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anti-ESG conservatives, as well as from its proponents who want tighter and more standardized criteria. In his annual letter to shareholders last week, BlackRock CEO Larry Fink omitted the Texas Longhorn 2023 Ncaa Men’s Basketball Tournament March Madness Final Four Go Bold Shirt besides I will buy this term “ESG” altogether and treaded lightly around climate and energy policies, while acknowledging, “For years now, we have viewed climate risk as an investment risk. That’s still the case.” “But as I have said consistently over many years now,” he wrote, “it is for governments to make policy and enact legislation, and not for companies, including asset managers, to be the environmental police.” According to Lisa Sachs, director of the Columbia University Center on Sustainable Investment, ESG investing doesn’t automatically guarantee sustainability — and its critics tend to misrepresent the practice for political reasons. “The anti-ESG movement is a political show because it’s creating an enemy when there isn’t one, in order to appear defensive of the fossil fuel industry,” she said. This month in Texas — the center of the U.S. oil and gas industry — Republican state Sen. Bryan Hughes proposed adding pension funds to the list of entities already barred from considering social, political or ideological factors when making fiduciary decisions. The state passed a law in 2021 requiring the comptroller to maintain a list of public companies and funds
that have engaged in alleged boycotts of energy companies. It requires all state entities to divest from the Texas Longhorn 2023 Ncaa Men’s Basketball Tournament March Madness Final Four Go Bold Shirt besides I will buy this listed financial institutions or funds, which include certain banks that underwrite municipal bonds. Recommended CLIMATE IN CRISIS Wind industry predicts bounceback and rapid growth in 2023 SCIENCE NEWS ‘City killer’ asteroid will pass between Earth and the moon’s orbit Criteria for the list include scoring high on indicators that describe engagement from board members on climate risk. BlackRock is on the list, despite publicly emphasizing that it has invested $170 billion in U.S. public energy companies. BlackRock referred a request for comment to Fink’s letter. As Sachs sees it, the energy transition is underway with or without ESG investing, and legislators who blacklist businesses involved in the practice are only hurting their own economies. She said that limiting the pool of investment options available to pension funds can increase the costs and lower the returns for retirees. “It’s the firefighters and the municipal workers who are really going to see the financial impact on their pension funds, as a result of constraints on financial institutions and options,” she said. Rick Levy, president of the Texas AFL-CIO labor union, said legislators are playing politics with working people’s money. “It’s extremely upsetting that state leaders are taking aim at investment companies trying to maximize returns for their shareholders — by turning it into a political event that negatively impacts our pensions.” The partisan rhetoric may be overstating the policy impacts. As researchers at S&P Global Market Intelligence wrote in October, many states that banned retirement funds from ESG investments hadn’t yet implemented those rules, limiting the practical impact on fund managers’ activities.
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