Editor’s Commentary: There is a needed shift occurring in the way companies, even some of the most “woke,” are treating “Environment, Social, and Governance” policies, also known as ESG. They are realizing three things. The first is obvious. When you put emphasis on woke principles that less than half of the nation cares about, you alienate those who don’t care about them at all. Second, it’s not as profitable to focus on being “responsible” to the worries of radical leftists than to focus on doing business well.
The third takeaway, which is the one that seems to be breaking the camels’ backs, is that engaging in the ESG agenda offers zero social benefits against cancel culture. Companies that wear the ESG Badge are not seeing any protections from environmental groups, social justice warriors, or leftist politicians. Being woke doesn’t pay, but it also doesn’t guard against retribution from ESG disciples. In short, what’s the point?
While this is a wonderful development as it pertains to the businesses that are waking up to realities, it bodes ill for the economic war that has been brewing for a while. Globalist companies like BlackRock and organizations like the World Economic Forum are not just going to give up on their dreams of The Great Reset simply because their agenda is proving to be broken. They’re going to double-down on their pressure campaigns, which means companies and their investors are going to be attacked on multiple fronts. Those who continue to embrace ESG are going to suffer from the business-damaging principles. Those who pull away from ESG will be made to suffer by the globalist elite cabal for their insolence.
The article below by Bob Unruh from WND breaks down the reports that are showing ESG’s fading influence. As you read it, keep in mind the ill-effects this is going to have on the markets for the foreseeable future. I’ve been bullish about precious metals to protect wealth and retirement for over a year and this development reaffirms my convictions. Market turbulence isn’t going to subside in the short- or long-term due to Tuesday’s red wave, as Morgan Stanley analysts noted earlier today. The economic war that’s coming means Americans with investments need to act sooner rather than later. Procrastination will wipe some people out financially. Here’s Bob’s article…
For several years already, “woke” corporations have emphasized their “ESG” agendas.
That would stand for “environmental, social and governance” and it involves skewing their business decisions to, instead of producing the best product at the best price for consumers and shareholders alike, adjust for those environmental worries.
Or the social agenda that prevails. Or the mandate for minorities in management. But a report from the Washington Stand now explains CEOs are planning to “move away” from the agenda. And in Oklahoma, a law is taking effect that requires the state to stop doing business with financial companies that use ESG strategies.
Most of those specifically snub oil and gas companies, because of the climate change agenda that warns about its environmental impacts.
“In recent years, ESG investing has become the preferred investment strategy for almost every major company in America, as left-wing special interest groups have mounted increasing pressure on corporate America to divest from fossil fuels out of purported concerns about climate change. However, studies show that even if the U.S. cut 100% of CO2 emissions, it would make the world only 0.137 degrees Celsius cooler by 2100,” the report noted.
It was Oklahoma Gov Kevin Stitt who discussed the issue with “Washington Watch,” like the Stand another division of the Family Research Council in Washington.
His state now has the Energy Discrimination Elimination Act, the report said. He explained his job is to protect his state and its assets.
“We’re not going to invest in companies [whose] goal is not to earn a return, but more just to kind of check some box. We think that’s ridiculous. [We] also just [want] to protect our way of life and our oil and gas industry,” he explained.
Continuing, he noted, “We’re using our tax dollars in our pension funds that we’re setting aside for the benefit and the retirement of our state employees and our police and our fire. And then we’re turning around and investing in companies that then turn around and attack our state. So it’s just kind of a circular deal that’s not good for the state of Oklahoma. So as governor and as a businessman, we’re going to put a stop to this.”
His state is joining a list of others, including Kentucky, Louisiana, Mississippi, South Carolina and West Virginia, that already have begun divesting from firms that openly promote ESG ideologies, the report said.
Stitt warned, too, about what Joe Biden is doing, by complaining that oil companies are “war profiteering.”
“That sounds a lot like socialism to me,” Stitt charged. “…You’ve got to remember, there’s millions of shareholders, millions of pension funds involved in investing billions of dollars in capital in our energy space. And for the president of the United States to say we’re going to have a windfall tax on that, what’s the next step — for them to take over private industries? This is a slippery slope. It’s an attack today on this industry. Tomorrow it could be on a different industry. And that’s nonsense.”
He warned there always are consequences to socialist ideals.
“When the government tries to fix one thing, they break 25 other things. You let the free market work, you deregulate, and that actually helps the middle class, that helps competition, that drives down prices. We know that from a business perspective. And so that’s why we’re unashamed of talking about some of the smaller government, less regulation that we need in Oklahoma and also, frankly, in the United States.”
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