Lawmakers Say ESG Is Putting Seniors’ Retirement ‘At Risk’

  • A growing number of lawmakers from more than a dozen states have been denouncing the incorporation of ESG principles into investing and business, saying they put retirement savings plans at risk.
  • The S&P Global Clean Energy Index has plunged this year, as wind and solar stocks have suffered over various issues. In a lawsuit before the New York Supreme Court, a group of employees said a decision to rid public pension funds of fossil fuel investments put their retirement at risk. If successful, the lawsuit could open the floodgates for new legal claims for critics of ESG investing.
  • During a recent U.S. House Ways and Means Committee hearing, Illinois U.S. Rep. Darin LaHood, R-Peoria, agreed with the sentiment.
  • “The fixation on ESG activism by the executive branch and many U.S. companies is really leaving seniors and people that save money in the middle class and their retirement at risk,” LaHood.