Wall Street asset fund managers and the federal government are aggressively pushing the use of non-financial factors to guide investment strategies. Environmental, Social and Governance (ESG) metrics promise to open a path for people to invest with value preferences and make more money doing it. The Biden Administration has even gone as far as to <a href="https://www.jdsupra.com/legalnews/dol-s-esg-and-proxy-voting-proposal-8196860/">propose</a> a rule that would require fund managers to consider “climate change related factors” when investing. However, there is <a href="https://www.wsj.com/articles/esg-feeds-inflation-hurts-growth-business-roundtable-dei-stakeholders-profit-economy-stagflation-11657050965">growing criticism</a> that values-based investing is contributing to the record inflation that has plunged the economy into a<a href="https://www.foxbusiness.com/economy/us-economy-shrank-second-quarter-entering-technical-recession"> recession</a>.
A primary focus of ESG is decarbonizing the economy by utilizing sustainable goods. BlackRock CEO Larry Fink’s <a href="https://www.blackrock.com/corporate/investor-relations/larry-fink-ceo-letter?cid=ppc:CEOLetter:PMS:US:NA&amp;gclid=Cj0KCQjwxIOXBhCrARIsAL1QFCam1nofBewyzbQaYw3q4xSQrQFinPD5o5WkY0va2B0nGkvYVdbDK-EaAuHmEALw_wcB&amp;gclsrc=aw.ds">Annual Letter</a> notes the challenge of this endeavor by stressing the need for “honesty” because “green products often come at a higher cost today” or what he calls a “green premium”. CBS News said <a href="https://www.cbsnews.com/news/buying-green-is-too-pricey-for-the-average-consumer/">three years ago</a> that green products are “too pricey” for the average consumer and appeal to affluent shoppers. One estimate even deems sustainable products to be <a href="https://www.nl.kearney.com/consumer-retail/article/-/insights/why-todays-pricing-is-sabotaging-sustainability">75-85 percent more costly</a> than conventional ones. Translation: ESG is expensive.

‘Green Premium’: Wall Street’s Leftist ESG Standards Are Making Inflation Worse

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‘Green Premium’: Wall Street’s Leftist ESG Standards Are Making Inflation Worse