Vanguard Cuts Ties with Woke ESG Movement in Response to Rising Conservative Counter-pressure
Vanguard announced it was leaving the “net-zero” alliance that seeks to force decarbonization of the U.S. economy, a significant blow to the efforts of ESG-pushing woke activists trying to achieve their aims by circumventing voters and their elected representatives by pressuring corporations.
While Townhall reports that Vanguard has committed to “track its progress” toward reducing emissions “as an effort to provide ‘clarity’ to its investors,” the inescapable reality is that Vanguard is cutting ties with the ESG movement.
Bad day for ESG:
Vanguard quits net zero banking group GFANZ.
— Steve Milloy (@JunkScience) December 7, 2022
MarketWatch noted the significance of this withdrawal, calling it a “major blow” to activistic groups, framing the move as a win for conservatives who just won a major battle against the movement to force out fossil fuels.
“…some environmental groups who follow pledges toward net-zero greenhouse emissions from the lifeblood of the economy — the financial services and banking sector — called the exit a major blow to the effort. These groups argued that such a move is kowtowing to ‘anti-woke’ sentiment.” ~Ron DeSantis
Gov. Ron DeSantis slams "woke capital" and ESG: "For every master of the universe who’s prattling on about, you know, no emissions and all this stuff, I don’t see very many of them giving up their private jets." pic.twitter.com/iDy7wsziLv
— Forbes (@Forbes) July 27, 2022
It seems that recent action out of Texas may have sparked the move.
Less than one week after I called for the Federal Energy Regulatory Commission (FERC) to revoke Vanguard's authorization to purchase share in publicly traded utility companies, they folded.
Keep up the pressure, we're winning.
— Will Hild (@WillHild) December 7, 2022
While Texas’s most recent action looks like the straw that broke the camel’s back, the announcement comes amidst general mounting counter-pressure on ESG activists, something Florida has been a leader in.
A theme of DeSantis’s administration has been going to bat against limiting the influence of woke corporations; something free-market Republicans had been wary of doing until recently. In August, he announced he would move to “curtail woke capital.”
“For every master of the universe who’s prattling on about, you know, no emissions and all this stuff, I don’t see very many of them giving up their private jets. They’re living their own life, and they want the burden of their policies to fall on working class Americans.”
The Florida legislature has adopted a similar interest, arguing that commitment to a woke agenda undermines representative government and national security by hamstringing economic strength.
More recently, Chief Finacial Officer Jimmy Patronis pulled Florida’s money out of Blackrock, another mega-corporation committed to Democrat agenda items.
Consumers’ Research Executive Director Will Hild, whose organization also filed a motion with the agency, explained how Vanguard’s thinking was impacted by the backlash in a statement made to The Daily Wire.
“Vanguard realized their entire business model could be at stake if they didn’t stop coordinating with other members to drive up energy costs.We’ve struck a serious blow to the anti-consumer ESG agenda and we are going to keep fighting until these asset managers and banks get back to fulfilling their fiduciary duties and stop playing politics with other people’s money.”
Observers on Twitter were quick to comment.
This is big news, and very welcome! Vanguard doesn’t want to crash and burn like Disney and several other woke corporations
Vanguard quits climate alliance in blow to net zero project | Financial Times https://t.co/rulgZMIVLj
— Dinesh D'Souza (@DineshDSouza) December 8, 2022
Big news from @Vanguard_Group. It’s hard to state how important this is. Asset managers got behind closed doors, and made a list of losers and winners on who’ll get access to capital. We may see anti-trust issues down the road. No time like the present to quit this nonsense. https://t.co/jx3iNC12O5
— Jimmy Patronis (@JimmyPatronis) December 8, 2022
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