Woke standards are infecting the corporate landscape worldwide, and it’s having dramatic effects.
Companies are now working for ideological agendas rather than maximizing profits.
But these three House Republicans are finally pushing back on the Left’s radical ESG policies.
Three House Republicans go after major investment firms in an antitrust case related to ESG standards
House Republicans said they believe that the backroom deals to combat climate change could be in violation of antitrust laws. They’ve called on leadership at companies like BlackRock and Vanguard to hand over any documents relating to decarbonization and emissions targets.
They made the request in letters ordering them to explain how their companies are approaching environmental, social, and governance (ESG) policies. The concern is that the companies are coordinating and colluding to reach their environmental goals.
The letters, written by Jim Jordan, Dan Bishop, and Thomas Massie, argue that the goal of reaching net zero carbon emissions by 2050 is not in the best interests of the American people and will harm the nation’s economy. Meanwhile, the companies mapping out these changes will benefit.
They explain exactly how this radical agenda will impact our country.
Collusive ESG agreements could “deprive businesses…and consumers” in America
“Reaching net zero would require draconian ‘declines in the use of coal, oil, and gas’,” they wrote, adding that all these industries would face near total elimination. They said that these cuts would “require radical steps” that would lead to further “choking of investment in these industries.”
They argued that it would require “halting sales of new internal combustion engine passenger cars by 2035 and phasing out all unabated coal and oil plants by 2040.” This would lead to economic circumstances that would have catastrophic effects across the country.
“Such restrictions limit output, increase prices, and deprive businesses of investments and consumers of choices. The potential consequences for American freedom and economic well-being are far reaching,” the lawmakers wrote. This is exactly why they are going after these “collusive agreements.”
All these policies are driven by advocates of ESG, and they’re only growing in numbers.
This is the second time in recent months that BlackRock has been served a letter
The concept of ESG has been around for about 20 years after it was introduced at the United Nations Environmental Program Financial Initiative. The goal was to make global changes through cooperation with international corporations.
Republicans have recently been warning that ESG policies are impacting the profitability of many organizations and not serving the stockholders of publicly traded companies. Investment firms like BlackRock and Vanguard are some of the biggest financial advocates of ESG policies.
This is not the first time Bishop and Jordan have gone after these companies for antitrust violations. They issued a similar letter in May to a company called Climate Action 100+. BlackRock is a major contributor to Climate Action 100+ and was included in that letter as well.
BlackRock has since released a statement saying that they look forward to “engaging” with the House Committee and that their “sole focus as a fiduciary is seeking the best financial outcomes for [their] clients, consistent with their investment objectives.”
Patriot Political will keep you up-to-date on any developments to this ongoing story.
