This week in responsible investing, two House Financial Services Subcommittees held anti-ESG hearings filled with attacks from witnesses with ties to the oil and gas industry, and a prominent anti-responsible investing activist finally admitted to funding anti-ESG attacks against corporations. More below:
On Tuesday, the House Financial Services Subcommittee on Oversight and Investigations held an anti-ESG hearing with witnesses Charles Crain of the National Association of Manufacturers and Tim Doyle, who previously served as senior advisor of the Chevron-backed Bipartisan Policy Center.
From UAF’s pre-hearing witness background: “The predictable attacks on ESG during tomorrow’s hearing are from witnesses pedaling Big Oil’s agenda, despite directly contradicting what investors and the American people continue to demand.. Time and time again, we see efforts from dark money politicians and right-wing activists funded by corporate polluters to weaponize false claims in an attempt to kill responsible investing policies and protect wealthy special interests. Research shows that ESG and climate risk disclosures benefit financial transparency, the environment, and the American economy.”
From UAF’s post-hearing release: “Rep. Bill Huizenga touted fiduciary duty as an argument against ESG, despite the fact that investors have repeatedly made clear that accounting for climate risk is their fiduciary duty. The hearing also elevated attacks against shareholders advocating for ESG, but chose to omit the fact that anti-ESG shareholder activists are playing the same game. As Ranking Member Rep. Al Green noted, investors that ignore climate risk will face serious financial consequences.”
On Wednesday, the House Subcommittee on Financial Institutions and Monetary Policy also held a hearing on ESG disclosures titled “Transparency in Global Governance.”
Representative Andy Barr (KY-06), who led the hearing, used this opportunity to bash responsible investing and attack climate-related financial disclosure transparency.
In response, UAF Spokesperson Kyle Herrig said: “Rep. Andy Barr and other extremist politicians are attempting to use scare tactics to portray the U.S. adoption of unified ESG risk disclosures in line with international standards as a conspiratorial attempt to allow foreign entities to govern American regulatory agencies and financial behaviors. However, as America’s international competitors continue to push ahead on responsible investing, our own politicians are starting unnecessary political wars and wasting taxpayer dollars to the benefit of their friends in the oil and gas industry.”
Right-wing judicial activist Leonard Leo admitted he is behind recent anti-ESG attacks.
From the Financial Times: “Expect us to increase support for organisations that call out companies and financial institutions that bend to the woke mind virus spread by regulators and NGOs, so that they have to pay a price for putting extreme leftwing ideology ahead of consumers,” he said. […] He also confirmed that Marble had since 2021 helped fund organisations that launched campaigns against companies with DEI, ESG and other initiatives, including BlackRock, Vanguard, American Airlines, Coca-Cola, State Farm, Major League Baseball and Ticketmaster.
Read more:
- RELEASE: Witnesses Testifying In House Financial Services Anti-ESG Hearing Funded by Oil and Gas Industry
- Financial Times: Conservative activist launches $1bn crusade to ‘crush’ liberal America
- STATEMENT: Unlocking America’s Future Calls Out Anti-ESG Attacks at House Financial Services Subcommittee Hearing
- STATEMENT: House Financial Services Subcommittee Hearing on Climate Risk Transparency Sees Unfounded Attacks on ESG Disclosures
