NYC papers squabble over ESG and its opponents (2022)
| Environmental, social, and corporate governance |
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| • What is ESG? • Enacted ESG legislation • Arguments for and against ESG • Opposition to ESG • Federal ESG rules • ESG legislation tracker • Economy and Society: Ballotpedia's weekly ESG newsletter |
On August 5, the New York Times ran an investigative report on the people and organizations that it argued were, in its words, weaponizing public office to push back against ESG:[1]
“Nearly two dozen Republican state treasurers around the country are working to thwart climate action on state and federal levels, fighting regulations that would make clear the economic risks posed by a warming world, lobbying against climate-minded nominees to key federal posts and using the tax dollars they control to punish companies that want to reduce greenhouse gas emissions.
"Over the past year, treasurers in nearly half the United States have been coordinating tactics and talking points, meeting in private and cheering each other in public as part of a well-funded campaign to protect the fossil fuel companies that bolster their local economies.
"Last week, Riley Moore, the treasurer of West Virginia, announced that several major banks — including Goldman Sachs, JPMorgan and Wells Fargo — would be barred from government contracts with his state because they are reducing their investments in coal, the dirtiest fossil fuel.
"Mr. Moore and the treasurers of Louisiana and Arkansas have pulled more than $700 million out of BlackRock, the world’s largest investment manager, over objections that the firm is too focused on environmental issues. At the same time, the treasurers of Utah and Idaho are pressuring the private sector to drop climate action and other causes they label as 'woke.'
"And treasurers from Pennsylvania, Arizona and Oklahoma joined a larger campaign to thwart the nominations of federal regulators who wanted to require that banks, funds and companies disclose the financial risks posed by a warming planet.
"At the nexus of these efforts is the State Financial Officers Foundation, a little-known nonprofit organization based in Shawnee, Kan., that once focused on cybersecurity, borrowing costs and managing debt loads, among other routine issues.
"The New York Times reviewed thousands of pages of internal emails and documents obtained through public records requests by Documented, a watchdog group, that shed light on the treasurers’ efforts since January 2021.
"At conferences, on weekly calls, and with a steady stream of emails, the foundation hosted representatives from the oil industry and funneled research and talking points from conservative groups to the state treasurers, who have channeled the private groups’ goals into public policy.
"The Heritage Foundation, the Heartland Institute and the American Petroleum Institute are among the conservative groups with ties to the fossil fuel industry that have been working with the State Financial Officers Foundation and the treasurers to shape their national strategy.
"Many Democratic state treasurers support efforts to combat climate change and want banks and investment firms to be clear about risks posed to returns for retirees and others. Democratic lawmakers in California and New Jersey are working on legislation that would require their state pension systems to divest from fossil fuels. But Democrats have not mounted anything like the national campaign being orchestrated by the State Financial Officers Foundation."
On August 7, 2022, the New York Post responded with an editorial critiquing its crosstown rival, declaring that “The New York Times’ cluelessness just hit an astounding new high”:
“Whoof, that was some truly deranged reporting by The New York Times the other day on 'How Republicans Are ‘Weaponizing’ Public Office Against Climate Action,' painting an evil conspiracy of Republican state treasurers 'to use government muscle and public funds to punish companies trying to reduce greenhouse gases.'
"Yes, a bunch of GOP officials are fighting back against the progressive drive 'to use government muscle and public funds' to destroy carbon-based fuel industries — and against banks and investment firms that are using their power to the same end. And the Republicans are working with think tanks, nonprofits and so on in this effort.
"Exactly as Democrats have long been doing on their side. Just for starters, the New York city and state comptrollers boast of their anti-carbon strategies for investing huge pension funds, as do other Dems in similar jobs across the nation.
"Heck, Mike Bloomberg has been sending millions to state Attorney General offices to fund special units to sue oil, gas and coal companies. That’s far more of an offense against good government than anything the Times uncovered.
"Lefties generally think it’s awesome when they leverage government power to their ends, whether it’s dubious anti-carbon use of pension funds etc. or all those silly 'state travel bans' that have taken off in recent years, mostly targeting other states whose school trans-bathroom policies don’t toe the progressive line.”
See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
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