by Lucas Nolan at Breitbart
The Daily Mail reports that the Environmental, Social, and Governance (ESG) ratings system has come under fire from Elon Musk, the CEO of Tesla, after his electric vehicle manufacturer received a lower rating than both a massive tobacco company and an oil colossus.
Elon Musk, chief executive officer of Tesla Inc., speaks via video link during the Qatar Economic Forum in Doha, Qatar, on Tuesday, June 21, 2022. The second annual Qatar Economic Forum convenes global business leaders and heads of state to tackle some of the world’s most pressing challenges, through the lens of the Middle East. Photographer: Christopher Pike/Bloomberg
Tesla CEO Elon Musk unveils the new Tesla factory in Fremont, Calif., Wednesday, Oct. 27, 2010. The new Tesla factory is the former NUMMI plant. (AP Photo/Paul Sakuma)
Musk recently questioned the reliability of the ESG ratings, which are allegedly meant to direct investors toward businesses that practice ethical business practices, environmental sustainability, and social responsibility, but are highly controversial for being a woke leftist political influence campaign. Musk tweeted, “Why ESG is the devil…” in reference to the rating system that gave Tesla a total score of 37 out of 100 while awarding Philip Morris International, the company that makes Marlboro cigarettes, an 84. ExxonMobil, a major oil company, was ranked among the top 10 by the S&P 500’s ESG Index in May 2022, while Tesla was left out.
The ESG ratings have drawn criticism from Musk, who has called them a “scam” that has been “weaponized by phony social justice warriors.” Musk argued that the system is flawed and does not accurately reflect a company’s commitment to environmental sustainability, social responsibility, and good governance.
Tesla’s lower ESG rating was primarily a result of its Social and Governance performance,…
Continue Reading