Today, the cancel culture has taken over the Democratic Party as part of its movement into full-blown communism. Symbolic of that is the ESG Movement, which stands for environmental, social, and governance. It measures businesses by how closely their policies reflect those on the far left.
It has been pushed as an investment policy which has cost many investors a whole lot of money. In just six months, BlackRock lost $1.7 trillion dollars of their investor’s dollars while applying ESG.
Policies that affect the ESG score include climate radicalism, gender ideology, gun control, and even abortion-on-demand. They do not invest in fossil fuels and other steady investments. Woke corporations try to raise their ESG score even as they watch their profits decline.
Making money for its investors is no longer the goal and if you have your 401k tied up in these risky and often self-destructive practices, you had better move your money now.
The ESG scoring system is radical and many times bizarre in its practices. They invest tons of money in green energy, which depends on taxpayer subsidies to show any kind of profit.
It punishes and rewards people based on their race, sexual orientation, carbon footprint, or wokeness. The real targets of the ESG movement are small businesses, , investors and consumers.
The ESG scorekeepers are looking closely at everything we do to identify “victims” and “oppressors.” Think of it as an alternative accounting system using social media and corporate governance to punish those citizens and businesses that don’t fit into the Left’s woke ideological vision for the future.
If you don’t comply, they can work to drive away your customers, dry up your capital and publicly shame you.
In a House Financial Services committee hearing last week, Rep. Rashida Tlaib asked CEOs of major banks whether they would go along with her ESG agenda and commit to stop funding fossil fuels. Unsurprisingly, they all declined and J.P. Morgan Chase CEO Jamie Dimon even admitted that her plan “would be the road to Hell for America.” Rep. Al Green followed up and asked the CEOs whether they believed their banks had done enough to “atone” for their part in slavery.
Earlier in September, New York Gov. Kathy Hochul called for credit card companies to start categorizing purchases consumers make at gun stores. Soon after, companies like Visa, Mastercard, and American Express announced that they would fall in line and start tracking purchases. This could essentially result in the creation of a de facto gun registry, maintained by private companies, that progressives could use to target law-abiding gun owners.
Some actions that companies take in order to improve their ESG score are actually illegal. On Sept. 19, the corporate communications company, Twilio, announced that it would be laying off 11% of its workforce.
Instead of laying off based on merit or seniority, they announced that layoffs would be politically correct and will favor minorities. As a reward for this illegal action, they will see their ESG score rise.