Critics say ESG is a ‘scam’
Leftist progressive groups are pushing environmental, social and corporate governance (ESG) standards for companies and investments they claim will ultimately benefit society, but critics say it’s a “scam.”

Jorgen Soby

September 26, 2022

Leftist progressive groups are pushing environmental, social and corporate governance (ESG) standards for companies and investments they claim will ultimately benefit society, but critics say it’s a “scam.”

Critics say ESG is a 'scam'
Critics say ESG is a ‘scam’

ESG is a framework to create enterprise value by expanding an organization’s objectives to assess sustainability-related risks and opportunities regarding stakeholders and the environment. 

However, the effectiveness of ESG solutions has been widely questioned and criticized. 

Elon Musk says, “ESG is a scam.”

“Exxon is rated top ten best in world for environment, social & governance (ESG) by S&P 500, while Tesla didn’t make the list!” Musk wrote on Twitter. 

“ESG is a scam. It has been weaponized by phony social justice warriors.”

American pundit John Stossel said, “Investment firm Parnassus has a fund that it claims it does good for the world by investing in companies like US Foods and Clorox, because those companies make products that help meet UN sustainability goals.” 

“Blackrock’s ‘environmentally responsible’ fund still invests in oil giants Exxon and Chevron,” Stossel added.

“Their fund brags that they do good by having 2.6% more exposure to gender diverse boards. But that’s a tiny difference.”

Meanwhile, RBC has devoted an entire blog to the “benefits” of ESG.

According to one post, “Canada and the world have experienced a dramatic series of events in recent years. Unprecedented heatwaves. Once-in-a-generation floods and forest fires. And in 2022, geopolitical upheaval in Europe that’s driving energy prices to record heights. It’s a confluence of crises.”

The World Economic Forum (WEF) is also aligned with sustainable finance and its potential benefits. The WEF made a big move in the digital currency space this week with the launch of the Crypto Sustainability Coalition.

While ESG allows institutions to charge premiums, there is no conclusive data that they support healthy sustainability.

TD bank has a page devoted to its ESG accomplishments.

BlackRock Inc, the world’s largest asset manager, says its portfolio managers seek to understand how to use ESG data as a lens to identify new risks and opportunities and to build better-performing portfolios. BlackRock also says climate risk is investment risk.

BlackRock’s former CIO Tariq Fancy described ESG solutions as a “dangerous placebo that harms the public interest.”

Share this story

Help Keep your News Free

Share this story

It's crucial we stay in touch

Big Tech wants to censor us, that’s why you need to stay in touch.

YOU MIGHT ALSO LIKE THESE...

Trending News

Having faced years of persecution for her tweets denouncing the vaccine mandate and lockdowns, Dr. Kulvinder Kaur Gill has asked Elon Musk for assistance in handling her most recent legal bill. And Musk has responded.

Keean Bexte

March 22, 2024

Trending News

Trudeau Liberals paid the WEF to produce a report that called for a carbon tax, then months later, hiked up their pricing scheme.

Mike Campbell

March 15, 2024

Trending News

Musk uses Trudeau as punchline in mocking Google AI’s anti-white photo generator.

Mike Campbell

February 22, 2024

Trending News

Elon Musk says he will fund Gina Carano’s lawsuit against Disney and Lucasfilm with “no limit” on the legal bill.

Alexa Posa

February 7, 2024

Trending News

A number of high profile figures have praised Javier Milei’s WEF speech which has been viewed 27 million times on X alone.

Mike Campbell

January 18, 2024

Trending News

Jordan Peterson slams Trudeau by calling him a WEF puppet.

Mike Campbell

January 17, 2024

We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you’ve provided to them or that they’ve collected from your use of their services. You consent to our cookies if you continue to use our website.