Environmental, social and governance ratings, coupled with the Biden administration’s subsidization of electric vehicles, are facilitating the misallocation of capital toward firms controlled by the Chinese Communist Party. ESG ratings are encouraging the politicization of retirees’ life savings and bolstering China’s stranglehold on the global energy sector. There is no universal agreement on how to define ESG. The European energy market is an example of its fickle nature. According to Bloomberg, “European-based ESG equity funds have been increasing their investments in firms like Shell Plc and Repsol SA since Russia’s invasion of Ukraine upended the energy markets.” ESG’s traditi
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