(Bloomberg) -- As the label “ESG” ends up among the most hated on Wall Street, the financial cost of ignoring it is making headlines.Most Read from BloombergFed Saw ‘Significant’ Inflation Risk That May Merit More HikesGoldman CEO’s Most Loyal Deputy Is Tested by Mutinous PartnersChina Shadow Bank Misses Dozens of Payments as Risks GrowHigh-Potency Pot Market Worth Billions Draws Regulator ScrutinyStocks, Bonds Fall as Rate Hikes Left on the Table: Markets WrapIn just the past few weeks, a strin
In just the past few weeks, a string of textbook environmental, social and governance issues — spanning workers’ rights to extreme weather — erupted in a number of major stocks.
And this week, investors learned that lawsuits are being filed against Hawaiian Electric Industries Inc., alleging its power lines may have exacerbated the deadliest US wildfires in more than a century. Its shares plunged roughly 40%, and its municipal bonds also fell.While no official cause has been identified for the fire, the utility has faced criticism for not turning off power despite weather forecasters’ warnings that dry, gusty winds could create critical conditions.
Sustainability purists have since bemoaned the finance industry’s embrace of ESG as little more than a marketing gimmick. Meanwhile, Republicans have attacked ESG, casting it as part of a leftist agenda that threatens American capitalism. “We still need better data, better ways to figure out how and where this expresses itself on a balance sheet, an income statement or cash flows,” she said.
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