West Virginia State Treasurer Riley Moore today praised a decision by Vanguard Group Inc., one of America’s largest investment advisors, to withdraw from the global Net Zero Asset Managers Initiative, an international group that requires investment firms to commit to decarbonization and an immediate end to thermal coal investments.
“This is tremendous news for American consumers and investors and demonstrates we are turning the tide against the woke radicals who are trying to impose their social and environmental agenda on our economy through coercive means,” Treasurer Moore said.
“Investment managers should act in the best interests of their customers and the maximization of their returns, not according to artificial restrictions drawn up by a cabal of global elites,” Treasurer Moore said. “Vanguard’s decision draws a line in the sand to say they will act in the best interests of their clients, and I hope other firms follow suit.”
Treasurer Moore and several of his counterparts in a growing coalition of states have been outspoken in their opposition to the Environmental, Social and Governance (ESG) movement among asset managers.
“These radicals on the left have repeatedly tried and failed to get their green agenda passed through democratic government processes, so they’ve outsourced its implementation to corporate allies,” Treasurer Moore said. “The ESG movement is nothing but a trojan horse for woke elites to impose their political and social agendas through corporations since they can’t implement it through democratic means.”
While the Vanguard news is positive, Treasurer Moore said officials must remain committed to pushing back against the ESG movement. Last month, the Biden administration unveiled a new rule allowing U.S. investment advisors to offer ESG products in their retirement plans – rolling back Trump-era protections against the practice.
“ESG advocates remain committed to imposing their will on our economy, so we must remain vigilant in our opposition to this practice,” Treasurer Moore said. “My fellow State Treasurers and I will continue to stand up for sound financial principles and against these anti-American attacks on our economic freedoms.”