Posted on 12/16/2023 10:01:18 AM PST by E. Pluribus Unum
In 2018, Bank of the West issued policy statements vowing to limit the business it would do with fossil fuel companies.
The bank’s decision was made entirely on an ideological opposition to fossil fuels and not out of any concern that the investments weren’t paying off, saying that they were withdrawing support for companies and business activities that are "detrimental to our environment and our health."
In those days, few had ever heard of environment, social and governance (ESG), a form of corporate responsibility that rates funds according to certain progressive-friendly markers. Among them is a commitment to fighting climate change by minimizing or eliminating support for fossil fuels.
At the time, Wyoming Gov. Mark Gordon, was the state’s treasurer. As treasurer of an energy state, Gordon wasn’t too happy with San Francisco-based Bank of the West’s announcement, and he threatened to stop doing business with them.
“It was kind of interesting to see that happen. Wyoming was the first state to pull money from a bank,” Dr. Brent Bennett, policy director for Life:Powered, an energy education initiative of the Texas Public Policy Foundation, told Just The News.
Rise and decline
As the influence of ESG continued to grow after 2018, state legislatures, especially in red states, grew concerned about tax dollars funding progressive causes. Today, 19 states have at least one anti-ESG law on the books, according to S&P Global Market Intelligence.
While more laws regulate the use of ESG in state business decisions, the poor performance of ESG funds has also chipped away on the movement’s influence. Higher interest rates and inflation blasted so-called clean energy stocks.
(Excerpt) Read more at justthenews.com ...
ESG isn’t going anywhere. Too many have been indoctrinated.
We do not need the end of ESG; we need the end of the people pushing ESG!
ESG needs to DIE.
The things of man do not last forever.
Government will mandate the ESG requirement on all financial investments, loans, purchases, etc. Problem solved as far as the government sees….
How is Black Rock doing? Vanguard? Main Street?
Investors may be factoring in a Trump win and the end of government green money in exchange for bribes.
Get your bribes in quick while you still can.
No, governments will keep it going. It serves the purposes of those behind the scenes.
“...that are “detrimental to our environment and our health....”
Kill yourself.
The people pushing ESG are taking advantage of positions of trust that are covered by layers of anonymity that have to be broken in order to hold them accountable. It isn’t their money, it’s yours, but it is their power and they’re using it regardless of the intentions of the investors they’re supposed to be serving. It may be legal but it’s still corruption.
Money speaks louder than ESG. It’s a loser and the likes of Buffet will split.
but not the likes of Fink ... who is the one keeping it afloat ...
Government has grown to big and too corrupt, and is now attempting to change the laws of physics and the laws of economics.
Just like DEI should always be refereed to as DIE, ESG should become SEG....
No but when every C-level employee and wannabe believes this crap it will take more than this to be rid of it.
Canada’s green fund used as a slush fund for the people that run it
...or better yet, GES. Because that is all these insane “leaders” do...guess.
Another bank about to go under soon.
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