Things are heating up, even before Donald Trump returns to the White House and the Republicans take control of Congress.
Even before Donald Trump has returned to the White House and the Republicans take control of Congress, the war on “woke capitalism” in the US is intensifying.
Texas has been one of the most aggressive Republican states, railing against “woke” capitalism or investors who consider environmental, social, and governance and diversity, equity, and inclusion issues when they invest.The waging of the culture wars in states such as Texas and Florida has seen the politicisation of ESG and DEI elevated over financial common sense.
The world’s biggest fund manager was once the most vocal advocate for ESG investing but has backed away from promoting it recently, with its chairman, billionaire Larry Fink, saying that while his firm hadn’t changed its stance, ESG had become too politicised. BlackRock had to double its spending on Fink’s security because of his profile on socially responsible investing.
To support the allegation of a conspiracy, the lawsuit referred to the three fund managers’ involvement in climate change groups such as Climate Action 100+ and Net Zero Asset Managers, although both State Street and BlackRock quit Climate Action 100+ this year. Vanguard, which left Net Zero Asset Managers two years ago, was never a member of Climate Action 100+.
More than half the companies in the S&P 500 index have adopted net zero emissions targets and more than 90 per cent of them produce ESG reports, albeit that some have been accused of “greenwashing”, or claiming they comply with ESG standards when they don’t.
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