Make Me Smart From "How We Survive": The Death of ESG
Sep 2, 2025
Dive into the tumultuous world of ESG investing and its challenges in Texas. Discover how local legislation ignited a backlash against sustainability initiatives. Hear from a self-proclaimed 'carbon king' advocating for traditional energy amid rising controversies. Explore the clash between oil and gas interests and the push for climate action. Unpack the political dynamics fueling anti-ESG sentiments and the broader implications for a sustainable future. The conversation reveals that while the ESG brand may be under siege, its core principles could still thrive.
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Texas Blacklist Targets Major Asset Managers
- Texas created a blacklist of firms it deemed to be boycotting fossil fuels and barred them from state financial business.
- The blacklist included major global managers like BlackRock and hundreds of funds despite their Texas investments.
Marshall Hearing: Six Hours Of Interrogation
- Senator Brian Hughes held a high-profile six-hour hearing in Marshall to question Wall Street firms about ESG.
- He pressed firms on whether they served clients' financial interests or broader ideological goals.
Political Pressure Changed Public ESG Postures
- The political pressure produced measurable retreat: Vanguard and BlackRock backed off high-profile net-zero commitments.
- Firms reduced public ESG commitments even while continuing large fossil-fuel investments.