(Zero Hedge)—We’ve known the ESG grift has been coming to a screeching halt for years now, with major investment banks and companies dropping their initiatives while the GOP goes on a rampage to try root out the faux-virtue signaling.
But now with President Trump once again taking the White House, one investment bank is advising ESG fund managers to “keep their lawyers very close”, as the full scale death of ESG may very well be on the door step, according to Yahoo Finance.
Aniket Shah wrote in a note this week: “We’d encourage all ESG fund managers to have a lawyer on the team, or on speed-dial.”
He continued: “Antitrust risk remains high for asset managers in ESG; there haven’t been any cases yet, thus there is no legal precedent. Further, legal risks regarding fiduciary duty will stay relevant as states enforce anti-ESG laws.”
Yahoo reports that Trump’s victory has already hit green sector stocks, with wind-energy companies among the hardest hit. Beyond potential bans and obstructive policies, the ESG sector faces rising legal risks.
Key GOP figures argue ESG-focused firms neglect fiduciary duties, while Republican attorneys general accuse financial firms using ESG metrics of collusion against fossil fuels and fueling inflation.
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In response, “greenhushing”—keeping ESG efforts quiet—is likely, Jefferies analysts note. Corporate CEOs are also expected to seek legal guidance to adapt to this shifting landscape.
Jeffries said: “General counsels are in the ear of CEOs, frightened about legal retaliation to ESG initiatives. The backlash could lead to more focused and pragmatic companies, engaging in strategic discussions closely tied to their business model.”
Analysts argue that a public backlash, similar to 2016, could pressure companies to address issues like abortion and diversity. Conflicting state policies on ESG could create a “nightmare” of fragmented requirements, they warn.
Shareholders may still push for ESG risk disclosures aligned with the International Sustainability Standards Board, even as the U.S. Chamber of Commerce maintains it isn’t against ESG or climate disclosures. Notably, these observations focus on the ESG label itself, not the broader clean energy transition.
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