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Live Lobbying Updates & Resources

The top half of this page contains "live lobbying updates" - the most significant lobbying developments tracked by the InfluenceMap team, updated on a weekly basis. These primarily relate to the 80+ financial institutions and their industry associations tracked on the platform, but will also include any notable examples of ‘real economy’ engagement on sustainable finance policy.


Scroll down to view InfluenceMap reports and briefings relating to sustainable finance.

Live Lobbying Updates

Financial groups appear to object to SEC's proposed climate disclosure rule

23 June 2022

In June 17th letters to the U.S. Securities and Exchange Commission (SEC), BlackRock and State Street outlined several objections to the Commission’s proposed climate disclosure rule, not supporting the inclusion of financial statement metrics requirements, Scope 3 disclosure requirements, and certain governance and strategy disclosure requirements. On the same day, in a letter to the SEC, Bank of America outlined several areas of objection to the Commission’s proposed climate disclosure rule, including the financial statement metrics requirements and certain governance and scenario analysis disclosure requirements. Bank of America also recommended an extended period for implementation and an expansion of safe harbor provisions. In the previous day, in a letter to the SEC, the Investment Company Institute outlined significant objections to the Commission’s proposed climate disclosure rule, including the proposed financial statement metrics requirements, Scope 3 disclosure requirements, and certain governance and strategy disclosure requirements.

American Chemistry Council opposes SEC's proposed climate rule

23 June 2022

On June 17th, in a letter to the SEC, the American Chemistry Council stated opposition to the Commission’s proposed climate disclosure rule and requested the rule be withdrawn, calling it “legally unsupportable.”

US financial associations sign letter opposing California's Climate Corporate Accountability Act

17 June 2022

In a May 26th joint letter to the California Assembly Natural Resources Committee, industry associations including the American Bankers Association, the American Council of Life Insurers, the American Property Casualty Insurance Association, and the National Association of Mutual Insurance Companies stated opposition to California Senate Bill 260, the Climate Corporate Accountability Act. The bill would require businesses to disclose Scope 1, 2, and 3 greenhouse gas emissions and ensure these disclosures have been verified by an independent auditor.

Allianz strongly supports SEC climate disclosure rule

09 June 2022

In a statement on June 8th, Allianz board member and chair of the Net Zero Asset Owner Alliance, Günther Thallinger, stated strong support for the SEC’s proposed rule on climate change disclosures and called for increased ambition in some areas of the rule.

US financial associations unsupportive of climate-related risk regulation

09 June 2022

In June 3rd comments to the Federal Deposit Insurance Corporation, financial industry associations including the Bank Policy Institute, the American Bankers Association, the US Chamber, and the Securities Industry and Financial Markets Association did not support prescriptive climate-related risk regulation for large financial institutions and asked for flexibility in final rule language.

TIAA gives mixed response to climate disclosure plan

25 May 2022

On May 16 comments to the Department of Labor in response to its request for input on Possible Agency Actions to Protect Life Savings and Pensions from Threats of Climate-Related Financial Risk, TIAA encouraged the Department to finalize its 2021 rule on ESG investing to give fiduciaries greater confidence when considering ESG factors in decision-making, but did not support requiring plan sponsors to disclose climate data.

AFME support decision for Green Bond Standard to remain voluntary

25 May 2022

In a May 16th press release, Association for Financial Markets in Europe (AFME) supported the compromise at the EU Parliament regarding the EU Green Bond Standard, by which it will remain as a voluntary standard. AFME has further pushed for the standard to exclude requirements for transition plans.

American Bankers Association appears unsupportive of SEC climate disclosure rule

18 May 2022

In an American Bankers Association (ABA) Banking Journal podcast on May 11, ABA executives questioned the value of the proposed SEC climate disclosure rule, advocating for increased flexibility in the rule and more time for implementation.

Bank of America supports SEC's climate disclosure rule

13 April 2022

On April 8th, Bank of America expressed support for the Securities and Exchange Commission’s proposed climate disclosure rule, emphasizing that Scope 3 disclosures should not be immediately required.

Bank Policy Institute voice concerns over SEC's proposed rule-making on climate disclosures

24 March 2022

Following the release of the US Securities and Exchange Commission's (SEC) proposed rule-making on climate disclosures, the Bank Policy Institute published a press release on March 21st arguing that the proposal was “overly ambitious”, and urged the SEC to move forward in a more measured way.

Financial companies lobbied in favor of investment in fossil fuels

10 March 2022

Letters submitted to the Texas Municipal Advisory Council and accessed by InfluenceMap in January 2022 show evidence of Barclays, Citigroup, RBC, UBS, U.S. Bancorp, and Wells Fargo stating continued support for investing in fossil fuels. The letters certify that the institutions have pledged to not “boycott energy companies.”

US Chamber of Commerce advocate for market driven and flexible sustainable finance policies

24 February 2022

The US Chamber of Commerce responded to US and global consultations on integrating climate risk into financial regulation, advocating for a market-driven approach to tackling climate financial risk and arguing that any regulation must be highly flexible.

EBF wants slower integration of ESG into prudential regulation

16 February 2022

In comments to the Basel Committee on Banking Supervision (BCBS) consultation on climate-related financial risks, the European Banking Federation (EBF) has argued for a more gradual implementation of the integration of ESG into prudential regulation, has suggested that more data is still needed on the impact of climate change, and also appeared to advocate against stress testing leading to changes in capital requirements.

Bank Policy Institute downplay climate risks

26 January 2022

In response to a Bank of England analysis which indicated that climate risks could be as severe as the 2007-2009 financial crisis, the Bank Policy Institute published a blog post suggesting that this analysis was overstating the risk. They argue that “there is a concern that banking regulators may be tempted to make those scenarios more severe in somewhat arbitrary ways.”

Major US groups lobby to weaken ESG considerations in regulation

17 January 2022

Comment letters released in January 2022 show that the US Chamber, the National Association of Manufacturers, the Investment Company Institute, State Street Global Advisors, and Fidelity are among several trade associations and companies that asked the Biden administration’s Department of Labor to weaken language and remove references to ESG considerations from proposed “Prudence and Loyalty” regulation. The proposal reverses Trump-era guidance that sought to limit ESG investing and rollback shareholder rights.

NAM warned against increasing climate change disclosure requirements

11 November 2021

The National Association of Manufacturers (NAM) wrote to the Securities and Exchange Commission (SEC) to express its concerns with the SEC’s recent sample letter to companies regarding climate change disclosures. The NAM cautioned the SEC against imposing new reporting requirements without following the rulemaking process and warned against extending into the “policymaking realm.”

Investor group pushes for net-zero financial sector in the UK

07 May 2021

The Institutional Investors Group on Climate Change (IIGCC) and a number of its members co-signed a letter asking the UK’s Prime Minister to commit to a net zero financial sector ahead of the G7 summit in June.

Business Roundtable supports SEC's proposed climate rule with major exceptions

23 June 2022

In a June 17th letter to the US Securities and Exchange Commission (SEC), Business Roundtable supported the climate disclosure rule with several major exceptions, including not supporting requirements on Scope 3 emissions and describing that the SEC’s cost-benefit analysis was “fundamentally flawed”

Financial industry associations support SEC's proposed climate rule with major exceptions

23 June 2022

In June 16th and 17th comment letters to the US Security and Exchange Commission (SEC), financial industry associations including the Reinsurance Association of America, the Bank Policy Institute, the American Bankers Association, the American Property Casualty Insurance Association, and the Securities Industry and Financial Markets Association outlined objections to the SEC's proposed climate disclosure rule. The groups characterized the proposal as insufficiently flexible and asked for several disclosure provisions to be removed or altered.

Clean Energy Buyers Association support SEC's proposed climate disclosure rule

17 June 2022

On June 6th, the Clean Energy Buyers Association released a blog post stating support for the SEC’s proposed climate disclosure rule, linking its letter to the Commission in support of the rule.

Keidanren opposes key components of SEC climate disclosure rule

09 June 2022

In a May 31st submission to the U.S. Securities and Exchange Commission (SEC), Keidanren (the Japanese Business Federation) opposed several key components of the SEC’s proposed climate change disclosure rule, including mandatory scope 3 reporting, the requirement to disclose the financial impacts of climate change, and the requirement to publish an attestation report. It also called for a delay to implementation of the rule.

ICI and Managed Funds Association unsupportive of SEC's ESG disclosure rules

09 June 2022

On May 26th 2022, Bloomberg reported that the Investment Company Institute (ICI) and the Managed Funds Association did not support the ESG disclosure rules for money managers proposed by the SEC on May 25th. The Investment Company Institute took issue with the requirement for some funds to disclose portfolio emissions, while the Managed Funds Association warned the Commission against adopting an “overly prescriptive” approach.

Financial corporations oppose climate risk disclosures

25 May 2022

In May 2022 the Investment Company Institute, American Council of Life Insurers, AllianceBernstein, and Insight Investment submitted comments in response to the Department of Labor’s request for input on Possible Agency Actions to Protect Life Savings and Pensions from Threats of Climate-Related Financial Risk. The entities did not support a requirement for retirement plans to disclose climate risks and did not support a requirement for plan fiduciaries to consider climate risk in decision making.

Eni, National Association of Manufacturers and AFBF oppose SEC's climate disclosure rule

25 May 2022

In a May 19th press release, the National Association of Manufacturers (NAM) stated it is “mobilizing to defend manufacturers” in response to the Securities & Exchange Commission’s (SEC) climate disclosure rule. NAM argued that disclosure should be "less prescriptive, more flexible and solely based on materiality". Meanwhile, The American Farm Bureau Federation released an "Action Alert" calling on farmers to submit oppositional comments to the SEC through an application on their website. Finally, on May 10th, Grantt Bedford, Director of Safety, Environment and Quality at Eni US, submitted a comment to the SEC opposing its proposal on climate change disclosures.

Aviva calls for net-zero by 2050 to be a statutory objective

17 May 2022

On the 5th May, Aviva and WWF released a joint paper calling for net-zero by 2050 to be a statutory secondary objective for UK financial regulators.

J.P. Morgan urges White House to scale up domestic fossil fuel production

24 March 2022

In a meeting with President Biden on March 21st, J.P. Morgan Chase CEO Jamie Dimon urged the White House to create a “Marshall Plan” to scale up US oil and gas production in response to the Russian invasion of Ukraine.

US Chamber voices concern over SEC's proposed rule-making on climate disclosures

24 March 2022

Following the release of the US Securities and Exchange Commission's proposed rule-making on climate change disclosures, the US Chamber of Commerce published a press release on March 21st, in which it argued that the proposal was too “prescriptive” and that voluntary reporting was sufficient to meet investor demand.

US Bancorp communicated with policymakers in support of investment in fossil fuels

10 March 2022

An InfluenceMap Freedom of Information Request found emails from November 2021 between U.S. Bancorp and the West Virginia Treasurer that show evidence of U.S. Bancorp communicating its support for continued investments in fossil fuels.

US Chamber of Commerce opposed SEC's upcoming rule on Scope 3 emissions disclosure

18 February 2022

On February 17, the US Chamber held a webinar where it stated opposition to the SEC requiring Scope 3 emissions disclosures in its upcoming rule. This is happening in the midst of an ongoing debate amongst Democratic SEC Commissioners about the appropriate level of ambition for the rule.

US Chamber express concern over Federal Reserve Nomination

02 February 2022

In a letter to the Senate Banking Committee, the Chamber raised concerns about the Nomination of Sarah Bloom Raskin to the Federal Reserve on the basis of her opinions around integrating climate risk into policy

AFME oppose EU parliament amendments

17 January 2022

In a January 2022 press release, the Association for Financial Markets in Europe (AFME) opposed European Parliament amendments which would make reporting requirements under the EU Green Bond Standard mandatory for all green bonds issued in the EU

BusinessEurope seeking to weaken EU taxonomy

16 December 2021

In a tweet following the publication of the first delegated act under the EU’s taxonomy regulation, BusinessEurope appeared to call for a weakening of the taxonomy to include gas and nuclear power generation. They stated that “Investments in all zero- and low-carbon energy sources and solutions necessary for the transition must now be integrated into the #taxonomy”

BusinessEurope lobby the Commission to weaken disclosure requirements in the EU taxonomy

13 July 2021

Meeting minutes from May 2021, accessed through FOIs, reveal that BusinessEurope has been lobbying the European Commission to weaken corporate disclosure requirements under the taxonomy. In a meeting with DG FISMA, minutes show that BusinessEurope lobbied for weaker standards, raising concern about the “granularity and scope” of the obligations. In a separate meeting with Ursula von der Leyen’s office, BusinessEurope called for a delay to implementation and questioned the legal basis of aspects of the policy.

US Business lobbies the SEC over green investment rules

29 April 2021

A number of US companies and industry associations have met with SEC officials over the past month to discuss proposed action by the regulator on climate change disclosures.

US Chamber questions SEC's authority over proposed climate rule

23 June 2022

In a June 16th letter to the U.S. Securities and Exchange Commission (SEC), the US Chamber of Commerce questioned the need for the climate disclosure rule and argued that the SEC does not have the legal authority to propose the rule.

The Independent Petroleum Association of America opposes SEC's climate disclosure rule

17 June 2022

In a June 13th comment letter to the US Securities & Exchange Commission (SEC), the Independent Petroleum Association of America urged the Commission to withdraw its proposed climate disclosure rule, writing that the rule would be “utilized by anti-fossil energy lobbyists to pursue their agendas.”

National Association of Manufacturers opposes SEC climate disclosure rule

09 June 2022

In a June 7th press release, the National Association of Manufacturers (NAM) stated that it was “pushing back” against the U.S. Securities and Exchange Commission's (SEC) climate change disclosure rule. In particular, it stated opposition to disclosure of scope 3 emissions, auditing requirements and advocated for the weakening of climate-risk disclosures. In an interview with CNBC on June 1st, NAM CEO Jay Timmons argued that small companies could not afford the rule in a time of “record inflation and supply chain shortages and worker shortages”.

Truist comments on Federal Deposit Insurance Corporation's climate regulation

09 June 2022

In a June 3rd comment to the Federal Deposit Insurance Corporation, Truist encouraged flexibility in climate risk management regulation and emphasized that emerging data and methodologies limit the usefulness of scenario analysis and other risk management strategies. Truist also asked the Corporation to reconsider a proposed provision to require financial institutions to mitigate the impact that risk management has on the broader economy.

NextEra Energy supports SEC climate disclosure rule

09 June 2022

At a May 2022 Aspen Institute event, NextEra Energy CEO, Rebecca Kujawa, appeared to support the U.S. Securities and Exchange Commission's (SEC) proposed climate disclosure rule because it would push companies to buy renewable energy. Kujawa stated that utilities would have a “whole new customer base that’s going to be excited about decarbonization” which would present “trillions of dollars of investment opportunity.”

US Chamber question the Department of Labor's authority

25 May 2022

In May 16 comments to the Department of Labor in response to its request for input on Possible Agency Actions to Protect Life Savings and Pensions from Threats of Climate-Related Financial Risk, the US Chamber of Commerce argued that the agency did not have the authority to require fiduciaries to consider climate risk in decision making or disclose how they consider climate risk in decision making.

US financials oppose regulation on climate risks in pensions and life savings

18 May 2022

In May 2022 responses to the Department of Labor’s request for information on Possible Agency Action to Protect Life Savings and Pensions from Threats of Climate-Related Financial Risk, the American Bankers Association (ABA), the American Retirement Association (ARA), and Securities Industry and Financial Markets Association (SIFMA) stated opposition to regulatory action to require fiduciaries to consider climate risk in retirement plan decision making.

BlackRock appears to oppose a weakened EU taxonomy

11 May 2022

In a May 6th 2022 article from German media outlet Tagesschau, BlackRock Investment Strategist, Martin Lück, appeared to oppose the weakening of the EU’s taxonomy to include natural gas.

Investment Company Institute states support for SEC's proposed rule on climate disclosures

24 March 2022

Following the release of the SEC’s proposed rule-making on climate disclosures, the Investment Company Institute published a press release on March 21st in which CEO Eric J. Pan stated support for the proposal.

API appears to oppose SEC's proposed rule-making on climate disclosures

24 March 2022

In a March 21st press release, the American Petroleum Institute (API) did not appear to support the US Securities and Exchange Commission's proposed rule on climate change disclosures. API argued that it would “create confusion for investors and capital markets”.

Blackrock communicated with Texas regulators in support of investment in oil and gas

09 March 2022

Emails from January 2022 obtained by an InfluenceMap Freedom of Information Request show evidence of BlackRock communicating support for continued investment in oil and gas to Texas regulators.

US Chamber of Commerce opposed Federal Reserve nominees for past criticism on lending to fossil fuels

18 February 2022

Republicans on the Senate Banking Committee are obstructing the nomination of Sarah Bloom Raskin to the Federal Reserve, along with four other Federal Reserve nominees. This opposition follows a letter sent to the Committee by the US Chamber that raised concerns about Bloom Raskin’s past criticisms of lending to fossil fuel companies.

APCIA oppose bill aimed at increasing transparency on fossil fuel investments

02 February 2022

The American Property Casualty Insurance Insurance Association stated opposition to a California bill that would require insurance companies to disclose investments in and underwriting of fossil fuel-related entities and would authorize the insurance commissioner to prohibit or restrict fossil fuel-related investments and underwriting. A spokesman for the organization called the California bill “unnecessary and potentially dangerous.”

IIGCC criticize the EU's proposal to weaken the taxonomy

17 January 2022

The Institutional Investors Group on Climate Change (IIGCC) published an open letter heavily criticizing the European Commission’s proposal to weaken the taxonomy regulation by allowing some natural gas to be considered ‘green’

US Chamber of Commerce opposing including shareholders in ESG governance

12 November 2021

The US Chamber of Commerce (the Chamber) issued a press release calling for the reversal of newly issued Securities and Exchange Commission (SEC) guidance on shareholder proposals. The guidance makes it more difficult for companies to exclude shareholder proposals that deal with environmental, social, and governance issues, which the Chamber characterized as the SEC siding with a “small minority of activists” and turning shareholder meetings into “political debate societies.”

EU industry associations disagree with timeline and requirements of taxonomy-related corporate reporting

02 July 2021

EU industry associations including IOGP, FuelsEurope and Cefic are calling for a delay to taxonomy-related corporate reporting requirements. They are also opposing requirements to explain why activities are not compliant with the taxonomy, for example where they significantly harm environmental objectives or do not comply with minimum social safeguards.

Reports

The US Insurance Sector and Climate-Related Financial Regulation

May, 2022

Despite a growing consensus among financial regulators that climate change poses significant risks to the insurance sector, industry associations representing the largest US insurance companies have been actively engaged in efforts to weaken and delay emerging climate-related insurance regulation at both the federal and state levels.

Finance and Climate Change

March, 2022

A comprehensive assessment of the world's 30 largest listed financial institutions shows a clear disconnect between the concrete short-term targets and actions needed to address the climate emergency and the limited, long-term targets currently being set by the financial sector. This research seeks to compare the sector's stated climate policies and commitments to its climate-relevant financing and policy lobbying activities.

The US Chamber of Commerce and Lobbying on Climate Change Disclosure Regulations

November, 2021

The industry group is at odds with investors and its finance sector members on emerging US disclosure requirements

CA100+ Target Companies and the EU Taxonomy

April, 2021

Despite the CA100+ initiative having clear expectations on Paris-aligned lobbying, only 2 of the 31 CA100+ target companies found to be engaging on the taxonomy appear to be supportive of its science-based guidance with 4 companies advocating mixed or unclear positions, leaving more than 80% pushing the Commission to weaken the criteria that define what can be considered sustainable.

Gas & Power Companies Divided on the EU's Taxonomy

February 2021

European companies backing robust, science-based regulation on CO2 emissions under the EU Sustainable Finance Taxonomy are also performing better on stock markets when compared with their peers that are opposing the same policy, according to analysis of InfluenceMap's policy position scores and financial metrics from external databases.

The Battle for US Sustainable Finance Regulation

February, 2021

In the final year of the Trump Administration, authorities finalized three rules which have the effect of limiting the opportunities for ESG (Environmental, Social and Governance) investing.

Corporate Lobbying on the EU's Ecolabel

April 20th 2020

New analysis from InfluenceMap has tracked significant lobbying on the EU Ecolabel since late 2018, as part of a wider ongoing research process covering the EU’s Sustainable Finance Action Plan and how the corporate sector is influencing the process.

How Japanese Industry Lobbied Against a Strong EU Taxonomy

April 2nd, 2020

The following briefing focuses on how Japanese industry associations lobbied the Taxonomy and considers how these lobbying positions contrast with those of some leading European financial institutions.

The EU's Sustainable Finance Taxonomy

December 2019

An analysis of how business has sought to influence this key EU policy