This week in responsible investing, Unlocking America’s Future released an explainer video detailing the consequences of Texas’ bans on responsible investing, Exxon-backed shareholder proposals attacking ESG failed to pass, and anti-responsible investing measures are stalling in states as multiple reports show that costs are being passed on to taxpayers. All this and more below:
American Petroleum Institute claims to advocate for “consumer choice” while pushing anti-ESG laws in Texas.
From UAF’s statement: “Big oil and gas companies can’t have it both ways,” said Kyle Herrig, spokesperson for Unlocking America’s Future. “We know responsible investing is good for the economy, jobs, and business climate. API’s attempts to take away those options for public employees, taxpayers, and retirees is out of touch with what Americans want.”
Anti-ESG measures cost taxpayers money and states are feeling the pain.
From E&E News by Politico: A multiyear campaign by Republican lawmakers to prevent public pension funds and municipal governments from considering climate change in their investments is losing momentum as reports show the restrictions are costing taxpayers money.
All of the Exxon-backed shareholder proposals attacking corporate LGBTQ+ and climate policies failed to pass.
From UAF’s ICYMI: Between January and May 2024, anti-ESG shareholder proposals attacking carbon reduction and corporate social responsibility policies increased by 133% compared to 2022 and 900% compared to 2020, according to new data from ISS-Corporate, a leading proxy research firm for institutional investors. Despite the stark increase – mostly driven by the Exxon-backed National Center for Public Policy Research (NCPPR) – all measures failed to pass a majority vote, with the most successful proposal reaching just 7% shareholder support. The architects of the proposals have largely argued that ESG initiatives expose companies to public relations crises.
UAF released a video explaining the consequences of Texas’ bans on responsible investing.
From UAF’s release: “Self-serving politicians and greedy CEOs will stop at nothing to protect their bottom line at the expense of Texas taxpayers, putting an end to the ‘Texas Miracle,’” said Unlocking America’s Future Spokesperson Kyle Herrig. “State legislators need to focus on the actual issues facing Texas rather than bowing to the special interests and billionaires funding their campaigns. Texas voters are catching on and are fed up. This video lays bare how bans on responsible investing hurt business, jobs and the environment, and endanger the economic future of Texas.”
Read more:
- RHETORIC VS. REALITY: American Petroleum Institute Advocates for “Consumer Choice” While Pushing for Fossil Fuel Mandates
- E&E News by Politico: State anti-ESG efforts stall as reports say they cost taxpayers money
- ICYMI: Exxon-Backed Shareholder Proposals Attacking Corporate LGBTQ, Climate Policies Double in First Half of 2023, but All Failed To Pass
- RELEASE: Unlocking America’s Future Publishes Explainer Video on Consequences of Texas’ Responsible Investing Bans
