ESG Terminology Takes a Hit

ESG Terminology Takes a Hit: BlackRock and S&P Alter Strategies Amidst Conservative Opposition

During a recent interview on One America News with Stella Escobedo, I commented on the recent news that Larry Fink of Blackrock and other executives in the financial markets have begun to quietly stop using the ESG terminology because they recognize how toxic it’s become.   

As I stated during the interview, by no means are they doing away with their model of investing billions into DEI and ESG but they now recognize how toxic it’s become so they will still invest billions into it but they will do so quietly and under a different banner. 

In an April article here in the Rubin Review, I talked about how ESG is one of the largest leftist scams  that is transferring billions from capitalism to socialism. 

ESG ratings are determined by arbitrary and inconsistent measures that liberal rating agencies create.  These agencies are not accountable to shareholders but to the whims of leftist elites who do not care about real-world results.  Companies are forced to hire expensive consultants to improve their scores, diverting resources away from actual business activities that benefit shareholders and create jobs for hard-working Americans.

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First it was Blackrock beginning to backpedal and now it appears ratings agency Standard and Poors (S&P) is doing the same! 

S&P Global has announced they have dropped an alphanumeric scale it launched in 2021 to score publicly rated entities in some sectors and asset classes on environmental, social and governance (ESG) factors when assessing their credit quality.

“We have determined that the dedicated analytical narrative paragraphs in our credit rating reports are most effective at providing detail and transparency on ESG credit factors material to our rating analysis, and these will remain integral to our reports,” it said in a statement released on Friday.

S&P Global Ratings said it will continue to provide analysis of the credit risks stemming from ESG-related issues, they just won’t be given a simple grade. 

The U-turn puts S&P at odds with debt rating rival Moody’s, which still rates ESG criteria on a one to five scale and signals to me that these major financial institutions have gotten the message from the conservative movement in America that we will not accept their abandonment of capitalism.

S&P is influential, with debt ratings that can affect a company’s borrowing cost. As House Republicans target Wall Street’s use of ESG more broadly, conservative state attorneys-general last year opened an investigation into S&P’s use of the factors.

In summary, it’s important to note that while S&P and BlackRock might not be fundamentally altering their ESG strategies, the pushback from conservative circles is exerting its influence, potentially nudging them towards more cautious adjustments in their approach.What that tells us is that when conservatives shine a light on crazy liberal ideas that don’t make sense to the average consumer or investor, the left will back off. That doesn’t mean they’ll give up. They never do. It’s that we, as conservatives, need to push even harder against this financial scam they are fostering against us. We need to pull another “Bud Light” on them.

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