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Without sufficient support in Congress and state legislatures to pass sweeping green energy measures, environmentalists are now targeting the oil and gas industry through a financial movement that pressures companies to support liberal policies, according to critics.
“ESG promotes and implements policies through private businesses that could be adopted through a legislative process,” said Utah Treasurer Marlo Oaks. “The Green New Deal didn’t make it through Congress, so its proponents shifted the battlefield to the capital markets.”
Oaks was referring to environmental, social, and governance (ESG) investing, which is based on the concept that investors should use these three broad categories when evaluating where to put their money, prioritizing progressive values and ” social responsibility ” when making financial decisions.
Oaks, a leading voice in opposing ESG, is one of several experts and policymakers who have slammed the movement for seeking to achieve policy objectives by bypassing legislatures and the democratic process.
Republicans in Congress have expressed similar concerns and are taking action. Last month, eight Republicans introduced a bill that would prohibit the federal Thrift Savings Plan (TSP) “from allowing participants to invest their retirement savings into funds that make investment decisions based on environmental, social, governance, or political criteria.”
The TSP, which benefits federal employees and service members, plans to allow certain participants to invest in ESG funds.
“ESG investing is a woke scam,” said Rep. Chip Roy (R-Texas), the bill’s lead sponsor. “It restricts the free flow of capital, undermines U.S. energy freedom to the benefit of our enemies, and advances woke racial and gender ideologies intent on dividing the republic. The upcoming changes to TSP would allow billions of taxpayer dollars to serve these ends. The federal government shouldn’t have any part in this radical nonsense, and especially shouldn’t be using your money to do it.”
Opponents of ESG have also taken […]
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