Nope, a lot of VCs like Blackrock are in on it. Theyre pushing this woke agenda and are denying funding to those orgs that resist.
This being forced by the Biden admin's regulatory edicts:
GOP Rep. Vows to Block Biden from Weaponizing Treasury to Unleash ESG
“The House Financial Services Committee will hold the Administration accountable for its continued
“The House Financial Services Committee will hold the Administration accountable for its continued efforts to force their political priorities through our financial system,” Chairman Rep. Patrick McHenry (R-NC) vowed Tuesday, reacting to the Treasury Department’s release of nine “principles” for financial institutions to follow.
“With Treasury’s most recent guidance, the Biden Administration is again prioritizing its progressive climate agenda over sound economic management,” Chairman McHenry said in
a statement, warning that, while Treasury claims its standards are “voluntary,” institutions will be punished if they don’t comply:
“Regulators should be focused on immediate risks to our financial system—not climate policy beyond their expertise and statutory authority.
‘With only a thin veil of setting ‘voluntary standards,’ these so-called principles will almost surely be enforced as though they are laws by unelected federal regulators and Treasury officials who continue to overreach.”
“It’s clear Treasury’s intention is to direct credit to politically favored activities in order to appease far-left climate activists,” Chairman McHenry said, promising that his committee “will hold the Administration accountable” for using the Treasury Department to coerce compliance with its political goals.
Indeed, Treasury’s
nine “principles” encourage financial institutions to invest in, and provide credit to, companies that comply with radical leftist Environmental, Social, and Governance (ESG) ideology - while shunning those (such as producer of traditional energy) that don’t:
. . .
The Treasury Department's advice tells financial institutions to “reallocate financing, investment, and advisory services away from clients and portfolio companies that over time act in ways inconsistent with a financial institution’s commitment and transition plan. In those cases, such reallocation can reduce a financial institution’s exposure to companies facing high transition risk.”
Prioritizing "radical leftist Environmental, Social, and Governance (ESG) ideology" over sound financial management are seriously bad prioritization decisions.