Bloomberg:”On Climate Change, Republicans Need a Crash Course in Capitalism”

Red-state lawmakers are increasingly trying to interfere in private firms’ decision-making. They’re making a terrible mistake.

The climate is changing, and so are the incentives.
The climate is changing, and so are the incentives.Photographer: Eddie Seal/Bloomberg


Michael R. Bloomberg

Republican elected officials seem to think they’ve found three new evil letters to pair with their favorite bugaboo, CRT, or critical race theory. This one is called ESG, which refers to investment strategies that consider environmental, social and governance issues. Critics call it “woke capitalism.” 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.

Republican critics of ESG have focused primarily on the “E,” arguing that climate change should not factor into investment decisions. Texas has adopted a law restricting the state, localities, and pension boards from doing business with financial firms that seek to limit their exposure to fossil fuel companies. Even firms that have large investments in fossil fuels are being banned, if they dare attempt to price climate risk into their portfolio allocations. Oklahoma has enacted a similar law, and other Republican leaders are moving in the same direction. Last month, Florida’s Republican governor, Ron DeSantis, supported a resolution barring pension fund managers from considering ESG factors.

All these anti-ESG crusaders position themselves as defenders of the free market. But they are attempting to use government to block private firms from acting in the best interests of their clients, including retired police officers, teachers and many others who depend upon public pensions. And in doing so, they are turning the most basic investment rules on their head.

Any responsible money manager, especially one with a fiduciary duty to taxpayers, seeks to build a diversified portfolio (including on energy); identifies and mitigates risk (including the risks associated with climate change); and considers macro trends that are shaping industries and markets (such as the steadily declining price of clean power).

That’s investing 101, and either Republican critics of ESG don’t understand it, or they are catering to the interests of fossil fuel companies. It may well be both. Either way, they are standing in the way of the most powerful force we can muster in the fight against climate change: the private sector. And the stakes could not be higher.

Full Commentary by Michael R Bloomberg @

Zaiac:”On Earth Day, Remember Who Pollutes the Most”

Wednesday marks the anniversary of Earth Day, the international holiday meant to celebrate the natural environment, and the preservation thereof. Many have taken to using this day to call for ever-more top-down environmental management, but they should do so with caution.+

The US federal government has a long and often tragic history when it comes to environmental stewardship. Of all days, Earth Day is one where all US citizens should stop to assess the horrific environmental damage that has happened as a direct result of federal action

As I’ve noted in this space before, the US federal government is one of the largest, if not the largest, polluter on the planet. This pollution comes both directly, with government agencies directly harming environmental quality, and indirectly, with pollution-inducing policy.+

How can a government that expects businesses and the public to comply with a tangled web of environmental protection laws do so much harm itself?

Full Commentary @ Panampost