In 2018, Bank of the West issued policy statements vowing to limit the business it would do with fossil fuel companies.
The bank’s decision was made entirely on an ideological opposition to fossil fuels and not out of any concern that the investments weren’t paying off, saying that they were withdrawing support for companies and business activities that are “detrimental to our environment and our health.”
In those days, few had ever heard of environment, social and governance (ESG), a form of corporate responsibility that rates funds according to certain progressive-friendly markers. Among them is a commitment to fighting climate change […]
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