This week in responsible investing, Trump has selected a cadre of anti-ESG climate deniers more interested in protecting Big Oil’s bottom line than doing what’s right for the American people. Read more below:
President-elect Trump nominates oil CEO Chris Wright to lead the Department of Energy.
From UAF’s statement: “The nomination of Liberty Energy CEO Chris Wright to head the Department of Energy is a catastrophe for our environment, American businesses, consumers, and retirees. Wright’s extremist views and orchestration of disinformation campaigns around climate change should be enough to disqualify him for the role. But his history as a greedy oil industry executive and shadow figure of the anti-responsible investing movement must make his nomination a non-starter. Wright’s nomination threatens the checks and balances of our financial system, the health of Americans’ pension funds that thrive from clean energy investments, and America’s leadership on the global stage.”
Many are calling Trump’s pick a “disastrous mistake” for our climate future.
From UAF’s round-up: Following the announcement of oil CEO and climate change denier Chris Wright to lead the Department of Energy, experts, policymakers, and advocates are sounding the alarm. President-elect Donald Trump’s pick for energy secretary, they say, is a disastrous mistake that will create a wave of setbacks for the American consumer and environment. Meanwhile, dark money advocacy groups that lobby for Big Oil billionaires, like the American Petroleum Institute, are applauding the move.
Trump also selected anti-ESG crusader Vivek Ramaswamy to co-lead a so-called government efficiency department with Elon Musk.
From Pensions & Investments: George Spencer, senior vice president at public relations firm Gregory FCA, and a former member of the Global Impact Investing Network, a nonprofit focused on impact investing, does not think Trump’s victory and the appointment of Ramaswamy will prompt ESG-focused investors to suddenly shift to a new investment strategy. “That said, some (investors) may be evolving the ways they talk about their work; striving to be clearer about how non-financial considerations and outcomes play into their investment decision-making,” he added. “In that way, the shake-out around ESG is likely beneficial for the industry long-term.”
Meanwhile, climate change continues to drive up insurance costs across the country.
From Floodlight: Climate change has blown a hole through insurance markets across the United States. In Louisiana, some residents along coastal Highway 56 have decided to leave, in part, because they can’t find companies willing to insure their homes. In California, that state’s Department of Insurance has barred carriers from not renewing policies in certain fire-prone ZIP codes, essentially forcing the companies to insure properties there. And in Florida, a volatile mix of fraud, litigation, floods and hurricanes has left homeowners like those in Brickell Roads scrambling for coverage.
Read more:
- STATEMENT: Nomination of Oil CEO Chris Wright To Lead Energy Department Is Catastrophe for American Businesses, Retirees
- Pensions & Investments: Trump pick Vivek Ramaswamy is an anti-ESG firebrand. Will his influence reshape sustainable investing?
- WHAT THEY’RE SAYING: Policymakers, Advocates Call Oil CEO Chris Wright’s Nomination to DOE a ‘Disastrous Mistake’
