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illuminem summarizes for you the essential news of the day. Read the full piece on Fortune or enjoy below:
🗞️ Driving the news: Former presidential candidate John Delaney, now the executive chairman of Fulbright Bank, discusses the impact of the politicization of Environmental, Social, and Governance (ESG) on corporate commitments to climate programs in the U.S. Despite a political backlash, many companies continue to prioritize climate challenges in their business strategies
🔭 The context: Delaney's experience in both the business and political spheres gives him a unique perspective on the evolving role of ESG in corporate America
• He emphasizes that the recent scrutiny and criticism of ESG have led to a more disciplined and business-focused approach to environmental initiatives
🌍 Why it matters for the planet: The focus on decarbonization and the energy transition, despite being messy and challenging, underscores the critical importance of the 'E' in ESG
• It highlights the ongoing commitment of certain sectors of the business community to address climate change, despite broader political challenges
⏭️ What's next: The evolution of corporate strategies around climate challenges indicates a potential shift towards more genuine and impactful environmental initiatives
• This includes Forbright Bank's donation to the National Park Foundation, which supports climate-friendly policies
💬 One quote: "The last two years of politicization have in some ways been healthy because it is forcing people to defend the positions they are taking." - John Delaney, Executive Chairman of Forbright Bank.
📈 One stat: 89 out of Fortune 100 companies had ESG committees on their boards in 2023, up from just 22 in 2018.
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