The retreat of the ESG investment criteria

 Power Line:

We haven’t written much about Environmental, Social and Governance (ESG) investing, which is one of the evils of our time. Basically, it seeks to force publicly-traded companies to take left-wing policy positions. Perhaps the number one force behind ESG has been BlackRock, Inc., the world’s largest asset manager with $10 trillion under management.

Given BlackRock’s prominence in the ESG movement, this headline couldn’t be more welcome: BlackRock ditches green activism over Russia energy fears.

BlackRock has warned it will vote against most shareholder green activism this year for being too extreme, in a significant u-turn by the world’s biggest money manager.

The company said it was concerned about proposals to stop financing fossil fuel companies, including forcing them to decommission assets and setting absolute targets for reducing emissions in their supply chains.
***
In a stewardship report, the asset manager said: “We do not consider [the proposals] to be consistent with our clients’ long-term financial interests.”

No kidding!

...

This looks like the woke movement is in full retreat in at least corporate America.  That is a good sign for the economy and the country. 

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