by Steve Milloy, E&E Legal Senior Policy Fellow and Junkscience.com Founder
As Appearing on The Daily Caller
In America’s hour of need, a call for help went out. Capitol Hill answered, but it went straight to voicemail at the White House. In his first-ever veto, President Joe Biden rejected a bipartisan resolution approved by the House and Senate that would have overturned a Department of Labor directive that greased the skids for ESG (environmental, social, governance) policies.
Elected by no one, activist retirement fund managers are wielding ESG policies as a stealthy means of imposing left-wing political objectives on the private sector economy. Frequently, ESG as a rating system to measure a company’s commitment to climate alarmist goals such as choking off oil and gas producers’ access to capital, and “social justice” policies that prioritize C-suite diversity over merit and embrace corporate-funded abortions, to name a few. Compliance is hammered into place through coercive investment and shareholder rights decisions, such as through proxy voting.
In aligning with the left’s environmental extremism, the ESG strategy promotes solar and wind energy investments, which are intermittent and unreliable forms of energy. Ultimately, a large portion of that American investment flows to China, which has a near-stranglehold on the raw component materials.
Simultaneously, misguided ESG policies are blocking investment in oil and gas production, driving inflation yet higher by causing the cost of heating our homes and fueling our cars and trucks to soar. Higher fuel prices translate into additional strains on the supply chain, and add costs to agricultural production that is being reflected in spiraling grocery store prices with which consumers are being forced to contend.