Posted on 12/27/2022 9:26:27 AM PST by Oldeconomybuyer
BOSTON (Reuters) - A movement by financial firms and activists to challenge companies over their efforts on climate change and social inequality faced organised and growing push-back in 2022, led by Republican U.S. politicians.
Focusing on environmental, social or governance-related issues, ESG in industry parlance, could hit returns to investors, critics said.
A rise in oil prices this year bolstered their case by hurting the performance of many ESG funds that had moved away from energy stocks, responsible for producing a large share of climate-damaging carbon emissions.
Despite that, the list of financial firms signing up to industry coalitions aiming to help companies make the shift to a low-carbon economy lengthened as scientists warned time was running out to limit global warming.
Activist shareholders also won significant victories at corporate annual meetings this year such as a call for a human rights report at gun maker Sturm Ruger & Co.
In the eye of the storm for much of the year was BlackRock, the world's biggest money manager, whose chief executive kicked off the year with a defence of ESG investing in a letter to peers.
BlackRock, along with JPMorgan, Goldman Sachs, Morgan Stanley and Wells Fargo & Co, was later barred from winning state business from West Virginia because of its stance on climate change.
Other states followed, with Texas accusing BlackRock and banks including Bank of America of 'boycotting' fossil fuel companies in the transition to a greener economy. Florida said it would pull $2 billion in investments from BlackRock.
(Excerpt) Read more at finance.yahoo.com ...
ESG = Corporate Fiduciary Negligence
All should be held accountable.
Allstate posted an ESG leadership position.. I saw it on Facebook. Looking for car insurance alternatives. Maybe we could set up a medishare type group for cars.
Anything governing investment other than financial interest is going to fail. And not maybe either.
“led by Republican U.S. politicians”
LOL...THOSE squishes? All they can do is write luke-warm letters. It’s more of a grass-roots push-back in spite of the squishy Republican politicians. The Republican pols will pile on only after the ball gets rolling, then take credit.
Show me ONE Republican pol out in front on this.
Ya put Klaus Schwab and his WEF out of everyone’s business
“ESG = Corporate Fiduciary Negligence All should be held accountable.”
Maybe Rand and Massie in the Senate and House respectively, but I haven’t looked for a specific statement. Just suggesting a place to start.
GOP governors in FL, MO, and other states. The GOP in DC is worthless.
I would love to get into a short ESG ETF, but I cannot seem to find one. Does anyone know of any?
Maybe people will care more about their money than gender horsecrap.
My faith in humanity is currently at an all time low, so we’ll see.
I’m sure somewhere in the omnibus monstrosity is a pile of cash for all the ESG sycophants. The white hut appears to be moving full steam ahead with their ESG plans.
I was SO hoping for Governor Lake in AZ. There’s no way she lost a fair, uncorrupted election.
My faith in humanity is currently at an all time low, so we’ll see.
“The criticism comes at a critical time for global climate efforts. A landmark U.N. report earlier this year said time was running out to cap global warming at 1.5 degrees Celsius by 2050.”
That pull-quote from the article shows the sheer folly of their flawed hypothesis and approach, what of the activity of the sun?
There is no man-made variable that equals the sun when discussing Earth’s temperature. This is precisely why the sun is not a variable in ANY of the predictive models used and thrown in our faces.
The hubris of these political schemers is a sight to behold.
If that was my boss, I’m not sure what I would do.
I’d probably do a Peter Gibbons from Office Space, and just mail it in everyday.
“ My faith in humanity is currently at an all time low, so we’ll see.”
If God grants you a long enough life, the one thing that will both edify you and make you really laugh is the realization that the human race is epically stupid.
:)
I have taken to heart a “quote” from, supposedly, Mark Twain.
“A cynic is just a crushed idealist.”
I think Greta Thunberg has talked of how we need to limit carbon, to avoid the 1.5 C increase?
I don’t kniw where Greta came up with that. Apparently it is a given among climate alarmists that this is the magic number.
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