The controversy stems more culture wars, but blocking ESG investments doesn't make much financial sense looking to the future.
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The Senate passed the ESG blocking measure after Senators Jon Tester and Joe Manchin III crossed party lines and joined the Republicans, providing the key pieces of the 50-46 majority needed. Both senators are up for reelection next year in heavily Republican states. The bill falls under the Congressional Review Act, which allows Congress to retract rules issued by a federal agency provided the rule has not been in effect longer than 60 legislative days.
Excluding brown industries – such as tobacco, gambling, and fossil fuels – is often perceived as the purest and most effective form of. Divesting starves these industries of capital, limiting additional harm. By refusing to endorse their goods and services, practitioners and the public hold investors accountable for holdings of brown firms and call for management companies to commit to divestment.
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