From Authorities Accountability & Oversight
GAO printed analysis in the present day revealing the breadth and depth of a marketing campaign by “ESG” traders — and one investor specifically — costing lots of of tens of millions of {dollars} and instilling in traders the worry that their belongings may change into nugatory, or almost so, because of opposed regulatory and inevitable climate-litigation outcomes.
The marketing campaign is seemingly designed to drive funding to “ESG”-rated entities, by which these activist traders have performed bets and which compose a part of a a monetary “bubble”, one which was quickly deflating even previous to the latest inventory market meltdowns.
A significant part of this marketing campaign, as detailed within the paper “DISCLOSING THE REAL “CLIMATE RISK”: CASE STUDY: UK “ESG” Billionaire Behind U.S. Local weather Regulatory, Litigation Campaigns,” is regulation by the U.S. Securities and Change Fee (SEC). After a marketing campaign by which one investor sunk over twenty million U.S. greenback, the Biden SEC proposed the specified rule, feedback on which proposal rule are due in the present day.
The analysis is included or in any other case referenced in GAO’s feedback submitted to the SEC. Learn your complete paper right here.
Toplines
- New analysis particulars how scores of tens of millions of {dollars} are directed by a UK investor to finance “local weather disclosure” campaigns now threatening U.S. corporations by means of proposed guidelines from the Biden SEC, and to assist U.S. local weather litigation regardless of denials by grant recipients that funds are used for U.S.-targeted operations
- Agenda has pushed billions to “ESG” managers — these invested in corporations with (or claiming) “Environmental, Social and Company Governance” priorities — has helped create an ESG “bubble” now quickly deflating
- ESG campaigning has look of being huge, subtle rent-seeking operation
- Self-described “opportunistic activist” hedge-fund ESG investor embodies, leads the observe, funding campaigns designed to scare funding away from non-ESG corporations; “describes activism as a device to guard his investments”
Key Factors
- British billionaire and “ESG” hedge fund supervisor Sir Christopher Hohn has directed scores of tens of millions of {dollars} to the local weather advocacy trade driving funding to ESG
- Hohn funds international local weather litigation-support infrastructure by means of a community of teams
- Income from Hohn’s hedge-fund operation are run from the UK to underwrite ESG, “local weather threat disclosure” and local weather litigation to, e.g., the U.S.
- Regardless of claims by grant beneficiaries that Hohn’s charity “has a strict coverage towards funding any actions associated to US litigation”, funds granted to a Dutch group closely financed by Hohn are then transferred to U.S. beneficiaries central to the U.S. local weather litigation trade
- Hohn’s basis maintains strategic oversight of grantees, to second- or third-order beneficiaries
- Regardless of profitable “moral investor” branding marketing campaign, Sir Christopher just lately described his shareholder activism as “extra opportunistic slightly than elementary”; “he describes activism as a device to guard his investments”
- A senior Chinese language Communist official serves as an “impartial local weather advisor” to Hohn’s marketing campaign
- This ‘philanthropic’ activism is fairly seen as an traditionally profitable advertising and branding marketing campaign benefitting Hohn’s ESG funding fund and growing the worth of his holdings
- Whereas the coverage advocacy is underwritten as charity, “local weather disclosure” and local weather litigation, like all ESG campaigning, could be most correctly seen as mandatory assist mechanisms for a specific investor class’s chosen portfolio of investments
