Investment in ESG is irresponsible

The Star

2 days ago

It is saddening to note that the Coronation Fund Managers Stewardship Activities Report (Business Report, May 29) uncritically embraces the false globalist ideology of ESG (environmental, social, governance).
Proudly, the Coronation Fund Managers declare that they 'assess and advocate for improvements in their climate change strategies.'
Clearly, despite Coronation's research capacity, they have wittingly or unwittingly allowed themselves to be shepherded by the controlled sirens of pliant science and the mass media in believing that human activity can influence climate change.
Uncorrupted science and history have proved that warming periods occurred in millennia before fossil fuels were being widely used as they are today.
Uncorrupted science has also shown that temperature changes occur as a result of the inconsistency of the Earth's elliptical path around the sun and the slight variations that occur in the Earth's tilt.
So, ignoring true science and history is inexcusable. But what is worse is the agenda of the climate change globalists. It requires investing in the hugely expensive green deal – lithium-powered vehicles, wind turbines and solar panels. It ignores the vast environmental damage the extraction of lithium causes and the unreliability of wind turbines, with their terrible toll on bird life.
By taking punitive action against what they condemn as carbon polluters like Sasol, the ESG disciples push up the cost of living and exacerbate impoverishment.
Of course, if they studied the science and history of carbon dioxide, they would note that although it comprises less than one percent of the atmosphere, it is vitally important for plant and vegetation growth.
The section of the Stewardship Report that reveals double standards is Coronation's focus on the potential oil and gas bonanza off the Namibian coast. Despite their green commitment, the temptation of lucrative investment in fossil fuel exploitation is enticing.
Although the Stewardship Report does not address the social aspect of ESG, it is important to note that it relates to DEI – diversity, equity, and inclusion. One wonders how that aligns with Coronation's commitment to 'responsible investment,' especially when it is evident that the principle of merit is overlooked in the implementation of DEI policy.
Given the Trump Administration's recognition of the globalists' green deal for the scam it is, in keeping with their commitment to responsible investment, Coronation's Fund Managers ought to be ditching ESG and focusing on the massive fossil fuel exploitation that is about to take off in the US.
Investment in ESG is irresponsible.
DR Duncan Du Bois Durban