Blindly protecting investments in coal and oil without taking account of the changing world is a formula for impoverishment — environmentally, socially, and especially financially.
That was quite the bill of particulars that Mark Brnovich and Doug Peterson laid against BlackRock, the world’s largest money management firm, back in August.of subverting the financial interests of its clients, even sacrificing pensioners’ retirements to pursue its own agenda. The giant firm was engaged in “squelching political speech” and acting to “penalize” corporate managements that bucked its preferences.
The term refers to efforts by shareholders to prompt their companies to align their activities with “environmental, social and governance” goals such as ending discrimination against LGBTQ individuals, promote gun safety and combat global warming., “ESG” is the new “critical race theory,” or “CRT"— a concept nebulous enough to be easily invoked as something offensive or evil and employed as an all-purpose rallying cry in the partisan culture wars.
How did Vanguard do so? According to the states, in part by voting in favor of shareholder resolutions urging companies to make more thorough disclosures of their impact on global warming. Vanguard also has been a member of the Net Zero Asset Managers initiative, a financial industry alliance whose members are committed to working to achieve net zero carbon emissions by 2050.
The anti-ESG campaign boils down to an assault on investing that takes climate change into account. Given the pace of global warming and its impact on economies in myriad ways, ignoring the phenomenon as even a short-term investment consideration, not to mention the long term, is imprudent by any measure.
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