FT News Briefing Swamp Notes: US Democrats on the offensive
Sep 20, 2022
Two Turkish banks have stopped using Russia’s payment system, signaling a significant economic move under U.S. sanctions. A staggering $1 trillion is needed annually to combat climate change's future impacts. European and Australian pension funds are pressuring asset managers to drop sponsorships of climate change skeptics. As midterms approach, Democrats feel momentum shift, with Biden seizing the moment. Political shifts indicate a rise in public sector power and engagement from younger voters, reshaping strategies ahead.
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Cost of Climate Action
- Avoiding climate change's catastrophic effects requires a trillion-dollar annual investment in renewables.
- This necessitates a significant shift in public and private sector investment strategies.
ESG Investing Backlash
- Federated Hermes, facing pressure from ESG-focused investors, withdrew sponsorship from climate-sceptic officials.
- This highlights the growing tension between ESG investing and the political backlash against it.
Impact of Roe v. Wade Repeal
- The Supreme Court's Dodd ruling overturning Roe v. Wade has energized Democratic voters, particularly women.
- Increased voter registration among women demonstrates the galvanizing effect of this decision.