Two months ahead of the US midterm elections, US red-state governors are riding a wave of legal attacks at pro-ESG banks and asset managers. The governors state that fund managers have a fiduciary duty to maximize profit for their investors, and that socially responsible investment (SRI) policies limiting exposure to fossil fuels betray this commitment.
Will we see a similar trend in Europe? Unlikely. Europe now faces transformational demand for alternatives to Russian gas, which has changed the ESG discourse firmly to favour co-existence over exclusion.
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