The Epoch Times’ Kevin Stocklin explains why the fight against Wall Street and the growing industry may be futile.
Oklahoma this week became the latest state to push back against the Environmental, Social and Governance (ESG) movement, compiling a list of 13 Wall Street firms that it claims are discriminating against the fossil fuel industry and that will no longer be permitted to do business with state entities or state pensions.
Also this week, Florida enacted anti-ESG measures that ban banks from using ESG-type criteria to discriminate against customers and ban the use of ESG criteria when investing state money. This year alone, states have already drawn up nearly 100 anti-ESG industry bills, a hefty increase from the previous year’s 39.
But the ESG industry is fighting back.
Some analysts are warning these states that they will pay a high price for defying Wall Street, which controls tens of trillions of dollars in assets, in the form of, for example, higher costs to issue bonds. And some states, like New York, California, Illinois and Maryland, are actively supporting ESG in their pension funds and state contracts.
One report claims that “state pension funds or other powerful players in at least five Republican-controlled states say that instead of creating excellence, these new culture-war policies are interfering with the market and could cost pensioners and taxpayers billions of dollars.” There’s also the case of Texas, which passed laws to boycott banks that were discriminating against fossil fuels. As a result, however, “cities will pay an additional $303 million to $532 million in interest on $32 billion in bonds.”
Is the high-cost battle against the ESG Industry worth it? Kevin Stocklin, who recently posted a piece on The Epoch Times delving into this topic, joins us now to discuss this further.
Q&A:
- What do you think are the biggest factors about the ESG Industry that bothers some of these states so much, to the point that they’re attempting to create laws around it?
- Why is there such a high cost attached with trying to fight back against ESG? Are these reports of the cost of fighting ESG accurate?
- Does it appear that red states will stop fighting the ESG industry when they realize the costs?
- Some states, such as Florida, didn’t really feel any “ill effects” from withdrawing from the ESG Industry. Why do you think that is?
- Where do you see the battle against the ESG Industry going over the next few years? Will states likely withdraw or find a new way to push forward?
- Speaking of the ESG industry, you produced a new documentary called The Shadow State, which discusses its impact on the world market. Tell us more about it, and how the “woke” state of mind with some businesses have such a strong effect for it.
- here can people view The Shadow State? We understand there’s also a DVD release coming soon as well?
The Shadow State is available right now on Epoch TV. Those interested in pre-ordering the DVD for release can do so here.
- Where can we find your recent article about this subject on The Epoch Times, as well as other works you’ve written?
You can find my profile page here, with all my recently written articles, including a piece on what you’re not being told about the Electric Vehicle revolution.
About Kevin Stocklin:
Kevin Stocklin is a writer, film producer, and former investment banker. He wrote and produced We All Fall Down: The American Mortgage Crisis, a 2008 documentary on the collapse of the U.S. mortgage finance system.
CONTACT: Jerry McGlothlin at: geraldmcg@outlook.com or 919-437-0001.
