Without sufficient support in Congress and state legislatures to pass sweeping green energy measures, environmentalists are now targeting the oil and gas industry through a financial movement that pressures companies to support liberal policies, according to critics.
"ESG promotes and implements policies through private businesses that could be adopted through a legislative process," said Utah Treasurer Marlo Oaks. "The Green New Deal didn't make it through Congress, so its proponents shifted the battlefield to the capital markets."
Oaks was referring to environmental, social, and governance (ESG) investing, which is based on the concept that investors should use these three broad categories when evaluating where to put their money, prioritizing progressive values and "social responsibility" when making financial decisions.
Oaks, a leading voice in opposing ESG, is one of several experts and policymakers who have slammed the movement for seeking to achieve policy objectives by bypassing legislatures and the democratic process.
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"ESG promotes and implements policies through private businesses that could be adopted through a legislative process," said Utah Treasurer Marlo Oaks. "The Green New Deal didn't make it through Congress, so its proponents shifted the battlefield to the capital markets."
Oaks was referring to environmental, social, and governance (ESG) investing, which is based on the concept that investors should use these three broad categories when evaluating where to put their money, prioritizing progressive values and "social responsibility" when making financial decisions.
Oaks, a leading voice in opposing ESG, is one of several experts and policymakers who have slammed the movement for seeking to achieve policy objectives by bypassing legislatures and the democratic process.
How green activists are using business, bypassing Congress to end fossil fuels
"It has people scared to death," said Jay Burr, senior vice president of Panex.