For the first time, money managers in the United States closed more ESG funds than they opened. In Australia, flows are also slowing right down.
this annual meeting season, one usual area of tension – climate activism and environmental targets – seems to have been overlooked.
Need further proof the tide has turned? Muddy Waters short-seller Carson Block talks openly about the “ESG hustle” when he’s identifying targets.And the backlash against the “woke” funds has been immense. BlackRock’s Larry Fink says he no longer uses the term ESG because it has been weaponised, and some Republican states no longer give the firm their assets to manage because of its ESG policies. But Fink says he isn’t changing the firm’s investment approach.at either the fund or political level.
Of course, it’s not just sustainable funds being hit. The broader market saw outflows of $US7.85 billion over the period, as investors face persistent inflation, rising interest rates, and recession fears. Orica is one company that will hold a “say on climate” vote in December. Companies tend to seek approval on a three-year cycle. That means BHP and Woodside Energy will likely seek approval from investors again in 2024.Some 61 per cent of the ASX 200 had made net-zero commitments by March, compared with 48 per cent the year before. And companies including AGL Energy, Ampol, BHP, BlueScope Steel, Origin Energy, Orica, Rio Tinto and others all have climate targets in executive incentives.
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