Vanguard Drops Out Of Climate Initiative As Reaction Against Woke Investing Continues

Dailywire ^ | 12/07/2022 | Ben Zeisloft

[DFG]

Vanguard will no longer participate in the Net Zero Asset Managers initiative as lawmakers and the broader marketplace scrutinize the company’s support of the environmental, social, and governance movement, also known as ESG.

Signatories of the Net Zero Asset Managers initiative promise to move portfolio companies closer to eliminating net carbon emissions by 2050 or sooner. Vanguard will withdraw from the initiative to “provide the clarity our investors desire about the role of index funds and about how we think about material risks, including climate-related risks,” according to a statement.

The move occurred hours after officials in the state of Texas announced a hearing over asset managers’ purported mismanagement of taxpayer dollars driven by ideological motives. Last week, multiple attorneys general filed motions with the Federal Energy Regulatory Commission seeking to prevent Vanguard from purchasing shares in publicly traded utilities out of a concern that the company’s climate efforts would raise energy prices and decrease grid reliability.

[Bonemaker]

I yanked 90% of what I had in Vanguard. ESAD.

[Vaden]

They are waking up to the fact that this insanity will lead them to bankruptcy.

[BurgessKoch]

Does anybody know Fidelity’s position and/or actions on this?

[fatboy]

Good news.

[Ge0ffrey]

To whom do I send the letter? There’s no contact info anywhere?

[bankwalker]

and here I thought Vanguard was known for low cost index tracking funds ...

[Tell It Right]

ESG investing is still demanded only by broke Democrat state pensions. However, the more successfully run Republican state pensions are dropping ESG funds.