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2023 ESG Predictions, IRA Timelines, Meta, and Water Wars

Source: Pixabay

Here are 5 ESG insights you might have missed this week:

1. Timeline Announced for Inflation Reduction Act Tax Implementation-

  • The Inflation Reduction Act (IRA), which passed into law in late 2022, contained a number of provisions creating and extending tax benefits to businesses and consumers.

  • On December 19, 2022, the Treasury Department announced a timeline on its implementation of the IRA stating in a press release that Treasury would publish an FAQs for consumers on the tax credit for energy efficient home improvement projects and residential energy property – which it did three days later in a Fact Sheet.

  • The law was primarily a spending bill and many of the specifics regarding implementation were deferred to federal agencies for development through their guidance and rulemaking processes.

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2. Bain's Sustainability and ESG in 2023-

  • Looking ahead through the eyes of investors.

  • The current debate over ESG and sustainable investing is noisy and sometimes rancorous, and the temptation is strong to just tune it out until it’s better resolved. But, in the end, leaders must resist this urge and accept that it’s a relevant discussion: Sustainability considerations in investing appear here to stay, and not just in narrowly focused ESG funds.

  • For executives and boards alike, 2023 is already a complex year for which to plan. Given macroeconomic and industry business cycles, not to mention current geopolitical and inflation concerns, it may seem as if environment, climate, and social considerations are fading into the background. But don’t be fooled: They aren’t, regardless of whether they’re called ESG or something else.

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3. Top 15 Anticipated ESG-Related Considerations That Will Influence Strategy in 2023-

4. Meta Fined €390m for Privacy Law Breaches in the EU-

  • An example of S factors (product responsibility and customer privacy rights) in action in Tech companies.

  • European Union regulators on Wednesday hit Facebook parent Meta with hundreds of millions in fines for privacy violations and banned the company from forcing users in the 27-nation bloc to agree to personalised ads based on their online activity.

  • When GDPR came into force, the company changed the legal basis under which it processes user data by adding a clause to the terms of service for advertisements, effectively forcing users to agree that their data could be used. That violates EU privacy rules.

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5. A Water War Is Brewing Over the Dwindling Colorado River-

  • Diminished by climate change and overuse, the river can no longer provide the water states try to take from it.

  • I came to this place because the Colorado River system is in a state of collapse. It is a collapse hastened by climate change but also a crisis of management. In 1922, the seven states in the river basin signed a compact splitting the Colorado equally between its upper and lower halves; later, they promised additional water to Mexico, too. Near the middle, they put Lake Powell, a reserve for the northern states, and Lake Mead, a storage node for the south. Over time, as an overheating environment has collided with overuse, the lower half — primarily Arizona and California — has taken its water as if everything were normal, straining both the logic and the legal interpretations of the compact.

  • Here’s the terrible truth: There is no such thing as a return to normal on the Colorado River, or to anything that resembles the volumes of water its users are accustomed to taking from it.

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One more thing: Wishing you and your loved ones a wonderful 2023!

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An example of S factors (product responsibility and customer privacy rights) in action in Tech companies. European Union regulators on Wednesday hit Facebook parent Meta with hundreds of millions in

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