Practical ESG's headline November 16 was "NYSE Natural Asset Company Comment Period Extended". This was the second extension of the comment period, originally scheduled to end November 18.
Here's Salem Oregon's Capital Press, Dec 22, 2023:
The Securities and Exchange Commission on Thursday said it would initiate proceedings on whether to approve or deny a proposal by the New York Stock Exchange to list natural asset companies.
The SEC issued the notice six days after 32 House Republicans accused the agency of fast-tracking approval of a new type of land-management company that would funnel investments into “ecosystem services” on public and private land and prohibit mining, drilling, logging and “industrial agriculture.”
The SEC had previously said it could make a decision by Jan 2, three months after making the proposal public. It said it will open a 21-day comment period and start proceedings that could take up to six months.
“Institution of such proceedings is appropriate at this time in view of the issues raised by the proposed rule change,” the SEC stated. “Institution of proceedings does not indicate that the commission has reached any conclusions.”
The SEC closed a previous comment period in October, but has continued to post comments on its website. Many have commented that they are worried natural asset companies would allow investors and foreign countries to lock up resource-rich lands....
....MUCH MORE
At the SEC, December 21, 2023
Self-Regulatory Organizations; New York Stock Exchange LLC; Order Instituting Proceedings to Determine Whether to Approve or Disapprove a Proposed Rule Change to Amend the NYSE Listed Company Manual to Adopt Listing Standards for Natural Asset Companies
And the Federal Register: "A Notice by the Securities and Exchange Commission on 12/28/2023"
Finally, the SEC's comment portal and repository of received comments.
Previously:
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.
