President Biden vetoed a measure that would have blocked fiduciary retirement fund managers from considering climate change, corporate governance and other factors when making pension investments.
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.
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.How Environmentally Conscious Investing Became a Target of Conservatives
The Republican measure had been supported by a number of right-wing Democrats but too few to override Biden’s veto.
Proponents argue this measure — which allows, but does not require a laudable standard — would “impose woke capitalism.”
Woke is a label that conservatives now apply to anybody they fear might improve the lives of ordinary citizens or protect the environment. Of course, they’ve had to ignore the meaning of the words impose and woke. The latter, according to the Cambridge Dictionary, means to be “aware, especially of social problems such as racism and inequality.”
Perhaps conservatives prefer that most us remain unaware since voters’ ignorance helps elect right-wing politicians who aim to reward a few super-rich industrialists instead of doing good for constituents.
It makes me think of the Liberal/NDP penchant for using the word ‘clean’ to describe our electricity system here in BC. Clean has generally meant a good attribute in an environmental context. But now the power hungry use the term to mean degradation, pollution, GHGs, and destroyed farmland.
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“woke capitalism”, well it sounds o.k. to me. its important for capitalism to ensure it does not destroy the earth, people, other animals, etc.
I’m all for “woke capitalism”. Sure wouldn’t want my pension money to be invested in corporations which poisoned the water some where in the world or polluted the air kids breath. You can’t eat money nor drink it nor breath it.