Republican Party’s anti-climate agenda threatens cosy alliance with Wall Street

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The Republican Party’s latest political crusade threatens to cut it off from its main financial backer: Wall Street, writes Eoin Burke-Kennedy (via IrishTimesBiz)

Liz Cheney’s attempt to hold Trump and the previous White House administration accountable for their actions in the infamous January 6th, 2021 attack on the Capitol via the House select committee investigation was essentially an act of political suicide.

Some Republican-led states are attempting to punish financial firms for climate-friendly investing or for taking on ESG criteria as part of their investment strategies, in a crackdown on what Republicans describe as out-of-control wokeness by asset management firms. Texas comptroller Glenn Hegar has successfully blacklisted 10 financial firms from doing business with the state on the grounds they did not support the oil and gas industry.

Other Republican-led states — West Virginia, Idaho, Arkansas — have now also stopped using certain investment firms over ESG or are planning to introduce rules that could deter their public pension funds from investing in ESG products or companies. ESG funds and climate investing are two of the fastest-growing parts of the global investment industry, with hundreds of new funds added each quarter. The sector now accounts for some $2.5 trillion worth of investment.

Senator Pat Toomey, the most senior Republican on the US Senate Banking Committee, last week urged banks to stop “embracing a liberal ESG agenda that harms America”, as chief executives appeared before Congress for an oversight hearing.

 

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