To: Interested Parties
From: Unlocking America’s Future
RE: Facts About ESG and the American Electorate
Date: July 15, 2024
As the Republican National Convention kicks off in Milwaukee, WI, Unlocking America’s Future (UAF) is reminding voters that responsible investing is popular and anti-ESG rhetoric is out of touch with the American electorate. Several policymakers taking the stage this week have opposed responsible investing, blacklisted financial institutions from engaging in ESG, and attempted to stop the U.S. Securities and Exchange Commission’s climate risk disclosure rule. Anti-ESG policies have incurred hundreds of millions of dollars in state costs, burdening taxpayers and highlighting the growing disconnect between legislators and their constituents.
This memo outlines recent polling and research released by Unlocking America’s Future examining how American voters feel about these critical issues.
UAF polling shows voters are overwhelmingly favorable to “responsible companies,” “sustainable business practices,” and “responsible investing.”
- Only 8% of Americans think investigating how companies spend money on ESG issues should be a priority for Congress, and 83% trust companies more than politicians when deciding whether they agree with a company’s stance on an issue.
- 88% of Americans approve of companies that have a positive impact on their communities, and 77% agree that corporations have a responsibility to bring about social change on society’s most important issues.
- The public believes that bans on responsible investing are most likely to harm workers and the economy. Nearly three in five voters believe bans on responsible investing will negatively impact the economy (58%), energy and gas prices (57%), and retirement savings (56%).
- The public is concerned about the network of billionaires, including those from the oil and gas industries behind these attacks. Nearly 60% of Americans are concerned billionaire donors are “pouring money” into the interest groups and politicians supporting these bans.
- A majority of Americans believe the consequences of bans on responsible investing will negatively impact their financial well-being. Voters are most concerned about the bans’ implications on lower wages for workers (54%), jobs being sent overseas (49%), higher interest rates (47%), and taxpayers having to pay more like in Texas (47%).
Research from Data for Progress and UAF reveals anti-responsible investing policies do not resonate with American voters across party lines.
- After reading a brief definition of “Responsible Investing,” voters across party lines are supportive. 71% of voters said they were likely to support responsible investing.
- A majority of voters (58%) are in favor of receiving more information about climate-related financial risks to inform their investment decisions. A majority of voters (56%) also believe that climate disclosures are standard transparency requirements and are no different than other financial risk disclosures that businesses have to report.
UAF polling shows voters in leading anti-ESG states like Texas oppose responsible investing bans, despite state-wide ESG bans from politicians like Governor Greg Abbott and Attorney General Ken Paxton.
- Texans overwhelmingly (91%) trust banks and professional investors over politicians when deciding whether a company is a worthwhile investment. In fact, 83% of Texans believe it is not the role of the state government to tell private financial institutions how to invest their customer’s money. A majority of Texas voters don’t support or see the need for these anti-ESG laws, with 56% of voters opposing ESG bans.
- An overwhelming majority of Texas voters (82%) agree that “a company’s poor record on the environment, workers’ rights, and other social issues is a financial risk investors should be able to consider along with other factors when determining whether to invest.” A majority of Texans (66%) also support disclosure requirements for publicly traded companies on climate-related financial risks in their financial statements.
- A majority of Texans believe state lawmakers are working for their wealthy campaign donors (77%) and are too friendly with the fossil fuel industry (66%). 65% of Texans say they are concerned about right-wing extremism in Texas, and 72% of voters believe that “in recent years Texas leaders have become less focused on fixing real problems and more focused on pushing an extreme conservative agenda.”
