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‘Green tsunami’: Inside Senate Republicans’ financial freak-out

‘Green tsunami’: Inside Senate Republicans’ financial freak-out

The online fundraising edge that Democrats have enjoyed for years has mushroomed into an overpowering force, with small-dollar donors smashing “donate” buttons over the last three months to process their disgust for President Donald Trump, fury with Senate Majority Leader Mitch McConnell and grief for the late Justice Ruth Bader Ginsburg. Propelled by the wave of money, Democrats have suddenly expanded the Senate battlefield to a dozen competitive races, burying long-contested states like Iowa and Maine in TV ads while also overwhelming Republican opponents in states like Alaska, Kansas and South Carolina that are suddenly tightening.

Where most of the top Democratic Senate candidates two years ago raised $4 million to $7 million in the third quarter of 2018, their contenders this year are multiplying those totals. Colorado’s John Hickenlooper raised $22 million, more than six times what his presidential campaign raised before he dropped out of that race in 2019. Iowa’s Theresa Greenfield and North Carolina’s Cal Cunningham each cleared $28 million.

And on Sunday, South Carolina Democrat Jaime Harrison announced a record $57 million third-quarter haul for his race against GOP Sen. Lindsey Graham, where the most favorable public polling for Graham in the last month has shown him leading by a single point. Altogether, the money has given Democrats a TV spending edge in 12 of the 13 most expensive Senate races.

“The money is indicative [of] how much energy there is on their side, and the lack thereof on our side,” said Mike DuHaime, a Republican consultant. “I think we’re finding that Trump — the energy for Trump — is not always transferable, the same way it wasn’t transferable for Democrats from Obama.”

GOP operative Corry Bliss, who coined the “green wave” warning about House Republicans getting swamped by Democratic cash in 2018, said of 2020:

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ESG Market Record Is Causing Some Bubble Anxiety: Green Insight

ESG Market Record Is Causing Some Bubble Anxiety: Green Insight

MsMinister of latvia in Copenhagen Denmark

Photographer: Francis Dean/Corbis News

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The investing world of environmental, social and governance just broke through another barrier, and the growth is starting to raise questions (and even concern) about how much bigger it can get.

Explore dynamic updates of the earth’s key data points

Total green bond issuance topped $1 trillion in the past week, joining ESG-focused funds that have a similar amount in assets under management. In the past month alone, more than $50 billion of green bonds were sold, including debuts in Germany by a trio of automakers including Volkswagen, and JPMorgan, the biggest U.S. bank by assets, according to data compiled by BloombergNEF.

Is it a bubble? Jared Dillian, an investment strategist at Mauldin Economics, wrote this week in Bloomberg Opinion that he thinks it just might be. “ESG is nothing but a passing investment fad, not unlike smart beta, the BRICs, structured products or any of the myriad market bubbles over the last 25 years, small and large,” he said. 

Still, analysts at Bank of America expect another $450 billion of green, social and sustainable debt to be issued in 2021, roughly equaling this year’s issuance. Sales of green bonds, where proceeds are ring-fenced for environmental projects, will account for “the bulk” of the transactions, Bank of America said.

The Bank for International Settlements, which is often dubbed the central bank for central banks, said last month that it has seen no proof that green bonds result in lower corporate carbon emissions. The median change in carbon intensity—the ratio of carbon emissions to revenue—of green bond issuers has been minimal over time, the BIS said.

Concern about the lack of standards in the green bond market surfaced

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