Target: Greg Abbott, Governor of Texas
Goal: Support the transition to renewable energy.
Texas has imposed a strict ban on 10 major banks and 348 investment funds, protesting their emphasis on disinvesting from the fossil fuel industry. The rebellion against ESG (Environmental, Social, and Governance) inevitability has been costly, amounting to millions of dollars in taxpayer money. Several other states have adopted the free market ideology of ESG, thanks to its agenda of inclusion, health & safety, and human rights. Most importantly, this latest shift in corporate governance partakes in resource sustainability and environmental compliance as dictated by policy.
Republican lawmakers in Texas typically label ESG as ‘woke,’ adopting a knee-jerk reaction of banning any enterprise that sees business sense in disentangling from the dinosaurian fossil fuel lobby. A joint paper authored by Ivan Ivanov, a chief economist of the Federal Reserve, and Pennsylvania Professor Daniel Garrett, note that the war with ESG-dominated Wall Street has cost Texas more than $532 million in excess borrowing costs. Among the entities barred from business is JPMorgan, a company which is 25,500 strong in Texas. The major employer paid more than $17.5 million to the state economy in 2019 and plans to expand its Texan workforce across 130 locations.
The outright ban has followed through the result of an explicit survey whereby the state comptroller prepared a list of financial institutions that are in favor of renewable energy over fossil fuels. Comptroller Glenn Hegar, a Republican, accused the ‘ESG movement’ of imposing a secret social and political agenda while justifying the ban. However, the imposition of a blanket ban, by itself, may indicate an opaque and despotic attempt of burying the head in the sand, and that too, at a huge cost.
The systematic denial of sustainability and social responsibility has been the benchmark of the fossil fuel lobby. Hopefully, with ESG, top financial actors will seek value in the undeniable transition to renewables. Demand Texas lawmakers follow suit and repeal the ban on businesses that form the backbone of the state’s economy.
PETITION LETTER:
Dear Governor Abbott,
Last year, Texas imposed an unprecedented ban on 10 major Wall Street entities, including JPMorgan Chase & Co. The ban has been theoretically funded by the accusation of supporting the principles of environmentally responsible investing over the fossil fuel lobby.
However, this measure has been deemed counterproductive, leading to the spending of millions more in taxpayer money. Such a financially unsustainable step can ultimately prove to be disastrous and must be repealed in favor of the people of Texas.
Renewable energy is here to prosper, and denying its impact may not be in the best interests of sustained business. We demand you, Governor Abbott, rethink the ban realistically, and do what is best for the state’s economy.
Sincerely,
[Your Name Here]
Photo Credit: Jeremy Buckingham
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