US ESG funds faced a challenging 2023, seeing net outflows of around $7.1 billion, but strong markets meant that assets under management grew strongly. In the US, ESG regulations have historically been market driven, unlike the specific directives in the EU, but more recently the regulatory landscape in the US has seen a flurry of initiatives. For investors, there is state legislation that seeks to penalize managers who boycott fossil fuels and firearms manufacturers and legislation in other states that seeks to keep pensions from investing in fossil fuels and firearms. There have been legal challenges to California's legislation but changes coming from the EU will still be relevant for global companies regardless of the California outcomes. The SEC will vote on the long-awaited climate disclosure rule later today. Dimple Gosai hosts Michael Littenberg of law firm Ropes & Gray to discuss the evolving ESG regulatory landscape and which regulations may impact ESG investors.
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