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Ya, it's been an interesting thing to see play out over the past few years. People figured out that Congress was too hopelessly corrupt and beholden to oil she
by floor2 4y ago
Ya, it's been an interesting thing to see play out over the past few years.
People figured out that Congress was too hopelessly corrupt and beholden to oil sheikhs and fossil fuel multinational corporations to pass any meaningful legislation to tax carbon emissions or limit pollution or even clean up after coal mines, so they decided they could at least "vote with their dollars" and invest in mutual funds that wouldn't invest in things like coal mining or fracking.
After a few years, that went from a tiny boutique service (mutual funds with no "blood money" from fossil fuels, slave labor, etc) to a major industry under the more expansive ESG label, until it reached a significant enough market pressure on the polluting, extractive corporations that they're now passing laws that prevent people from NOT investing in those companies.
Texas and Louisiana have had similar things, requiring banks, pensions, etc to invest in fossil fuel companies. Often their rationale is self-contradictory, where they will in one sentence claim it's a fiduciary duty to maximize returns without considering things such as harm from pollution, but then in the next sentence stating that it's to support local fossil fuel jobs or whatever.