the body that oversees over $300 billion in investments, including those from the Florida Retirement System Pension Plan, might soon divest from BlackRock.
Florida is not alone in declaring war on ESG. West Virginia, Texas, Louisiana, and Missouri, many of which have sizeable fossil fuel industries, have also divested from BlackRock. Furthermore, aboutRethinking the “S” and “G” in ESG How might ESG be redefined to respond to its conservative critics? ESG metrics are supposed to motivate firms to think of how the environmental, social and governance dimensions of their operations affect long term corporate risk and performance. The environmental dimension covers climate policies, waste, and pollution. The social dimension is focused on the company’s relationships with internal and external stakeholders.
Why not reframe ESG so that “E,” “S,” and “G” target climate change only? Specifically, “S” and “G” work to offset the negative repercussions of “E” on communities hurt by decarbonization. This approach would reflect the spirit of community-focusedthat politics, and not the lack of scientific knowledge, is impeding climate progress. Decarbonization is hurting fossil-fuel-dependent communities, typically the blue-collar working class.
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