Policy Corner | January 11, 2021

Biden’s nominee for secretary of labor is a champion of ESG investing in Boston

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, January 11 – The Department of Labor in the Trump administration has issued a series of rules hostile to consideration of environmental, social and governance, or ESG, factors by pension fund managers. As mayor of Boston, Labor Secretary-nominee Martin Walsh, recently raised the city’s ESG investment mandate.

Walsh allocated an additional $50 million to short-term corporate bonds and notes screened for positive ESG factors, bringing the city’s ESG investing activity to $200 million since 2019 (see, “How far will the pendulum of ESG guidance swing back in a Biden administration?”).  

Boston last month issued its first green and social municipal bonds to raise capital for energy efficiency and affordable housing.