Elizabeth Converse
It’s gettin’ hot outside, pls keep on all your clothes
News
There’s a new boogeyman in town, and if you don’t know who he is, he is creeping into your children’s bedrooms at night to teach them some very specific investment strategies. It’s so ruinous that our very own state legislature will be discussing it tomorrow in committee.
If you don’t know what ESG is, here’s a decent overview. It’s primarily a function of investment, but has recently been used as a red flag to wave at its potential uses in greater society. The truth of ESGs seems to have been combined with fears around “big tech” and China’s use of social credit scores.
The truth of the matter is that there is absolutely a great awakening happening right now. People, normal every day folks who don’t pay much attention to issues outside of their own world, are starting to realize how much of their life is online and leading to a large cache of informational data on who they are and what they do. It’s a totally valid concern that has been hijacked into some very strange and confusing territories.
So now, people are claiming that the liberal left are working together with big tech to conspire against the average human who might click on a pretty picture that leads them to a racist website and can now be fired…because of a single click. They confuse the current process of utilizing ESGs in investing as a first step to a downfall into an authoritarian government.
Glen Beck claimed very publicly that although ESGs are intended for investments, these banks (in collusion with…well, everyone) are monitoring everything you do to deny you loans, access to healthcare, or getting and keeping a job.
Our very own Attorney General, State Treasurer, and State Auditor claimed “ESG funds focus on social causes and political goals when investing assets thereby eroding the traditional fiduciary obligation owed to beneficiaries,” which is categorically untrue. Environmental impacts and concerns should be part of the calculus in a changing climate. Especially here. In Utah. Where it’s getting hotter and hotter every year. (Keep your clothes on, please.) (Also, if you read this far in just to see how I would tie it back to the subject line, I want you to know that I am proud of you.)
Financial institutions are weird. Sorry, not sorry. But returning to these old conspiracy theories with new names is a waste of our time and capita/ol. So, listen in tomorrow to hear our very own elected officials discuss something that has been used by S&P for 20 years, and let’s see how well they can parse the reality from the perceptions.
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