Category: Impact investing

In his first week in office, US President Joe Biden has ordered a review of the Department of Labor’s widely opposed ruling that would make it harder for retirement fiduciaries to steer assets towards ESG funds. The new rule, which has prompted backlash from the investment community, was passed in the final days of the Trump administration and came into effect this month. It states that regulation “will be clearer and more consistent” if it demands that retirement schemes focus on whether “a factor is pecuniary, rather than being required to navigate imprecise and ambiguous ESG terminology”. “It's great @WhiteHouse recognizes  @USDOL #ESG rule is flawed & needs immediate review,” said Lisa Woll, CEO at sustainability-focused investor group US SIF on Twitter. 

Brookfield Asset Management, the Canadian alternatives investor that hired ex- Bank of England Governor Mark Carney as its Head of ESG and Impact Fund Investing last summer, has fou…