If I hear ‘woke’ used as a slur one more time … it won’t be the last time because, evidently, it is good for ratings (How Environmentally Conscious Investing Became a Target of Conservatives):
It’s been a widely accepted trend in financial circles for nearly two decades. But suddenly, Republicans have launched an assault on a philosophy that says that companies should be concerned with not just profits but also how their businesses affect the environment and society.
More than $18 trillion is held in investment funds that follow the investing principle known as E.S.G. — shorthand for prioritizing environmental, social and governance factors — a strategy that has been adopted by major corporations around the globe.
Now, Republicans around the country say Wall Street has taken a sharp left turn, attacking what they term “woke capitalism” and dragging businesses, their onetime allies, into the culture wars.
I thought the article would point out how certain people in Congress were concerned that the government was investing people’s money in underperforming companies for reasons other than maximizing returns but I didn’t find that. All it says is this:
It is unclear whether applying environmental and social principles to investing is actually good for business. Some studies have shown that companies that embrace environmental and social goals outperform their peers in the long run. But other studies show the opposite. And as the stock market slumped last year, oil and gas stock prices rose sharply.
If private investment companies choose to avoid the oil and gas industry for long run climate change reasons, it seems that is a free market decision that certain people in Congress should not be getting upset about. It seems that all that these certain people in Congress care about is that people keep investing in oil and gas companies.