Republicans are using a series of hearings on Capitol Hill this week to emphasize their opposition to the federal government’s embrace of environmental, social, and governance (ESG) policy and generate conversation surrounding the once-obscure topic.
This week, the House Financial Services Committee will convene multiple hearings that dive into the machinations of ESG investing. Integration of ESG into the financial sector has grown enormously in recent years and Republican pushback has grown in tandem — this latest congressional foray shows that the issue will play a role in the coming elections and in legislation coming down the line.Rep.
Will Hild, the executive director of the conservative group Consumers’ Research, which has been a major critic of ESG, said that interest and public awareness in ESG have exploded over the past couple of years, in large part due to vocal pushback from the Right, which has cast ESG as an attempt to distort the free market and, in some sense, even the culture of the U.S. through money and corporate influence.
Hild said that proxy voting is a way that big asset managers “threaten” the boards and C-suites in corporate America. Asset managers have thousands of “corporate engagements” per year with corporate boards, anything from a phone call to an in-person meeting, where they communicate their priorities, Hild said.
Steil said another priority is examining the moves that federal agencies have made in the past couple of years to push ESG. The SEC organizes corporate emissions into three categories, known as scopes. Scope 1 includes direct emissions, Scope 2 refers to indirect emissions, such as those involved in the use of electricity, and Scope 3 measures the emissions of other entities, such as suppliers or customers in a company’s value chain.
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