{"id":1973387,"date":"2023-07-14T17:14:12","date_gmt":"2023-07-14T21:14:12","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/whoops-socially-conscious-esg-funds-have-just-taken-a-15-billion-blood-bath\/"},"modified":"2023-07-14T17:15:34","modified_gmt":"2023-07-14T21:15:34","slug":"whoops-socially-conscious-esg-funds-have-just-taken-a-15-billion-blood-bath","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/whoops-socially-conscious-esg-funds-have-just-taken-a-15-billion-blood-bath\/","title":{"rendered":"Oops! &#8220;Socially Conscious&#8221; ESG Funds Lose $15 Billion"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/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%2Fwhoops-socially-conscious-esg-funds-have-just-taken-a-15-billion-blood-bath%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=1973387&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>The Downfall of ESG Funds: A $15 Billion Blood Bath<\/h2>\n<p>The world of ESG (environmental, social, and governance) investing is facing a harsh reality as prominent ESG funds suffer significant losses. In the second quarter of 2023 alone, these funds have lost over $15 billion.<\/p>\n<p>According to <a href=\"https:\/\/www.reuters.com\/sustainability\/sustainable-finance-reporting\/esg-equity-funds-suffer-big-outflows-buffeted-by-market-jitters-us-backlash-2023-07-06\/\" target=\"_blank\" rel=\"noopener\">Reuters<\/a>, the outflows can be attributed to economic and regulatory concerns in Europe, as well as an anti-ESG backlash in the United States. Refinitiv data reveals that this is the fifth consecutive quarter of net outflows for ESG funds in the US.<\/p>\n<p>The article highlights Republican opposition to ESG in the United States, which has dampened enthusiasm among asset managers. Additionally, European Union regulations have forced some funds to remove their ESG classification.<\/p>\n<p>While the Reuters report tries to put a positive spin on the situation, other <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/study-media-gives-biden-less-negative-coverage-than-any-president-on-record\/\" title=\"STUDY: Media Gives Biden Less Negative Coverage Than Any President On Record\">coverage reveals<\/a> that Americans are increasingly understanding and disliking Environmental, Social, and Governance investing.<\/p>\n<p>Notably, several states have decided to <a href=\"https:\/\/www.westernjournal.com\/op-ed-fight-esg-gaining-momentum\/\">divest<\/a> from ESG pension funds, resulting in billions of dollars lost for these funds. Attorney General Sean Reyes of Utah and Attorney General Steve Marshall of Alabama have even <a href=\"https:\/\/www.newsbusters.org\/blogs\/business\/tom-olohan\/2023\/05\/11\/big-three-ignore-explosive-hearing-exposing-dangers-woke-esg\">testified<\/a> before Congress about the threat of ESG investing to American energy and prosperity.<\/p>\n<p>Furthermore, twenty-five Republican Attorney Generals have <a href=\"https:\/\/www.dailywire.com\/news\/attorneys-general-sue-biden-admin-over-rule-that-lets-esg-into-retirement-savings\">sued<\/a> the Biden Administration for allowing ESG investing by <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/whoops-socially-conscious-esg-funds-have-just-taken-a-15-billion-blood-bath\/\" title=\"Oops! \"Socially Conscious\" ESG Funds Lose  Billion\">retirement fund fiduciaries<\/a>.<\/p>\n<p>Larry Fink, CEO of Blackrock and a huge proponent of ESG, is desperately trying to change the conversation and move away from using the acronym &#8220;ESG.&#8221; This comes after Fink once <a href=\"https:\/\/www.westernjournal.com\/blackrock-ceo-audience-evil-things-company\/\">stated<\/a> that &#8220;you have to force behavior&#8221; to achieve ESG goals.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">MORE \u2013 BlackRock\u2019s CEO Larry Fink said, \u201cyou have to force behaviors\u201d in companies regarding \u201cdiversity and inclusion.\u201d <a href=\"https:\/\/t.co\/CSom8Bv9TU\">pic.twitter.com\/CSom8Bv9TU<\/a><\/p>\n<p>\u2014 Disclose.tv (@disclosetv) <a href=\"https:\/\/twitter.com\/disclosetv\/status\/1665325530361503745?\">June 4, 2023<\/a><\/p>\n<\/blockquote>\n<p>In addition to the American revolt against ESG, European Union regulations have led some firms to reclassify their ESG funds as traditional products, impacting investor flows.<\/p>\n<p>According to Bloomberg ESG Analyst <a href=\"https:\/\/twitter.com\/tolohan\/status\/1677085104001171456\">Shaheen Contractor<\/a>, European firms are reluctant to be labeled as insufficiently environmentally friendly and have historically tried to classify themselves as ESG investing firms.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Shaheen Contractor <a href=\"https:\/\/t.co\/DysyWkV0k6\">pic.twitter.com\/DysyWkV0k6<\/a><\/p>\n<p>\u2014 Tom Olohan (@tolohan) <a href=\"https:\/\/twitter.com\/tolohan\/status\/1677085104001171456?\">July 6, 2023<\/a><\/p>\n<\/blockquote>\n<p>For many Americans, the actions of these activists and pressure groups cannot be allowed to run amok, regardless of whether they refer to their proposed investment strategy as ESG investing or rebrand it as &#8220;conscientious capitalism.&#8221;<\/p>\n<p>From <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-cozying-up-to-russia-despite-hostile-rhetoric-bidens-envoy-john-kerry-arrives-in-moscow\/\" title=\"Biden admin. cozying up to Russia despite \u2018hostile\u2019 rhetoric, Biden\u2019s Envoy John Kerry arrives in Moscow\">environmental goals<\/a> that could have a negative impact on American quality of life to threatening access to cheap energy, it&#8217;s no wonder that many Americans are concerned about large pro-ESG firms like BlackRock and Vanguard being allowed to &#8220;force behavior.&#8221;<\/p>\n<p>Source: <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\/whoops-socially-conscious-esg-funds-just-taken-15-billion-blood-bath\/\">The Western Journal<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>the performance and credibility of ESG investments.<\/p>\n","protected":false},"author":2151,"featured_media":1973388,"comment_status":"open","ping_status":"closed","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":[548],"tags":[],"class_list":["post-1973387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"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\/1973387","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\/2151"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1973387"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1973387\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1973388"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1973387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1973387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1973387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}