ESG lawsuits move through courts (2024)

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June 25, 2024

ESG policy discussions are increasingly moving to the administrative and judicial systems, marking a shift from the legislative and executive activity in recent years. State and federal courts will soon decide more ESG-related cases, according to a recent Politico piece:

“

Judges in at least six states will weigh in on a wide range of environmental, social and governance litigation this year, including restrictions on climate advocacy among shareholders and laws in red states designed to protect fossil fuel interests. Courts are now the crucial testing ground for the future of these practices. … A federal judge in Texas on Monday dismissed a lawsuit brought by ExxonMobil against shareholder advocacy groups, one of the most prominent ESG cases to go to court. Exxon targeted the groups for previously backing a proposal urging the oil giant to speed up work to curb its greenhouse gas emissions, though they withdrew the proposal and vowed to never raise it again following the lawsuit. In Oklahoma, a state court blocked the enforcement of one of the most aggressive anti-ESG laws in the country earlier this year. On top of that, two other red states have hit BlackRock with legal complaints over the firm’s ESG practices. And both the SEC and California are facing legal challenges over their attempts to compel companies to report on their carbon footprints.

”

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