Democratic Rep. Maxine Waters of California claimed Wednesday that “everyone” had to start backing “ESG” considerations in investing in order to save the world.
“It’s unfortunate because it’s inevitable that everyone is going to have to participate in dealing with the environmental crisis, social activity, and of course, corporate governance and so, even if these attempts to deny or to delay are taking place, in the final analysis, we are going to have to have ESG,” Waters said during an interview with “Squawk on the Street” co-host Sara Eisen.
“So, yes, we’re paying a lot of attention to it. We’re going to fight back against these attempts to deny or destroy the whole idea of environmental, social, and governance, but we have to do it in order to save this planet,” Waters continued.
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Environmental, Social and Governance (ESG), also known as “sustainable investing,” according to the Corporate Finance Institute, can factor in corporate policies on gun control, environmental issues, abortion or other issues in addition to or instead of strictly looking at a corporation’s profitability.
Critics of ESG pointed to crises in Sri Lanka, which banned chemical fertilizers that resulted in a 50% drop in crop yields in 2021, and Ghana, which suffered blackouts.
Republican Gov. Ron DeSantis of Florida signed legislation May 2 that prohibited state agencies and local governments from considering ESG when issuing bonds, barred banks from considering “social credit” when making loan decisions and prohibited discrimination on the basis of political, social or religious ideology.
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