{"id":266359,"date":"2023-07-09T14:35:23","date_gmt":"2023-07-09T12:35:23","guid":{"rendered":"https:\/\/climatescience.press\/?p=266359"},"modified":"2023-07-09T14:35:25","modified_gmt":"2023-07-09T12:35:25","slug":"are-we-finally-heading-toward-esg-sanity","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=266359","title":{"rendered":"Are we Finally Heading Toward ESG sanity?"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From CFACT<\/a><\/p>\n\n\n\n

By\u00a0Craig Rucker<\/a><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

For years, insurance companies, banks, financial institutions, and asset management firms have championed the climate change cause and ostracized fossil fuels to \u201caccelerate the transition\u201d from oil, natural gas, and coal to wind and solar energy.<\/p>\n\n\n\n

They formed alliances, signed pledges, steered investments into \u201cgreen\u201d energy companies, and denied fossil fuel companies access to investment capital. They say this reflects environmental, social, and governance (ESG) principles to ensure \u201csocially responsible\u201d investing and corporate action, all necessary to avert the \u201cclimate crisis\u201d and ecological destruction.<\/p>\n\n\n\n

But the ESG cabal is doing this with\u00a0other people\u2019s money.\u00a0<\/em>\u00a0They are redirecting insurance premiums, government and corporate employee pension funds, and other investments \u2013 tens of trillions of dollars that rightfully belong to hardworking Americans \u2013 to achieve purposes they want, with next to no input, vote, or agreement by the clients they serve.<\/p>\n\n\n\n

In effect, they are violating their fiduciary obligation: to serve their clients and secure maximum returns on their behalf. Instead, they are using investors\u2019 money to advance politicized agendas. They are all but colluding behind closed doors, with each other and with activist groups and government agencies, in violation of antitrust laws and longstanding ethical principles.<\/p>\n\n\n\n

By exaggerating the \u201cclimate crisis\u201d and the ease and cost of the \u201cenergy transition\u201d in their marketing materials and annual reports, they deliberately ignore or misstate vital material facts, thereby misleading investors. Because they control trillions of investment dollars, they are effectively deciding which companies, even which industries, they will \u201callow\u201d to continue doing business, and indeed continue to exist.<\/p>\n\n\n\n

Florida Gov. Ron DeSantis put it bluntly: \u201cWho do these people think they are? That they govern our society? Nobody voted for [BlackRock CEO Larry Fink]. So our mantra in Florida is, no economic or social transformation without representation. These are policies that could not win at the ballot box, so they\u2019re trying to do through corporate America what they can\u2019t do in the electoral process.\u201d<\/p>\n\n\n\n

It seemed there was no way to stop this. But many companies have recently grown cautious, moderated their positions, stopped extolling their ESG activism, or left ESG alliances altogether. Why?<\/p>\n\n\n\n

Some may have been reacting to the financial hammering that Budweiser, Target, North Face, and Kohls have received for \u201cwoke\u201d social policies that appease activists but antagonize customers. Some may be experiencing moments of sanity. Others may just be lying low for a while, hoping resistance ebbs.<\/p>\n\n\n\n

However, something much more profound and long-lasting may be happening. This may be the result of a grassroots, conservative pushback.<\/p>\n\n\n\n

In recent years, a number of free-market representatives and corporate shareholders have taken part in BlackRock, Bank of America, JP Morgan Chase, and other annual shareholder meetings to raise a fuss. They vote on various matters, put up some of their own proposals, and ask the CEOs uncomfortable questions about their involvement in ESG activities.<\/p>\n\n\n\n

The CEOs are not accustomed to such pushback from conservatives. They dodge, weave and filibuster evasively and defensively. They have no answers. Their reputations have been challenged.<\/p>\n\n\n\n

The activities of these grassroots activists likely have motivated red states to act as well. Florida, Arizona, Kentucky, Louisiana, Missouri, Texas, and other Republican-led states pulled tens of billions of dollars out of BlackRock, State Street, and other Wall Street asset management firms for violating fiduciary duties to state pension plans. Vanguard and other firms then pulled out of the United Nations-sponsored Glasgow Financial Alliance for Net Zero.<\/p>\n\n\n\n

Perhaps it is this withdrawal of funds by red states that recently led Citigroup\u2019s CEO to backtrack and publicly admit that \u201cthe global economy simply cannot operate without fossil fuels today, nor can it grow without them in the mix.\u201d There seems to be a growing recognition that oil, natural gas, and coal are essential for modern industrial economies and living standards and will be for decades to come.<\/p>\n\n\n\n

The outlook for the near future isn\u2019t likely to get any better for those pushing the ESG agenda. Multiple state attorneys general are now raising issues and calling for investigations and lawsuits. They say actions to push ESG constitute collusion, consumer fraud, stifling competition, violating federal and state antitrust laws, misleading investors, and attempting to usurp policymaking and legislating roles that properly belong to citizens, lawmakers, and courts.<\/p>\n\n\n\n

Faced with such threats of legal action, 15 of 31 companies quickly left the Net-Zero Insurance Alliance, whose original members collectively controlled more than $3 trillion in assets. More will likely follow. Banks and investment firms playing the ESG game should take notice.<\/p>\n\n\n\n

All this is good news. The American people are showing they will not stomach the woke agenda these wealthy, powerful, unelected ESG promoters are imposing on them. We the People and our elected representatives have a right and duty to confront and, hopefully, put a stop to them.<\/p>\n\n\n\n

This article originally appeared at\u00a0I&I<\/a><\/p>\n\n\n\n

<\/p>\n\n\n\n

Author<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n


Craig Rucker<\/a><\/p>\n\n\n\n

Craig Rucker is a co-founder of CFACT and currently serves as its president.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

All this is good news. The American people are showing they will not stomach the woke agenda these wealthy, powerful, unelected ESG promoters are imposing on them. We the People and our elected representatives have a right and duty to confront and, hopefully, put a stop to them.<\/p>\n","protected":false},"author":121246920,"featured_media":266368,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691820946,691818102,691818618,691818229,691820945,691818154],"class_list":["post-266359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-blackrock-ceo-larry-fink","tag-climate-crisis","tag-energy-transition","tag-esg","tag-florida-gov-ron-desantis-2","tag-net-zero","fallback-thumbnail"],"jetpack_publicize_connections":[],"jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-17i7","jetpack-related-posts":[{"id":239288,"url":"https:\/\/climatescience.press\/?p=239288","url_meta":{"origin":266359,"position":0},"title":"ESG Fell to Earth in 2022","author":"uwe.roland.gross","date":"01\/12\/2023","format":false,"excerpt":"In reality, it\u2019s about investors and debt providers driving the decarbonization of Western companies and sunsetting its oil and gas companies.","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/00Screenshot-2023-01-12-145507.png?fit=766%2C872&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/00Screenshot-2023-01-12-145507.png?fit=766%2C872&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/00Screenshot-2023-01-12-145507.png?fit=766%2C872&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/00Screenshot-2023-01-12-145507.png?fit=766%2C872&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":259676,"url":"https:\/\/climatescience.press\/?p=259676","url_meta":{"origin":266359,"position":1},"title":"CFACT questions BlackRock\u2019s Fink over growing ESG pushback","author":"uwe.roland.gross","date":"05\/30\/2023","format":false,"excerpt":"During BlackRock\u2019s annual shareholder meeting on Wednesday, CFACT President Craig Rucker posed a question to Chairman and CEO Larry Fink on the matter of the company\u2019s recent setbacks in the area of ESG financing.","rel":"","context":"In \"bad investments\"","block_context":{"text":"bad investments","link":"https:\/\/climatescience.press\/?tag=bad-investments"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0ESG-GRANDE-scaled-1.jpg?fit=1200%2C457&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0ESG-GRANDE-scaled-1.jpg?fit=1200%2C457&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0ESG-GRANDE-scaled-1.jpg?fit=1200%2C457&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0ESG-GRANDE-scaled-1.jpg?fit=1200%2C457&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0ESG-GRANDE-scaled-1.jpg?fit=1200%2C457&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":282318,"url":"https:\/\/climatescience.press\/?p=282318","url_meta":{"origin":266359,"position":2},"title":"Climate Tales: BlackRock got Exxon to divest oil fields that PetroChina wanted (which BlackRock also owned shares in)","author":"uwe.roland.gross","date":"10\/07\/2023","format":false,"excerpt":"From JoNova by Jo Nova When will the Green climate activists realize they are the minions of the Banksters, and communist governments? 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BlackRock were the second largest shareholder with\u2026","rel":"","context":"In \"BlackRock\"","block_context":{"text":"BlackRock","link":"https:\/\/climatescience.press\/?tag=blackrock"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/10\/060842-15677923582684715_origin.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/10\/060842-15677923582684715_origin.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/10\/060842-15677923582684715_origin.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/10\/060842-15677923582684715_origin.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, 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Push on ESG, \u201cClimate Risk Disclosure\u201d","author":"uwe.roland.gross","date":"01\/16\/2023","format":false,"excerpt":"The indispensable transparency-in-government group Energy Policy Advocates has provided GAO a review of record productions from FOIA litigation with the Securities & Exchange Commission, including specifically from calendars of Chairman Gary Gensler and then-Commissioner Allison Herren Lee.","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-745.png?fit=1200%2C755&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-745.png?fit=1200%2C755&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-745.png?fit=1200%2C755&ssl=1&resize=525%2C300 1.5x, 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