{"id":1921256,"date":"2023-04-29T10:26:09","date_gmt":"2023-04-29T14:26:09","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/in-depth-states-fight-esg-industry-despite-costs-and-long-odds\/"},"modified":"2023-04-29T10:28:58","modified_gmt":"2023-04-29T14:28:58","slug":"in-depth-states-fight-esg-industry-despite-costs-and-long-odds","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/in-depth-states-fight-esg-industry-despite-costs-and-long-odds\/","title":{"rendered":"IN-DEPTH: States Fight ESG Industry, Despite Costs and Long Odds"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fin-depth-states-fight-esg-industry-despite-costs-and-long-odds%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1921256&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Conservative States Push Back Against Wall Street\u2019s ESG Agenda<\/h2>\n<div class=\"post_content\">\n<div class=\"aplayer_app\" data-source=\"https:\/\/vs1.youmaker.com\/assets\/2023\/0429\/0dae23a9-ff59-49ba-9da3-05f8d8ea06a0\/audio.mp3?length=9895725&#038;duration=825\"><\/div>\n<p>As conservative states push back against the progressive agenda of Wall Street banks and asset managers, some analysts are warning that \u201canti-ESG\u201d states will pay a price for taking on Wall Street and the ESG industry.<\/p>\n<p>North Carolina State Treasurer Dale Folwell has enacted several measures, including calling on Larry Fink, CEO of BlackRock, the world\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/vivek-ramaswamy-blackrocks-woke-green-agenda-is-all-about-blackrocks-bottom-line-not-its-portfolio-companies\/\" title=\"Vivek Ramaswamy: BlackRock\u2019s Woke Green Agenda Is All About BlackRock\u2019s Bottom-line, Not Its Portfolio Companies\u2019\">largest asset manager<\/a>, to resign over what Folwell says is the company\u2019s excessive focus on controversial political causes.<\/p>\n<p><strong>\u201cWhy am I spending time on this drama when all I hired this person to do was manage and make us money?\u201d<\/strong> Folwell said. He told The Epoch Times that North Carolina is both a client of BlackRock, having hired them as an investment manager, and a shareholder, owning $55 million of BlackRock shares.<\/p>\n<p>Folwell has also taken back the state\u2019s proxy votes, its rights to vote on the corporate shares it owns, from BlackRock <strong>\u201cso that [Fink] can no longer politicize our North Carolina money,\u201d<\/strong> he said. Some of the state\u2019s investments managed by BlackRock are longer dated and cannot be moved to another firm overnight, but Folwell negotiated lower management fees on the funds that remain with BlackRock.<\/p>\n<p>Like BlackRock, many of the world\u2019s largest banks and asset managers have become advocates for the Environmental, Social and Governance (ESG) movement, which calls for financial institutions to use their power to compel companies to get in line behind issues like climate change and social justice.<\/p>\n<h2>ESG Conflict Heats Up<\/h2>\n<p>State efforts for and against ESG have been heating up recently. In 2023 so far, conservative states have proposed <a href=\"https:\/\/www.reuters.com\/business\/sustainable-business\/business-fights-back-republican-state-lawmakers-push-anti-esg-agenda-2023-04-22\/\">99 anti-ESG bills<\/a>, compared with 39 in 2022. Seven became law, 20 failed to pass, and 72 are still pending. At the same time, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/five-out-of-seven-new-seats-went-to-red-states-why-we-shouldnt-celebrate-yet\/\" title=\"Five Out Of Seven New Seats Went To \u2018Red States\u2019: Why We Shouldn\u2019t Celebrate\u2026 Yet\">left-leaning states<\/a> like New York, California, and Illinois are fighting back to support the ESG industry.<\/p>\n<p>New York City Comptroller Brad Lander <a href=\"https:\/\/www.foxbusiness.com\/politics\/blackrock-not-esg-enough-nyc-comptroller#\">wrote in a letter<\/a> to Fink that \u201cyour 2021 letter to CEOs committed to \u2018supporting the goal of net zero <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">greenhouse gas emissions<\/a> by 2050 or sooner\u2019\u2014in line with BlackRock\u2019s pledge as a signatory to the Net Zero Asset Managers Initiative (NZAMI)\u2014and asked businesses to disclose how they are integrating their own net zero plans into their <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/in-depth-states-fight-esg-industry-despite-costs-and-long-odds\/\" title=\"IN-DEPTH: States Fight ESG Industry, Despite Costs and Long Odds\">long-term business strategies<\/a>.\u201d<\/p>\n<p>\u201cUnfortunately, despite these repeated proclamations \u2026 BlackRock now abdicates responsibility for driving net zero alignment in its own portfolio by saying that it does not ask companies to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/kentucky-joins-growing-movement-to-blacklist-esg-banks\/\" title=\"Kentucky Signs Up With Growing Motion to Blacklist ESG Banks\">set specific emissions targets<\/a>,\u201d Lander stated.<\/p>\n<p>He suggested that BlackRock could lose the business of New York City\u2019s pension funds if it falters in its support for<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As conservative states push back against the progressive agenda of Wall Street banks and asset managers, some analysts are warning that \u201canti-ESG\u201d states will pay a price for taking on Wall Street and the ESG industry. North Carolina State Treasurer Dale Folwell has enacted several measures, including calling on Larry Fink, CEO of BlackRock, the<\/p>\n","protected":false},"author":887,"featured_media":1921257,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[7969,7003,4004,24405,6984,10904],"class_list":["post-1921256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-costs","tag-esg","tag-fight","tag-in-depth","tag-industry","tag-odds"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1921256","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/887"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1921256"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1921256\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1921257"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1921256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1921256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1921256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}