Vote no on politicized ESG portfolios WashTimesOpEd
has just admitted that divesting from the fossil fuel industry “does nothing to reduce greenhouse emissions.” This is a stunning admission from one of the earliest and most powerful ESG advocates.
These are steps in the right direction. But given the veto by the White House, the next course of action requires a mass uprising by investors against the politicization of their portfolios. That can start with the current round of shareholder meetings. As pointed out by experts such as Steve Milloy, this 1.5-degree mandate “is arbitrary and has no scientific origin or meaning.” These proposals would make American energy more expensive and less reliable while shifting capital and technology to China, which abuses workers and the environment.grocery chain is facing a shareholder proposal that demands the company hire on the basis of race and gender categories rather than skills and competence.
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Vanguard Confronts an Inconvenient TruthVanguard had previously joined the Net Zero Asset Manager’s initiative (NZAM) in 2021, but withdrew 21 months later, citing confusion about individual firms’ views. Vanguard is unique in its ownership structure, commitment to passive index-based low-fee funds, and focus on retail investors. It has taken a more cautious approach to ESG investing and doesn’t heavily rely on external ESG ratings services. Critics argue that Vanguard should compel companies to decarbonize to prevent portfolio losses, but this overlooks asset managers’ primary duty and overstates ESG investing’s impact. Vanguard believes that addressing climate change requires governmental action and that the industry should aggressively endorse this path. Regulatory changes clarifying sustainable investing and a bifurcation of ESG investing can enable more authentic decarbonization. Vanguard’s NZAM withdrawal acknowledges the limits of win-win ESG “solutions” and clarifies the path to urgent decarbonization.
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