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Renewables Group Lambasts Labor Department’s ‘Anti-ESG’ Rule

November 5, 2020

A pan-renewables organization has chastised the Department of Labor (DOL) for fast-tracking a new rule it has said is a “transparent attempt to slow the growth” of environmental, social, and governance (ESG) investing.

According to the American Council on Renewable Energy (ACORE)—a group that represents a wide range of renewables stakeholders including some of the world’s largest developers, utilities, institutional investors, and corporate buyers—the DOL’s Oct. 30-finalized rule, “Financial Factors in Selecting Plan Investments,” is redundant, and its implementation would “sow increased confusion and impose excessive regulatory burdens” on retirement and health plan fiduciaries when contemplating ESG investment decisions.

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