Zuckerberg, other moguls say they are supporting ESG and DEI, but are they really?

In the last 18 months, the environmental, social and governance (ESG) agenda has suffered a decline in corporate DEI programs, a reduction in investment dollars and the failure of the Net-Zero Insurance Alliance.

In the past month, major banks have pulled out of Net Zero partnerships and Meta has dismantled many of its Diversity, Equity and Inclusion (DEI) programs. ESG seems to be coming unstuck. But don’t be fooled.

A closer look at what the banks have to say reveals that they are still full of unrepentant ESG financiers. Many of the proposed changes are superficial or cosmetic rather than indicative of fundamental philosophical change.

Dozens of Fortune 500 companies (incl McDonald’s and Walmart) representing trillions of dollars in market value and millions of employees who have rolled back or offered their DEI programs by 2024. ESG-labeled investment funds have bled cash in the past couple of years. And the incoming administration has pledged to jettison DEI across federal agencies.

DEI is like an activated IED for the leftist war against our army. We have to disable it

The Net-Zero Insurance Alliance has come under fire from insurance companies over the past year and a half, with many government lawyers expressing concern that participation in such an alliance could violate antitrust and antitrust laws. US states have pulled billions from BlackRock over ESG concerns.

These changes are welcome corrections to the flawed and deeply ideological goals of ESG advocates. The latest dominoes to fall are the big US financial institutions. Goldman SachsWells Fargo, Citigroup, Bank of America and JP Morgan have all left the global Net-Zero Banking Alliance.

Even BlackRock, once a vocal advocate of ESG, has distanced itself from the Net Zero Asset Managers initiative. Although this may seem of a piece with other ESG returns, the pessimism is warranted.

If you look at the press releases from these big financial institutions, you will find that they are unrepentant and still intent on pursuing net zero goals. For example, Goldman said: “Our priority is to help our customers achieve their sustainability goals and to measure and report on our progress.” Citigroup was more vague: “We are committed to reaching net zero.”

Compelling speech, I am compelled to take action against my school district to stop racist DE.

Blackrock has been Very clearly unrepentant. “(O)our membership in these organizations has created confusion… and we have submitted to legal questions… Meaning: “We only want to distance ourselves from problematic PR, but we are not changing anything about our business.”

The move by these big banks seems to mimic BlackRock CEO Larry Fink’s strategy of not using the word “ESG” because not using the word “ESG” is a political hot potato, but he is committed to “sustainability.” BlackRock has invested heavily in green infrastructure and renewable energy projects.

It’s best if clients openly ask for such investments. But as American Airlines learned last week, pension fund managers have a fiduciary duty to provide the best financial return to their clients and can be held accountable for using the funds they manage for other purposes.

Half of all US college students skip mandatory courses on campus: Study

While America’s financial institutions have made superficial progress in their exit from a destructive global zero-zero alliance, they seem disingenuous when it comes to truly changing their ways. This should come as no surprise as bankers have not seen much change. We also see no evidence of a change of heart when it comes to ESG.

Instead, they seem concerned about public pressure and criticism from the incoming federal administration and state government officials. Exiting these alliances gives them a free hand to show net zero targets without having to deliver by a certain date.

But if ESG policy was attention-grabbing and disruptive before, it still is. Ideological ESG priorities enable companies to perform well and benefit their stakeholders. Companies have plenty of time to be profitable without advancing various social justice priorities.

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Banks are better off making clear their commitment to maximizing shareholder value and doing business with everyone. The pursuit of long-term profits effectively benefits shareholders, employees, suppliers, and customers.

Most corporations, especially unrepentant financiers, need to clean house in their HR departments to focus on value creation rather than racial identity politics or exuding expensive virtues on environmental and social issues. And as The American Airlines case Companies that fail to do so may be breaching their fiduciary duty to customers and shareholders.

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