Vivek Ramaswamy teases new initiative to address energy crisis, combat ESG in coming days: 'Stay tuned'

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Vivek Ramaswamy: ESG investing is the ‘single greatest threat’ to capitalism and democracy

The ‘Woke Inc.’ author discusses the impact of environmental, social and corporate governance investing.

Entrepreneur and author Vivek Ramaswamy teased a new initiative he is rolling out in the coming days to address the energy crisis and combat the dangers of the corporate ESG movement.

Speaking with Fox News Digital at CPAC in Dallas, Ramaswamy highlighted the work his Ohio-based asset management firm Strive will be doing to compete against investment giants like BlackRock and Vanguard, promising to bring a "different shareholder voice to Corporate America's boardrooms" that will focus on strengthening the energy industry rather than "these toxic political and social agendas."

"That means yes, drilling for more oil. Yes, fracking for more natural gas. Yes, doing whatever allows you to be most profitable and successful over the long run without regard to somebody else's political agenda. Nobody is delivering that voice to the energy sector today. And I will tell you, that's the shareholder mandate that Strive plans to deliver to U.S. energy companies," Ramaswamy told Fox News Digital.

ESG, which stands for Environmental, Social and Governance, has become a growing concern among conservative critics as they accuse the movement of ultimately doing harm to consumers and business owners by prioritizing social justice and the green agenda.

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Vivek Ramaswamy speaks to 2022 CPAC crowd in Dallas, Texas. (Fox News Photo/Joshua Comins)

Ramaswamy, author of "Woke, Inc." and the upcoming book "Nation of Victims," slammed ESG for becoming powerful enough to "dictate the flow of capital into the country," referring to it as "one of the defining threats to both capitalism and democracy."

"There is unprecedented aggregation of capital, $22 trillion of capital in the hands of just three large investment firms who are now using this philosophy to be able to get done through the backdoor what government could not get done through the front door through the democratic process. That's why I view it as, I think, probably the single greatest spectacle of capitalism and democracy."

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While he urged Republicans to act "more aggressively" against it, particularly GOP governors, Ramaswamy believes it's a "market problem" that requires a "market solution" rather than resorting to government intervention. 

"At the end of the day, if there are three large asset managers who are using their market power to force companies in every sector from energy to consumer products companies to tech companies to behave in a certain way, then there needs to be new large-scale asset managers that represent the will of everyday Americans by investing their money and speaking and advocating on their behalf in ways that, actually, most of those everyday citizens would want," Ramaswamy told Fox News Digital. 

Vivek Ramaswamy speaks to 2022 CPAC crowd in Dallas, Texas. (Fox News Photo/Joshua Comins)

The Strive co-founder and executive chairman also sounded the alarm on how ESG has had a direct impact on the ongoing energy crisis.

"We have a massive energy crisis in this country, a supply-demand imbalance which American energy companies are unable to meet because of the constraints applied to the sector," Ramaswamy said. "The ESG movement has effectively demanded that American oil companies drill for less oil, that they frack for less natural gas, that they produce less energy. That's actually what's led to the massive supply problem, which in turn has created high gas prices, which in turn states are starting to create rolling blackouts. And the correct answer has to be taking the shackles and handcuffs off of these companies not just through regulations… [but] through the private sector itself."

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Ramaswamy praised Republican Florida Gov. Ron DeSantis, R., for releasing a plan to combat ESG influence in his state. 

DeSantis recently told Fox News' Tucker Carlson, "It takes power away from the American people and lodges it into these international corporate titans. And that's not, I think, what our Founding Fathers ever intended." 

Vivek Ramaswamy speaks to 2022 CPAC crowd in Dallas, Texas. (Fox News Photo/Joshua Comins)

In recent weeks, nations like Sri Lanka, The Netherlands and even Canada have enacted or made plans to enact ESG-influenced policies and restrictions.

Bans on chemical fertilizers in Sri Lanka led to shortages and economic instability – and protesters in the capital city of Colombo forced President Gotabaya Rajapaksa to evacuate his palace.

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In the Netherlands, similar green restrictions led to irate farmers blockading roads and protesting Prime Minister Mark Rutte's government after the country – which is the second-largest global food exporter besides the United States – forced its agriculture sector into chaos.

Most recently, Canadian Prime Minister Justin Trudeau announced plans to mandate reduced agricultural emissions, which a Bloomberg analysis suggested would "risk [its] grain output."

Fox News' Joshua Comins and Charlie Creitz contributed to this report.