The marriage between conservatives and corporate America has grown increasingly rocky. EricLevitz writes on how Republicans can’t accept that they dislike modern capitalism, so they’re blaming “ESG” instead
of large investors conducted by PricewaterhouseCoopers found that 88 percent believed that “asset managers should be more proactive in developing ESG products.” This consensus reflects both the ideological inclinations of left-leaning investors such as blue-state pension funds and the financial imperative to insulate portfolios from climate risk.
The second flaw in the right’s narrative is that their story actually treats ESG’s proponents with too much credulity. The ESG movement has not actually had a large impact on fossil-fuel firms’ access to capital. This is partly because the system for classifying firms as “ESG” is easily gamed. A
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