Red state officials are coming out swinging against growing Wall Street efforts to consider environmental risk in investment decisions.
The Utah State Capitol, rear, is shown behind an oil refinery on Thursday, May 12, 2022, in Salt Lake City. A growing number of Republican-led states with economies that rely heavily on fossil fuels are pushing back against shifts in the financial industry to consider new factors such as environmental risk in their investment decisions.
The concept calls on investors to consider criteria such as environmental risk, pay equity or how transparent companies are in their accounting practices. Aided byand analysis from ratings agencies, they have adopted the principles to such an extent that those who use them control $16.6 trillion in investments held in the U.S.
“We focus on sustainability not because we’re environmentalists, but because we are capitalists and fiduciaries to our clients,” Larry Fink, CEO of investment firm BlackRock and a leading proponent, told clients in a letter this year. Though he likened ESG to critical race theory, Oaks said he was mostly concerned with capital markets and what he called attempts by fossil fuel opponents to manipulate them by pressuring investors to pick businesses with high ESG scores.“DEI, CRT, SEL. It can be hard to keep up with the acronyms,” he wrote on an economics blog last month, “but there’s a relatively new one you need to know: ESG.”
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