Ramaswamy: “That is not the free market in action. It’s even worse than a monopoly or an ideological cartel. They’re working hand in glove with the party in power to be able to do their bidding through the private sector. If you couldn’t get the Green New Deal through Congress, guess what? John Kerry is doing? He’s getting every major banking CEO to sign the so-called Climate Pledge…but it is also a form of crony capitalism because I will tell you, you know, as well as I, banks are not charitable institutions.
The question is what are they getting in return for signing that climate pledge. This is the crony capitalism of our moment, and I just think the way in which the critical race theory issue was in mobilizing issue for Republicans in 2021.”
Marlo Lewis, Jr.: In short, the Biden administration’s real goal is not to protect investors but to de-capitalize and de-bank fossil-fuel companies. Or, in President Biden’s words, the goal is “promoting the flow of capital toward climate-aligned investments and away from high-carbon investments.”
Beck & Haskins: ESG metrics are a kind of social credit scoring system, similar to the model now being used in China. Their purpose is to create a new framework for evaluating businesses, banks, investors, and governments, so that instead of just looking at profits, losses, debt, employee satisfaction, and other traditional economic metrics, an organization is evaluated for its commitment to battling climate change and devotion to social justice causes, including, for example, the racial composition of a company’s workforce. .. ESG systems are designed to force businesses and consumers to adopt the values, ideas, products, and services the wealthy elites imposing social credit scores are calling for, and those elites regularly work hand in hand with government and central banks to advance ESG goals.
The World Economic Forum and U.S. State Department entered into a special partnership in November at a COP26 climate change event. In 2020, the Federal Reserve hired BlackRock, the world’s wealthiest asset manager and a leading proponent of ESG, to help the Fed purchase corporate bonds — purchases that directly benefited BlackRock. The SEC proposed mandated ESG disclosure rules this month, and the European Union is now on the verge of mandating ESG metrics for many companies in the EU.
Democrats, banks, regulators and activists have increasingly set their sights on the financial sector and legal system, not Congress, for pushing their aggressive climate agenda. Employing so-called environmental, social and governance (ESG) initiatives, financial institutions and government agencies have quietly implemented policies prioritizing a focus on factors unrelated to a company’s bottom line, experts said. The ESG movement has swept across the corporate world, leading to individual pledges from companies promising to become more sustainable and improve internal diversity.