[Fox News] ECOSOC - From green bonds to bonding over cigars: wrapping up EcoSoC’s ESG summit

The United Nations Economic and Social Council (EcoSoC) on Monday passed a resolution on Environmental, Social, and Governance (ESG) reporting, marking the end of a four-day summit that has clearly left its traces - both physical and psychological - on some representatives. 

Today’s talks took off slowly - exhaustion on delegates’ faces bearing testimony to the tiresome discussions during the last three days. The delegation of Switzerland arrived late while Brazil, visibly in need of rehydration, gladly accepted a cup of water. Confusion on how to initiate the voting procedure further underscored the somewhat lethargic start but representatives were finally able to pull themselves together and passed the resolution without further ado.

The swift and unproblematic vote today comes as a surprise after concerns had been voiced about the Council’s ability to stay on topic and reach a timely consensus. 

The delegation of Sweden addressed the concerns in a statement to Fox News, asserting that, despite initial segregation, Council members worked well together and achieved a reasonable compromise. Sweden, bringing up the topic of green bonds, had previously been criticised for stirring the discussion in the wrong direction, an accusation they clearly took as a personal attack and has been bearing heavily on their mind. They confirmed that green bonds comprised an integral part of EcoSoc’s final resolution, assuring a Fox News reporter of all Council member’s support. “We felt a little slandered by one of the news reports to be telling us we went off topic,” they added. The article published yesterday by The Guardian provoked a fierce exchange of memes between EcoSoC delegates and the press, resulting in both parties being publicly slandered.

Paragraph 6 of EcoSoC’s final resolution does indeed address green bonds, identifying them as critical financial instruments to direct investments to green initiatives. To clear the air, or perhaps rather conjure up a smokescreen to hide the immature handling of the situation, the delegation of Sweden has invited delegates and the press to share a cigar at the Van Dalen Cigar Boutique after the conclusion of the conference. 

For Fox News, the verdict is clear: it is all smoke and mirrors anyways. Under the guise of “climate action”, the Council has been discussing ways to interfere with privately owned businesses. Critics have raised concerns about the increased bureaucratic burden, especially for small and medium sized enterprises (SMEs), fearing a dip in their ability to compete with larger corporations who have the resources to meet ESG reporting standards. Is Sweden’s invitation just a further distraction from owning up to criticism? The consequences of EcoSoC’s final resolution for the global economy remain to be seen but predictions point at the focus on global warming distracting lawmakers from tackling real problems.