?? What are Kamala Harris’ ESG views?

This is an excerpt from the Reuters Sustainable Switch newsletter that goes into the heart of how companies and governments are grappling with climate change, diversity, and human rights. To receive the full newsletter in your inbox three times a week, subscribe here.

Hello!

As United States Vice President Kamala Harris is potentially poised to become the Democratic presidential nominee in the November election, we break down her views and actions related to some key environment, social and governance topics ??.

Harris, 59, who is Black and Asian American, is likely to fashion an entirely new dynamic, with Trump, 78, offering a vivid generational and cultural contrast.

??? She outlined a series of policies she promised to pursue including signing laws to protect abortion rights and ban assault rifles and said she would make rebuilding the middle class the focus of her potential presidency.

??? The AFL-CIO labor union federation, which represents 12.5 million workers, said it had also endorsed Harris to replace President Joe Biden.

Her climate history

?? Harris’ climate and energy positions are similar to President Biden’s. Throughout her career she has made clear that clean energy and environmental justice are priorities.

When Biden announced Harris as his running mate in the 2020 race, he emphasized her tough stance against big oil when she served in key roles in California, noting lawsuits she had launched both as San Francisco’s district attorney from 2004 to 2011 and then as the state's attorney general until January 2017, when she became a U.S. senator.

As California attorney general, Harris won multimillion-dollar settlements against oil majors Chevron and BP over alleged pollution violations from underground fuel storage tanks ?.

?? She is a proponent of the Biden administration's strategy to expand offshore wind energy and other renewables with lease auctions and subsidies, in contrast to Trump, a fossil fuel supporter who has criticized offshore wind and other clean energy technologies.

?? Last year, Harris made her debut at international climate negotiations, announcing a $3 billion commitment to the Green Climate Fund and making her first major international speech focused on climate.

As vice president, Harris has also been involved in Environmental Protection Agency policy rollouts that tackled long-standing environmental justice issues, such as a multibillion-dollar program to replace lead pipes and lead paint around the country.

Cozying up with tech execs

As a candidate for California attorney general, Harris reportedly assured potential donors that she was “a capitalist.”

?? She has generally been seen as cozy with prominent tech executives and investors, the local industry in her home Bay Area. She attended the wedding of Sean Parker, an early Facebook executive. Her brother-in-law, Tony West, is the chief legal officer for Uber.

She also accepted donations from Reid Hoffman, a prominent venture capitalist and co-founder of LinkedIn, as well as billionaire John Doerr and venture capitalist Ron Conway.

Big tech executives also supported her, including Sheryl Sandberg, then chief operating officer of Facebook, and Marc Benioff, the billionaire CEO of Salesforce.

Welcome in Wall Street

?? Harris was known to be tough on big banks as California Attorney General. She walked away from talks in 2011 between large banks and state attorneys general over a settlement that would require lenders to help consumers hurt by home foreclosures and predatory lending practices.

Banks later more than quadrupled the money promised to help Californians reduce the amount they owed on their mortgages.

?? Under Harris, California launched a criminal investigation into Wells Fargo in 2016 in connection with allegations the bank opened millions of unauthorized customer accounts and credit cards.

Several major Wall Street names are reported to be supportive of Harris.

?? A source familiar with the matter said that Peter Orszag and Ray McGuire at Lazard would back Harris, confirming a Semafor report that said several Wall Street donors said they were preparing to contribute to Harris’ campaign.?

Those expected to contribute also included Blair Effron at Centerview, Jonathan Gray at Blackstone, and Roger Altman at Evercore, Semafor said.

In Conversation

Dr. Cassie Lau, economics and finance professor at University of Colorado Boulder, shares her thoughts on the United States Supreme Court ruling that overturned a legal precedent that had given deference to government agencies in interpreting laws:

“Like Joni Mitchell, I’ve seen both sides now. Having worked through the enactment of Sarbanes Oxley and the 2008 financial crisis, and I also researched and taught finance, I firmly believe that we need a more informed approach to regulation.?

The Supreme Court Justices, while steeped in legal precedents, can’t possibly be experts on all disciplines, especially as our economy has become more specialized and the impact on the environment more important.

As a society, we should be performing cost/benefit analysis of how we operate now, then find more environmentally sound methods of production and consumption.?

We explored converting a home in Longmont to Net Zero in spring finance case study class, realizing along the way how much data and scientific knowledge was needed.?

Most of us did not know what a heat pump was when we started, no less how it fit into the fuel needs of a home in Colorado. More education, analysis of facts, rather than not proselytizing on one side or the other should improve the sustainability of the globe.”

ESG Spotlight

?? Today’s spotlight shines a light on new sustainable lifestyle techniques in Cuba, as the Caribbean country embraces electric scooters.?

Havana is famed for the colorful vintage cars ?? that can still be seen puttering around its streets and are a popular subject for visitors' photographs.

?But these days, Cubans are just as likely to be found getting around quickly and quietly on electric scooters ?? made with Chinese parts.

"Electric motorcycles are solving a lot of problems in Cuba, they are already used for almost everything," explains Omar Cortina, a Cuban hotel worker who recently purchased his first electric vehicle - a lime-green scooter powered by a lithium battery ??.

Between 2020 and 2022, the last year for which figures are available, Cuba-based companies produced more than 23,000 electric vehicles, according to official data.?

?? Since then, demand has grown, alongside an economic crisis that has slashed both fuel supply and public transportation.

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