This week in responsible investing, President-elect Trump continues to name anti-ESG evangelists to key government positions including Paul Atkins to lead the U.S. Securities and Exchange Commission (SEC). Meanwhile, Texas Attorney General Ken Paxton is at it again. Read more below:
Trump announces Paul Atkins to run the SEC, putting ESG investing and the current SEC climate disclosure rule at risk.
From UAF’s statement: “The nomination of Paul Atkins to head the SEC is in line with President-elect Trump’s commitment to dismantle ESG, as outlined in his Project 2025 agenda. Atkins’ mission to roll back accountability and transparency should raise alarm for the future of responsible investing. His leadership would put the current SEC climate risk disclosure rule in danger and surely put a stop to any progress on ESG, which are critical for building a resilient American financial system, protecting the financial security of America’s retirees, and maintaining America’s leadership on the global stage.”
In addition to being a staunch opponent of responsible investing, Atkins also has ties to extreme, far-right organizations.
From UAF’s fact sheet: Atkins is a member of extreme judicial advocacy organization the Federalist Society. He has spoken out in opposition to ESG at numerous Federalist Society meetings and events, most recently on a panel in July titled: “Utah v. Su: Are DOL (and SEC) regulations that encourage ESG investing lawful?” He also spoke at the SFOF 2022 National Meeting as part of a discussion on ESG and “the role of the fiduciary.”
Texas Attorney General Ken Paxton sues BlackRock, State Street, and Vanguard to protect coal.
From The Houston Chronicle: Texas Attorney General Ken Paxton is trying to shake down BlackRock, State Street and Vanguard, and he’s hired the attorney who defended him against impeachment to share in the profits. In a lawsuit that would make values investing illegal, Paxton accuses the nation’s largest asset managers of illegally conspiring to manipulate energy markets by not investing in the dying coal industry.
Trump’s likely nominee to lead the Department of Energy, Chris Wright, drank fracking fluid.
From Bloomberg: Wright has proclaimed the moral virtues of fossil fuels and championed them as a way to lift people out of poverty … Wright acknowledges the Earth is warming, but he believes the effects can be managed through human ingenuity — a position that puts him at odds with the scientific consensus that the world faces catastrophic impacts if emissions aren’t slashed.
A new study from Morgan Stanley shows a majority of asset managers expect to see an increase in sustainable investing, despite ongoing attacks.
From ESG Today: As investors increasingly view sustainable investing as a more mature strategy with upside from exposure to growth opportunities, the survey found that a large majority of both asset managers (79%) and asset owners (76%) now view sustainable investing offerings as a key differentiator in decisions on investment mandates.
Read more:
- The Houston Chronicle: Texas Attorney General Ken Paxton sues BlackRock, State Street and Vanguard to protect coal
- Bloomberg: Energy CEO Who Drank Fracking Fluid Is Now Trump’s Oil Evangelist
- STATEMENT: Nomination of Paul Atkins To Run SEC Puts ESG, Climate Disclosures At Risk
- ESG Today: 80% of Investors Expect to Increase Sustainable Investments Over Next 2 Years: Morgan Stanley Survey
- FACT SHEET: New SEC Chair Nominee Paul Atkins Is A Staunch Anti-ESG Advocate With Ties To Extreme Right-Wing Organizations
