I am waking up today, with frightening images in my head: There were millions of bureaucrats running around willy hilly. They are trying to figure how ESG is going to computed and traded.
At the moment, the U.S. has dozens of federal agencies and sub-agencies
who have their fingerprints on creating the rules of ESG and then the actual regulation of the private sector.
Given its complexity, the final ESG product will certainly be full-employment for lawyers, accountants, lobbyists, Congress staffs, investment professionals, and the courts. In the end, environmental legal warfare will look like child’s play.
Finally, there are a few basic problems with this ESG scenario: Compliance, trading ESGs, measuring and verifying, and accounting validation.
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“We are post-ESG,” Vivek Ramaswamy said in a phone interview. “US energy stocks have tremendous potential if they’re UNSHACKLED (caps mine) from the shareholder-imposed ESG mandates.”
https://www.bloomberg.com/news/articles/2022-08-10/-post-esg-etf-backed-by-thiel-debuts-to-encourage-more-drilling?sref=rrIuUYit