Commentary
There’s no such thing as blue money or red money. Only the green stuff will pay bills.
Friday, North Carolina State Treasurer Dale Folwell became the latest of many officials from nearly half the states across the United States—including Florida, Texas, Kentucky, Missouri, Arizona, and West Virginia—to protest Wall Street’s blue investment strategy, also called ESG.
What is ESG? “E” stands for environment, “S” for social justice, and “G” for corporate governance. ESG funds invest in companies that oppose fossil fuels, push for unionization, and stress racial and gender equity over merit in hiring and board selection. That’s a partial definition because at least a dozen rating firms tag companies with an ESG score, often based on subjective and somewhat secret criteria, even including a company’s stance on abortion rights….