The modern workforce is undergoing a significant transformation as younger generations step into the spotlight, bringing with them a distinct set of values and priorities that challenge conventional notions of employment. Deloitte's recent report, titled "The Shifting Workforce: Exploring the Impact of ESG and Climate Concerns on Gen Z and Millennials," highlighted that the newer generations are leaving jobs due to misaligned ESG values and ESG concerns. Here, we will highlight some of the key takeaways from the report.

This week, there was a major turning point in the United States’ commitment to sustainability and environmental stewardship. The Biden-Harris Administration's recent announcement of an unprecedented $11 billion investment plan for the creation of clean energy programs across rural America is the largest investment of this kind that the states have ever seen and is guaranteed to have residual impacts. This significant investment has the potential to accelerate the shift to renewable energy, stimulate economic growth, and combat climate change challenges.

The Dutch Association of Investors for Sustainable Development (VBDO), managing €10 trillion in assets, has called on corporations to accelerate action on plastics to reduce their environmental impact. The VBDO has called for corporations to set ambitious targets to reduce plastic use and eliminate single-use plastics to reduce their environmental impact. This call to action is expected to have significant effects on corporations across the globe in terms of sustainability and ESG.

In the the United States, flooding is the most expensive type of natural disaster and yet a new study highlighted this week by The Economist, suggests that including flood risk in the price of American homes could significantly lower their total value. The study estimates that accounting for flood risk could decrease the total value of American homes by as much as $187 billion, or 4.4%.

The U.S. Energy Department (DOE) has proposed new fuel economy rules that would lower the mileage ratings for electric vehicles (EVs) in an effort to comply with existing fuel economy standards. The new proposal would reduce the efficiency ratings of electric vehicles by about 10%, lowering the mileage rating for an EV from 125 miles per gallon equivalent (MPGe) to 113 MPGe. This current system of calculating the petroleum equivalent fuel economy has not been updated in over two decades.

According to Canada’s new “Standard on the Disclosure of Greenhouse Gas Emissions and the Setting of Reduction Targets,” federal procurements greater than $25 million will induce suppliers to measure and disclose their and adopt a science-based target to reduce GHG emissions in line with the Paris Agreement.

In Boston Massachusetts, on the first day of her administration, Governor Maura Healey signed an executive order to create the position of Climate Chief, and in the same executive order, created an Office of Climate Innovation and Resilience within the Governor’s Office. This brand new role of Climate Chief has been filled by Melissa Hoffer. This is a huge accomplishment as Massachusetts is the first state in the United States to create such a role.

Governor of New York, Kathy Hochul, recently announced a cap-and-invest program to fund a sustainable and affordable future for all New Yorkers are part of the 2023 State of the State. This new cap-and-invest program will charge large greenhouse gas emitters and fuel distributers in New York more than $1 Billion per year. The proceeds from this will hen be reinvested in emissions reduction initiatives as well as supporting vulnerable communities facing rising energy prices.

This week, the Biden-Harris Administration announced the first federal building standards designed to reduce energy use while electrifying equipment and appliances in 30% of the building space owned by the Federal government by 2030. This announcement was partnered by the U.S. Department of Energy (DOE) announcing a proposal to electrify new Federal buildings and Federal buildings undergoing major renovations. Last and certainly not least, to further drive home the cause, the State of California announced that it will be joining President Biden’s National Building Performance Standard Coalition that has committed to reducing the emissions of existing buildings. These three changes represent massive progress for the U.S. and will certainly have a ripple effect across the US.

Big news in the world of ESG and Sustainability! The Biden administration announced a new proposal that will require federal contractors to disclose environmental data through CDP and set science-based decarbonization targets.

Yesterday, it was announced that Patagonia founder, Yvon Chouinard gave away his shares of the company. His shares are an estimated value of about $3 billion dollars that are now under ownership if a specifically designed trust and nonprofit organization that are both dedicated to fighting climate change.

Recently, The CDP published a new report after partnering with Oliver Wyman, that outlines that the G7 countries that have agreed to the Paris Agreement will not reach the Paris Agreements 1.5 degrees Celsius above pre-industrial levels goal. Instead, these countries are poised to only mitigate global temperature increase to 2.7 degrees, missing the goal by over 1 degree, which could have catastrophic impacts.

The California Air Resources Board on August 25th approved the Advanced Clean Cars II rule. This rule outlines a year-by-year roadmap as to how the state will make it so that 100% of new cars and light trucks sold in California will be zero emission vehicles by 2035.

A new insight from McKinsey warns that a food shortage could be coming sooner than later. Many people have heard the rumors or worries regarding possible food shortages and have even felt the impacts of rising prices. As it turns out, due to the War in Ukraine, supply chain issues that are leftover from COVID-19, and climate events such as heat waves and droughts, this could leave the world about 60 million tonnes of grain behind by the end of 2023.

California is commonly known for it’s earthquake risk and more recently, severe drought and wild fires. However, the tides are changing for California as a new study from UCLA predicts that potentially catastrophic flooding or what being called a “megaflood” is likely to happen. While there isn’t a clear timeline on when this “megaflood” may hit, the study from UCLA indicates that the possibility has been almost doubled thanks climate change.

This week, The California Energy Commission (CEC) adopted a set of goals that will enable the state to develop clean energy through offshore wind. This offshore wind development is expected to generate 2,000-5,000 megawatts (MW) of offshore wind by 2030, and should increase to 25,000 MW by 2045. Assuming the state hits these goals, that would be enough electricity to power 3.75 million homes by 2030 and 25 million homes by mid-century.

On Sunday the United States Senate passed The Inflation Reduction Act and it’s expected to pass in the House of Representatives later this week. The Inflation Reduction act is a package that would fulfill multiple longstanding goals including addressing climate change, lowering the cost of prescription drugs, and adjust tax codes.