Some states backtrack on anti-ESG efforts, citing ‘unintended consequences’
Outlet: S&P Global Market Intelligence
Business researchers with the University of Pennsylvania’s Wharton School estimated in July 2022 that municipalities and other public entities in Texas would pay between $303 million and $532 million more in interest on the $32 billion they borrowed during the first eight months after those laws went into effect.
Nascent backlash against a multistate campaign to part with investment funds that have environmental, social and governance strategies have cropped up in some unexpected places.
On Feb. 1, the North Dakota House of Representatives — where Republicans hold a supermajority — voted down legislation that directed the state treasurer to boycott investment firms over their ESG policies. The vote was 90-3.