You most likely have heard or read about ESG – the use of Environmental, Social and Governance criteria in the process of evaluating investments. Some investment funds, investors, and lenders have increasingly turned to criteria other than profitability to decide which investments have the best long-term potential to reward investors. Texas’ political powers have decided that this is Woke Capitalism.
Citibank, Goldman Sachs, and JP Morgan are examples of lenders that emphasize criteria such as green energy in evaluating the creditworthiness of borrowers. Texas, of course, is oil country. It is then little surprise that my Governor and majority GOP Legislature have decided that they will not do state business with any of these firms. If Texas has bonds to sell, it will negotiate with non-woke lenders.
The net effect of this decision is that Texas can expect to pay an additional $416 million in borrowing costs each year for its bond issues. Nice. That will show ’em; Texas is going to own the libs by soaking its taxpayers.
Way to go, Gregg!
Anal retentive, inflexible, blindly dogmatic, intellectually deficient, narrow minded, short sighted Republicans… you know , the typical kind of Texas conservatives.