general to \u201cinvestigate\u201d Vanguard for its \u201cmeddling with [the] energy industry to achieve progressive political goals at the expense of market efficiency. . . . Within days, Vanguard announced it was quitting a coalition called the\u00a0<a href=\"https:\/\/www.washingtonpost.com\/us-policy\/2021\/11\/03\/climate-glasgow-bloomberg-carney\/?itid=lk_inline_manual_5\">Net Zero Asset Managers Alliance<\/a>\u00a0and shelved its own modest pledges to cut the amount of greenhouse gas emissions linked to companies in which it invests. Leaders of Consumers\u2019 Research were surprised \u2014 and elated.\u201d<\/p>\r\n<p>In May 2022, <a href=\"https:\/\/www.nytimes.com\/2022\/05\/27\/climate\/republicans-blackrock-climate.html\"><em>The New York Times<\/em> reported on the (at least parallel) organized Republican effort to punish companies for climate (and other \u201cwoke\u201d) actions<\/a>. This is done sometimes through laws pushed through by Republican-dominated state legislatures; it also comes via direct pressure from Republicans on state agency leaders who have the power to make regulations in their states; and\/or pressure on \u201cindependent\u201d organizations that rate or accredit companies. <a href=\"https:\/\/www.nytimes.com\/2022\/05\/27\/climate\/republicans-blackrock-climate.html\">The <em>NYT<\/em> wrote<\/a>, \u201cAcross the country, Republican lawmakers and their allies have launched a campaign to try to rein in what they see as activist companies trying to reduce the greenhouse gases that are dangerously heating the planet.\u201d<\/p>\r\n<p>The Republican Congressional attempt to derail President Biden\u2019s rule on ESG was clearly another salvo in attempts to beat back action on the climate crisis, which many conservatives promote as another flash point in their \u201cculture wars,\u201d and to prop up their beloved fossil fuel industry. <a href=\"https:\/\/www.washingtonpost.com\/opinions\/2023\/03\/23\/esg-investing-gop-woke-wall-street\/\">As <em>WaPo<\/em> says so well<\/a>: \u201cIf you took Republicans\u2019 feigned outrage at what they call \u2018woke Wall Street\u2019 seriously, you might think they were undergoing a dramatic ideological repositioning. Though conservatives have long declared their commitment to limited government and laissez faire economics, today\u2019s Republicans are eager for government to make more economic decisions for market actors, at least on issues that fit in with their larger culture war. But look more closely and you\u2019ll also see another version of an old story: The GOP helping out its favored industries while claiming it\u2019s good for everyone.\u201d<\/p>\r\n<p>Much more attention and response are needed on the part of the public to demand robust and immediate action on the <a href=\"https:\/\/beyondpesticides.org\/dailynewsblog\/2021\/10\/climate-crisis-soil-pesticides-fertilizers-red-alert-this-is-not-a-drill\/\">climate crisis<\/a>, and to let legislators and other officials at all levels know how critically important this issue is. Beyond Pesticides asks you to take action: join organizations working on climate change; call\/write\/pester your federal and state legislators to support action; write letters to the editor for the largest newspaper near you; organize locally with other climate activists; and support organizations that are doing effective climate work.<\/p>\r\n<p>Remember that the future is not yet written, and although humanity is in a tough spot \u2014 which is made worse by powerful people who care only for power and profit \u2014 as <a href=\"https:\/\/www.ipcc.ch\/site\/assets\/uploads\/2023\/03\/IPCC_AR6_SYR_PressRelease_en.pdf\">IPCC Chair Hoesung Lee said<\/a>, \u201cMainstreaming effective and equitable climate action will not only reduce losses and damages for nature and people, it will also provide wider benefits. This [report] underscores the urgency of taking more ambitious action and shows that, if we act now, we can still secure a liveable, sustainable future for all.\u201d<\/p>\r\n<p>Sources: <a href=\"https:\/\/www.washingtonpost.com\/climate-environment\/2023\/03\/20\/climate-change-ipcc-report-15\/\">https:\/\/www.washingtonpost.com\/climate-environment\/2023\/03\/20\/climate-change-ipcc-report-15\/<\/a> and <a href=\"https:\/\/www.washingtonpost.com\/politics\/2023\/03\/20\/biden-veto-investment-rule-republicans\/\">https:\/\/www.washingtonpost.com\/politics\/2023\/03\/20\/biden-veto-investment-rule-republicans\/<\/a><\/p>\r\n<p><em>All unattributed positions and opinions in this piece are those of Beyond Pesticides.<\/em><\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>(Beyond Pesticides. March 24, 2023)\u00a0The news on March 20 yielded a telling juxtaposition as the United Nations International Panel on Climate Change (IPCC) issued a report asserting that the world is on the \u201cbrink of catastrophic warming\u201d \u2014 even while Congressional Republicans passed a measure to allow corporate profiteers to make that warming worse. Fortunately, President Biden vetoed that \u201cESG\u201d bill, which sought to overturn a Labor Department rule that eased the ability of pension and 401(k) fund managers to consider environmental, social, and corporate governance (ESG) impacts of investments and shareholder rights decisions. (On March 23, House Republicans tried, but failed, to override the veto.) The IPCC\u2018s definitive report finds that humanity is very close to a dangerous climate threshold, but that \u201cit does not mean we are doomed\u201d if humans rapidly transition off of burning fossil fuels. Beyond Pesticides endorses both investment rules that advance protection of the climate, people, and the environment, and dramatic action on climate \u2014 including the cessation of use of fossil-fuel-derived synthetic pesticides and fertilizers and the transition to organic agriculture and land management. The IPCC report, says The Washington Post (WaPo), asserts that the world is very likely to blow by the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":32595,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[539,54,574,1],"tags":[],"class_list":["post-32572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-climate","category-climate-change","category-congress","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>As Global Warming Accelerates to Catastrophic Levels, President Biden Vetoes Bill that Would Exacerbate Crisis - Beyond Pesticides Daily News Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/beyondpesticides.org\/dailynewsblog\/2023\/03\/as-catastrophic-global-warming-accelerates-president-biden-vetoes-bill-that-exacerbates-crisis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"As Global Warming Accelerates to Catastrophic Levels, President Biden Vetoes Bill that Would Exacerbate Crisis - Beyond Pesticides Daily News Blog\" \/>\n<meta property=\"og:description\" content=\"(Beyond Pesticides. March 24, 2023)\u00a0The news on March 20 yielded a telling juxtaposition as the United Nations International Panel on Climate Change (IPCC) issued a report asserting that the world is on the \u201cbrink of catastrophic warming\u201d \u2014 even while Congressional Republicans passed a measure to allow corporate profiteers to make that warming worse. Fortunately, President Biden vetoed that \u201cESG\u201d bill, which sought to overturn a Labor Department rule that eased the ability of pension and 401(k) fund managers to consider environmental, social, and corporate governance (ESG) impacts of investments and shareholder rights decisions. (On March 23, House Republicans tried, but failed, to override the veto.) The IPCC\u2018s definitive report finds that humanity is very close to a dangerous climate threshold, but that \u201cit does not mean we are doomed\u201d if humans rapidly transition off of burning fossil fuels. Beyond Pesticides endorses both investment rules that advance protection of the climate, people, and the environment, and dramatic action on climate \u2014 including the cessation of use of fossil-fuel-derived synthetic pesticides and fertilizers and the transition to organic agriculture and land management. 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