The fossil fuel industry and its allies are partly behind the Republican effort to pass legislation targeting Environmental, Social and Governance, or ESG investment criteria, a new report has found.Thursday by Pleiades Strategy, is the first in-depth analysis of the campaign that saw Republican lawmakers introduce 165 pieces of anti-ESG legislation in 37 states in 2023.
Gibson and Sawyer looked at where all these anti-ESG bills were coming from, mapping the "coordinated special interest groups that crafted model bills and lobbied for their introduction," they wrote. They concluded that the anti-ESG movement was an extension of a long-standing effort by right-wing groups to stymie corporate climate action.
"While many of these organizations' finances are obscured through donor-advised funds, there are clear connections between anti-ESG legislation, the fossil fuel industry, and right-wing figures," Sawyer and Gibson wrote. "Fossil fuel companies, executives, consultants, and trade groups have advocated for the legislation detailed in this report."in January that the largest oil and gas lobby group in the U.S.
Forty-two bills were introduced in 23 states that bar states or municipalities from contracting with a financial institution that restricts its engagement with certain industries, such as fossil fuels. Ten bills and resolutions were considered in eight states stating opposition to federal rules perceived as supporting ESG.
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