We note that the $1.8 billion goes to non-wealthy shareholders, too, like working people who are pension plan participants. That does not mean that this is optimal from any perspective, given the trillion dollar subsidies for oil companies and the externalization of the costs of environmental degradation. Today, Marathon Oil formally reported its profits from…
Tag: fossil fuel
Louisiana To Pull Out Of BlackRock, Citing Its ESG Investing
It’s nice of Louisiana treasurer John Schroder to make it absolutely clear that the decision to stop doing business with BlackRock is based not on what is best for pension plan beneficiaries, as required by his obligation as a fiduciary, but on his insistence that the financial firm subsidize local businesses, thus admitting exactly what…
WSJ Gets Duped on Fake News ESG “Study”
The Wall Street Journal was either duped or disingenuous in an op-ed from Vivek Ramaswamy (author of anti-ESG book Woke, Inc.) and Riley Moore (Treasurer of coal-economy West Virginia) about a study giving bad grades to pension funds and fund managers for supporting the proxy contest at ExxonMobil in 2021. See below: Insight ESG Energy is…
Tennessee plans to boycott banks, financial institutions that divest from fossil fuels | WPLN News
Financial institutions wanting to take climate action may no longer be able to do business with the state of Tennessee.Last week, the Tennessee General Assembly passed a bill that prevents the state from working with banks or financial institutions that won’t work with fossil fuel companies — with an exception for when the state is…
GOP Pushes to Outlaw Divestment
Once again, we see those who love to rhapsodize about the purity of the free markets working to disrupt and distort the free market with subsidies. Donald Shaw of The Lever reports on political initiatives to make divestment of fossil fuel companies illegal. Republican state and federal lawmakers, their campaign coffers filled with fossil fuel…
David Sirota on the DOL/EBSA ESG Proposal: A New Trump Rule Could Help Big Oil Crush The Climate Movement
This emblematic two-part story of climate deception starts with a new rule from Donald Trump’s Labor Department. Coming at a moment when fossil fuel companies and their investors are facing huge losses, the Trump rule aims to make it more difficult for pension and 401k administrators to shift workers’ savings out of fossil fuel assets…
Wall Street Backs Away From Arctic Drilling Amid Alaska Political Heat – The New York Times
Three big U.S. banks have publicly announced break-ups with Arctic drilling in recent months, reflecting Wall Street’s increasing desire to cast itself as environmentally friendly amid a political firestorm in Alaska. Banks and investment managers have been backing away from fossil-fuel development in the face of worsening climate change and pressure from activists, even as…
Why Fossil Fuel Companies Are Reckoning With Climate Change | Time
As concerns grow over the existential challenges posed by climate change, Shell must grapple with its own existential crisis: How should a company that generates most of its profits by serving the world’s enormous appetite for oil navigate a long-term future in which shifting political and economic tides threaten to make fossil fuels obsolete? The…
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