From the Securities and Exchange Commission, January 17:
SECURITIES AND EXCHANGE COMMISSION
(Release No. 34-99355; File No. SR-NYSE-2023-09)
January 17, 2024
Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Withdrawal of Proposed Rule Change to Amend the NYSE Listed Company Manual to Adopt Listing Standards for Natural Asset CompaniesOn September 27, 2023, New York Stock Exchange LLC (the “Exchange” or “NYSE”) filed with the Securities and Exchange Commission (“Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”)1 and Rule 19b-4 thereunder,2 a proposed rule change to amend the NYSE Listed Company Manual to adopt a new listing standard for the listing of Natural Asset Companies (“NAC”). The proposed rule change was published for comment in the Federal Register on October 4, 2023.3 On November 7, 2023, pursuant to Section 19(b)(2) of the Act,4 the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.5 On December 21, 2023, the Commission instituted proceedings pursuant to Section 19(b)(2)(B) of the Act6 to determine whether to approve or disapprove the proposed rule change.7 On January 17, 2024, the Exchange withdrew the proposed rule change (SR-NYSE-2023-09).
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8
That's it, no explanation given.
Previously:
CORRECTED—The SEC's Extended Comment Period For Natural Asset Companies Ends Thursday, January 18
September 2023
"Technocrats Won’t Solve the Climate Crisis" (but will make a ton of money in the attempt)
This is happening right now and it is big, big money. Come get you some.
First up as an introduction to this stuff for folks who are new to the concept, from Jacobin Magazine, August 25:
In January, the Biden administration launched an ambitious plan for a valuation of all the United States' natural resources. But the initiative, which aims to encourage environmentally responsible investment, is naive and confused.
And from September 2022 a heads-up on what was just around the corner:
Big Money Financial Engineering: Saving The Planet By Securitizing EarthThis is happening right now and if you want in on the action you have to know the game is being played.
A couple posts from October 2021 set the stage:
- In Case You Missed It: "NYSE’s new investment vehicle—‘natural asset companies’—will tap into ESG fever"
- Using spatial finance for sustainable development
Which were followed by "What's The Ocean Worth: Putting A Price On Natural Assets":
And here's John Bellamy Foster, Editor of Monthly Review magazine and Professor at the University of Oregon being interviewed on this very topic.
From Monthly Review, July 12:
The capitalist solution to ‘save’ the planet: make it an asset class & sell it....
....MUCH MORE
And related:
If your goal is to make yourself a trillionaire it's best to be playing in a quadrillion-dollar sandbox.
