How ESG became part of America’s culture wars
A focus on social issues by big business has angered some Republicans
IT ALLOWS COMPANIES to “inject an ideological agenda through our economy”, says Florida’s governor, Ron DeSantis. It “empowers an unelected cabal of bureaucrats…to rate companies based on their adherence to left-wing values,” says Mike Pence, a former vice-president. According to a letter from 19 Republican governors, it encourages the “proliferation of woke ideology”. Several states have passed laws to limit it. The villainous concept is environmental, social and governance (ESG) investing. It is an approach that investors use to make decisions that includes considerations such as a company’s carbon emissions, its policies on sexual harassment and diversity among its board members. ESG, along with gas stoves and some books, has been caught up in America’s culture wars. Why?
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