What is "ESG" ? | Kate Aronoff | TMR

Emma hosts Kate Aronoff, a climate reporter for The New Republic, to discuss her recent pieces regarding environmental social, and corporate governing, or ESG. Kate Aronoff dives right into the recent GOP push (passing through both the House and Senate) against “Woke” Environmental and Social Governance (ESG) policies, watching Kevin McCarthy attempt to paint these programs as authoritarian mandates forcing retirement funds to invest in a left-wing agenda. Next, Aronoff walks Emma through the relationship of this Right-Wing project to their greater agenda of dismantling the administrative state, before they step back to tackle the actual relationship between ESG and major corporations, like BlackRock and Vanguard, looking at how these policies provide a path for rehabilitation of public opinion alongside copious tax breaks, while executives lobby behind the scenes to ensure that the policy never evolves to actual corporate regulation. Wrapping up, Emma and Kate explore the impact of Biden’s Inflation Reduction Act, and the future of environmental incentivization and regulation.

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A friend of the show Kate Aronoff, staff writer at the New Republic, and author of the book overheard how capitalism broke the planet and how we fight back. Kate thanks so much for coming on. Great to be back. yeah. So let's start by playing this because I think this is helpful to analyze your piece. Recently over the past few weeks, there has been a push by Republicans and they successfully passed it in the house and the Senate Biden's going to veto it. but it's this denouncement of woke ESG policies. And a lot of Republicans are kind of running with this. I'm going to ask you what this really entails. But here's Kevin McCarthy making that case. And I know Larry Kudlow did as well today. They're really sticking. With this about Biden's woke ESG regulatory efforts. Do you have a 401k? or some kind of retirement plan through work? If so, what I'm about to tell you affects you directly. A new regulation from the Biden Administration allows your retirement savings to be used to fund a political agenda you may not agree with. It lets Wall Street redirect your money into something called ESG Investments. The goal of these funds isn't to maximize your return. Or grow your savings relative to other funds. These are woke priorities. Whose primary purpose is to push far-left political activism. But there's good news. Republicans and a few free-thinking Democrats voted to block Biden's woke ESG rule. The House and Senate both passed it. I just signed it and now it goes to the president's desk. Unfortunately, he is threatening to use his first veto against it. Now I hope he changes his mind and sides with American workers over Wall Street. If not it will really show us what our priorities are. Can I just say that there are so many Cuts in that because Kevin McCarthy really has a tough time stringing sentences together? He's not very charismatic or intelligent. It's all posed up. Yeah. Right. like so okay there's a lot there right? One I would say hey Kevin McCarthy if you don't want Americans' retirement savings to be at the whims of the market with 401ks hey buddy I got we can just strengthen Social Security. and how about expanding Medicare. We'll just do that right away.