Snakes

Snakes

ESG stands for environment, social, and governance. ESG investors are said to invest with these endpoints --rather than simple economic considerations.

But Bork writes the ESG movement is increasingly perceived not merely as a social movement but as a cartel. 

A cartel. 

In a 2022 letter to BlackRock’s Larry Fink, 19 state attorneys general questioned the effect on fiduciary responsibility when big asset managers work in tandem with nongovernmental organizations and proxy advisers to restrict oil and gas production. The attorneys general asserted that ESG investors violate the Sherman Act, the nation’s foundational antitrust law, by engaging in a “restraint of trade.” This has manifested in the environmental arena, when asset managers have made huge investments in oil and gas while seeking to restrict the supply of oil and gas.

So the ESG movement is only masquerading as a socially responsible group trying to decrease fossil fuel production; they are actually interested in decreasing only the oil production of their oil-producing competitors. And scarcity increases value.

So, is the creation of scarcity of a crucial energy source for your own benefit socially responsible?