With financial institutions doubling down on their support for Environment, Social, and Governance (ESG) principles, the Biden administration is now requiring employers to offer workplace retirement plans that take ESG metrics into account. Lawmakers have an obligation act as bulwarks against this increasingly pervasive movement.
ESG is a set of progressive-aligned principles which dictate that companies adopt and promote distorted versions of the greater good – especially on environmental issues – instead of focusing on profit. While that may sound noble, ESG’s real-world application has had ruinous effects in countries like Sri Lanka, Ghana, and the Netherlands.
As ESG interests grow in the U.S., state financial officers, attorneys general and governors like Ron DeSantis are challenging this woke capitalism in its current iteration.