Investor says ESG policies will 'end up starving' and 'killing' the world's poor children
Investor Kyle Bass argued that environmental, social, governance policies will starve the global poor and lead to economic despair by forcing a transition away from fossil fuels that the world is not ready for.
Billionaire U.N. climate envoy Michael Bloomerg published an opinion piece Tuesday in his eponymous Bloomberg publication that was highly critical of Republican state officials who have taken actions to protect their citizens and retirees from environmental, social, and governance (ESG) policies.
The op-ed, titled, "On Climate Change, Republicans Need a Crash Course in Capitalism," argued that Republicans are "making a terrible mistake."
"Republican elected officials seem to think they’ve found three new evil letters to pair with their favorite bugaboo, CRT, or critical race theory," the former New York City mayor wrote mockingly. CRT, among other things, often teaches that White people are fundamentally racist and privileged and advocates for reverse discrimination as a way to atone for past racism.
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Democratic presidential candidate and former New York City Mayor Mike Bloomberg waves after speaking at a campaign event, Thursday, Feb. 20, 2020, in Salt Lake City. (AP Photo/Rick Bowmer)
Bloomberg wrote, "Critics call [ESG] ‘woke capitalism.’ There’s just one problem: They don’t seem to understand capitalism."
He called policies that protect consumers and citizens alike against ESG "a terrible economic mistake" and "a political loser."
"Texas has adopted a law restricting the state, localities, and pension boards from doing business with financial firms that seek to limit their exposure to fossil fuel companies," Bloomberg noted.
"Last month, Florida’s Republican governor, Ron DeSantis, supported a resolution barring pension fund managers from considering ESG factors," he wrote.
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Former Democratic presidential candidate Mike Bloomberg waves to supporters as he announces the suspension of his campaign and his endorsement of former Vice President Joe Biden for president in New York Wednesday, March 4, 2020. (AP Photo/Eduardo Munoz Alvarez)
Bloomberg argued, "All these anti-ESG crusaders position themselves as defenders of the free market. But they are attempting to use government to block private firms from acting in the best interests of their clients, including retired police officers, teachers and many others who depend upon public pensions."
However, Bloomberg's piece does not fully represent the views of those who oppose ESG. As Utah Treasurer Marlo Oaks explained last month:
"The markets allocate capital to environmental solutions by investing in innovation. However, when politics force an agenda and get enough participants to behave one way, markets stop functioning properly. ESG distorts the markets, pulls funding from the very organizations most likely to find a solution, and attempts to bankrupt an industry that is vital to our day-to-day lives, including the food we eat, the clothes we wear, the electricity we use, and our transportation."
FILE - In this Sept. 13, 2018, file photo, Michael Bloomberg, the UN Secretary-General's Special Envoy for Climate Action, speaks during the plenary session of the Global Action Climate Summit in San Francisco. (AP Photo/Eric Risberg, File)
ESG discourages investment in fossil fuels and cuts off financing to traditional energy projects, contributing to the energy shortages the United States and European countries are experiencing today.
Kyle Bass, a prominent investor, argued last week that ESG will "end up starving" and "killing" the world's poor children.
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