Tag Archives: ESG

Is Sustainable Finance a Dangerous Placebo? 

By | August 30, 2023

In recent years, the financial industry has been increasingly pressured to actively contribute to addressing critical societal challenges, such as climate change. Now, many investors expect their money to be managed in a way that promotes positive environmental and social change. Given these expectations, there is a growing interest in understanding the real impact of… Read More »

Duality of Variance Among ESG Assessments 

By | August 8, 2023

Variance among assessments of a company’s environmental, social, and governance (ESG) activities is not necessarily the product of error or bias, as is sometimes presumed in the literature. The presumption that there is a singular ESG value at which assessments must converge is counter-productive to the very nature of ESG reforms, which stem from the… Read More »

A One-Two Punch to the Economy: Climate Vulnerability and Corporate Innovation Strategies 

By | July 6, 2023

Climate change poses one of the most pressing risks to our society and the global economy, with profound and wide-ranging consequences. Research has shown that rising temperatures and tropical cyclones reduce the global economic growth rate by approximately 0.25 and 1.3 percentage points per year (Burke, Hsiang, and Miguel, 2015; Carleton and Hsiang, 2016). Despite… Read More »

Woke Capital Revisited 

By | June 28, 2023

In Woke Capital Revisited, a symposium piece connected with the 2022 Berle Conference, I argue that an expanded definition of corporate purpose and the social expectation of how public companies should act have created an environment where corporations now play an increasingly prominent role in diversifying leadership. However, the scope of how widely inclusive corporate… Read More »

Cross-Border Corporate Social Responsibility and Taxation: A New Conceptual Framework in an Era of Economic Globalization

By | June 23, 2023

Several decades ago, the idea of corporate social responsibility (“CSR”) was not entirely acceptedby most corporations or legal scholars. Most scholars today, and many corporations, understand that corporations owe special commitments to their stakeholders  in addition to their traditional function of maximizing profits for the benefit of their shareholders. It is also accepted that corporations’… Read More »

Challenges to climate finance taxonomies and cross border flows 

By | June 5, 2023

There is an urgent need to mobilize global capital for climate action, particularly in emerging markets. Songwe, Stern, and Bhattacharya (2022) estimate that developing countries, excluding China, will need to spend approximately $1 trillion per year by 2025 and around $2.4 trillion per year by 2030 on sustainability and transition-related investments. To meet China’s carbon… Read More »

The IRA’s Greenhouse Gas Reduction Fund: A Discussion of Impacts & Recommendations for Implementation 

By | May 19, 2023

In August 2022, President Biden signed the Inflation Reduction Act (IRA), a landmark piece of legislation designed primarily to help the United States decarbonize while reviving domestic manufacturing. One of the most important novel programs in the IRA is the Greenhouse Gas Reduction Fund, or GGRF. The GGRF is a $27 billion pool of grant… Read More »

Where the Wild Things Are? The Governance of Private Companies 

By | April 20, 2023

Privately owned companies far outnumber public ones. They constitute the lion’s share of the companies in our world and, accordingly, have a comprehensive impact on commercial reality. There are over 25,000,000 private companies in the U.S. and around 4,000 public ones. Furthermore, while the number of public corporations is lower than its peak in the… Read More »

Climate Disclosure Line-Drawing – and Why to Take Both Sides in the ESG Debate Seriously 

By | April 20, 2023

Over the past year, three converging trends have put environmental, social, and governance (“ESG”) topics at the center of yet another polarizing national debate.   ESG Mainstreaming. The first is that investments that integrate ESG factors in some way have gone mainstream over the past decade.  ESG is no longer limited to “sustainable, responsible, and impact”… Read More »

When State Tax Incentives Clash with ESG 

By | April 18, 2023

Companies and investors have increasingly focused on embedding Environmental, Social, and Governance (ESG) considerations into their strategies. While the term ESG has no official definition and defies easy description, we define companies with an ESG strategy as those making a good faith commitment to managing ESG-related risks to enhance long-term shareholder value. To use the… Read More »