This week in responsible investing, self-interested politicians in Congress attempted to hold a so-called “anti-woke” week where they attacked responsible investing in a series of hearings and attempted bills. Unlocking America’s Future held a press call to highlight the abject failure of the week, which saw Republicans scrambling after they were derailed by a series of scandals. More information below:
UAF held a press call with members of Congress and industry advocates to highlight the failure of anti-ESG efforts during the so-called “anti-woke week” in the U.S. House of Representatives.
As Rep. Sean Casten (IL-6) said during the call, “If states are the laboratories of democracy, then we are taking the wrong lessons from the anti-woke agenda.”
Rep. Juan Vargas (CA-52) continued along that point, saying that efforts to derail responsible investing are “irresponsible for America, the future, the world, and people in my district that rely on long-term investments for their financial health.”
- ESG Dive covered the briefing, quoting Rep. Vargas: “The good thing is, these bills are going nowhere,” Vargas said in a Friday morning briefing hosted by pro-ESG 501(c)4 Unlocking America’s Future.
Democracy Forward President and CEO Skye Perryman said, “We’re seeing the real consequences of the anti-woke agenda on the ground and in the states…We are working with businesses in Texas to fight an extreme anti-business measure that unjustly penalizes private companies that choose not to make risky investments in fossil fuel companies.”
A new report from Oil Change International and Zero Carbon Analytics showed that lawsuits against big oil have tripled in the past nine years.
From UAF’s ICYMI: Legal pressure on the oil and gas industry’s majority share (69%) of global carbon dioxide emissions has intensified significantly in recent years, with climate lawsuits against the industry tripling in the last decade, according to a new report. Three categories of climate-related filings have spiked in that time frame: 38% request compensation for climate damages caused by fossil fuels; 16% challenge misleading advertising claims; and 12% aim to require companies to reduce their overall carbon emissions. Big Oil has yet to be legally required to pay up for causing damages to the environment, but research shows the industry’s liability – including for homes lost to disasters such as flooding – is significant and are estimated to be in the trillions of dollars.
The Texas House Committee on Pensions, Investments, and Financial Services held a hearing on the impact of anti-ESG laws on the state of Texas – refusing to address the real cost of these laws.
From UAF’s statement: “Politicizing the investment of public dollars hits the pocketbooks of every Texas, and threatens the retirement security of those who have dedicated their lives to public service,” said Kyle Herrig, spokesperson for Unlocking America’s Future. “Today, Texas lawmakers need to reflect on the real-world results of an extreme and costly political agenda.”
Read more:
- ICYMI: Climate Lawsuits Against Big Oil Triple Since 2015, Citing Damages, Misleading Advertising, Emissions Reduction
- RELEASE: HAPPENING NOW: Key Texas House Committee to Hold Interim Hearing on the Impact of the State’s Anti-Responsible Investing Laws
- MEDIA ADVISORY: Members of Congress, Industry Advocates Hold Press Call on House Anti-Woke Week, Anti-ESG Bill Votes
- Post Call Release: Members of Congress, Industry Advocates React to Failed “Anti-Woke” Week Anti-ESG Efforts
- RELEASE: Key Texas House Committee Holds Interim Hearing on the Impact of the State’s Anti-Responsible Investing Laws
- ESG Dive: House GOP passes pair of anti-ESG bills targeting ‘woke’ investment policies
