On Friday, the United States House of Representatives passed the Inflation Reduction Act, clearing the way for President Biden to imminently sign the legislation, which passed the Senate last week, into law.

The fact that Texas, a state famous for its oil industry, felt it necessary to pass a law of this sort signals the industry’s growing consternation with an increasingly climate-conscious and oil un-friendly investing environment.

Not only should ESG standardization be by law, but governments are starting to show that ESG standardization will be by law.