Republican cancel culture has come for free-market capitalism.
show that investments based on ESG have either outperformed, or performed as well as, non-ESG investments. What is good for people is generally good for business.Given the growing wave of influential ESG investors, most public companies and asset managers have incorporated ESG into their operations to meet investor demand.
Pence’s performative outrage sounds like something from a far-right radio program. In fact, conservative talk-show host Glenn Beck, who has promoted false conspiracy theories involving hedge fund manager George Soros and former President Barack Obama among others, has criticized ESG using similar arguments and language. Beck hosted a radio show on March 18, 2022, titled: “Why are woke CEOs using ESG to DESTROY our free market?” During the show, Beck called ESG “the opposite of the free market.
Some criticism of ESG is fair and justified. In May, for example, Standard & Poor’s rebalanced stocks in its sustainability portfolio, dropping Tesla but retaining ExxonMobil. Technical ratings may have triggered the actions, but most felt that the moves lacked common sense and were plain wrong. Tesla CEO Elon Musk wrote on Twitter: “ESG is a scam. It has been weaponized by phony social justice warriors.” His anger was understandable.
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