Greenwashing.com

Posted On Jul 13, 2022 By Addison Wiggin

We begin the saga of ESG investing. Yesterday, we left off with reader mail wondering why we were delving into this topic… I believe our reader’s reply was “very disappointed”.

Well, here’s a quick introduction as to why.

ESG = Environmental, Social and Governance.

It’s the brainchild of a UN commission in October 2005: the “United Nations Environment Program Initiative in the Freshfields Report.

Since inception, the term was mentioned in 1% of the earnings calls. Meaning, there was not a lot of interest in using the metric as a way of determining whether a company fits the nebulous criteria of what makes good environmental, social or governance practices.

Enter Klaus Schwab, founder and chairman of the World Economic Forum and Larry Fink of BlackRock, a hedge fund with $11 trillion under management. Throw in Vanguard, who has also adopted ESG guidelines, and you’ve got somewhere around $18 trillion committed.

As we’ve also mentioned more than a few times at COP26, Mark Carney, the chair of Glasgow Financial Alliance for Net Zero (GFANZ) raised $130 trillion for their goal of net zero carbon emissions 2050. Money like that goes a long way on Wall Street and through the halls of power.


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