https://thehill.com/opinion/energy-environment/3688593-proposed-climate-rule-is-bigger-badder-deal-than-manchin-schumer-climate-bill%ef%bf%bc/
In his Florida v. Davos speech at last month’s National Conservatism conference, Gov. Ron DeSantis (R-Fla.) made important observations about the Environmental, Social and Governance (ESG) investing movement. He called it out as an attempt to use corporate and economic power to impose on society an ideological agenda that could not win at the ballot box.
“Corporatism is not the same as free enterprise,” DeSantis argued.
He warned of the danger from the growth of the administrative state, which he called the logical outcome of Congress abdicating its responsibility to hold the bureaucracy to account and letting it do much of the heavy legislating.
In an opinion piece five days earlier, former New York City Mayor Michael Bloomberg lambasted such Republican critics of ESG. “Critics call it ‘woke capitalism,’” he wrote. “There’s just one problem. They don’t seem to understand capitalism. And flogging ESG is not only a terrible economic mistake. It will be a political loser too.”
Bloomberg’s forecast will be tested when Florida voters decide whether to reelect DeSantis on Nov. 8.
The battle has been joined and that is good news, because it signals a much-needed debate on ESG and its climate-policy component.
Although Democrats hail passage of the Schumer-Manchin Inflation Reduction Act, far more consequential is the Securities and Exchange Commission’s proposed climate-risk disclosure rule, currently being finalized. It will operate at the nexus of the administrative state, Wall Street and politically motivated institutional investors. The Net Zero Asset Managers initiative, part of the Glasgow Financial Alliance for Net Zero (GFANZ), has 273 signatories with $61.3 trillion in assets under management.