A survey of some 1,000 investors found that millennial and Gen Z respondents had started to allocate their money more like baby boomers, who are keener on turning a profit than lofty principles.
Millennials and Gen Zers are famous for urging businesses to lead the way on making society fairer, workplaces more diverse, and cutting emissions of planet-heating gases. That could be changing — and fast.
Research shows that younger investors are turning their backs on firms that tout trendy environmental, social, and governance (ESG) efforts — which is often mocked as ‘woke capitalism.’
A survey of some 1,000 investors found that millennial and Gen Z respondents had started to allocate their money more like baby boomers, who are keener on turning a profit than lofty principles.
Blackrock to TERMINATE approximately 600 employees, mainly from their ESG division. After losing management of ONE TRILLION dollars in 2023 and tremendous public backlash, Blackrock, the world’s largest money management firm, plans to announce layoffs in the coming days of about 3 percent of its global workforce, Fox Business has learned.
ALSO, for the first time, and in what may prove to be a precedent-setting case, a global asset manager is being sued for allegedly leveraging investors’ money to pursue political goals.
Tennessee Attorney General Jonathan Skrmetti filed a lawsuit against BlackRock, charging that the firm “has been on the forefront of using aggressive strategies to push controversial environmental, social, and governance (ESG) goals across the assets it manages.”
“We want BlackRock to let investors know how their money is going to be managed,” Mr. Skrmetti told The Epoch Times. BlackRock must inform investors, he said, “if their money is going to be managed in a way that furthers ideological ends.”
ESG was never supposed to work for investors, it was created to push a broken progressive agenda. The bad year that a lot of ESG investors are having may be about to get even worse. The green correction — with the S&P Global Clean Energy Index down more than 30% over the past year — has “definitely shaken some investors within ESG impact sustainability,” Penny said in an interview. It’s “definitely been a tough time to be invested in thematics in sustainability.”
This was supposed to be the year that investors targeting environmental and social goals would see their assets buoyed by historic support packages, such as the US Inflation Reduction Act. Instead, decades-high inflation and soaring interest rates ended up hammering a lot of traditional ESG stocks, with wind and solar standing out as some of the biggest losers.
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