State pension funds are being manipulated for a left-wing agenda

The Course of ESG Investing

As ESG-related practices have come under increasing scrutiny in the United States and abroad, newly released data paints a clearer picture of the current state of ESG investing. Two realities stand out: Perhaps the clearest example of the ESG exodus lies in the investor movement away from ESG mutual funds. These funds have bled $65.7 billion since 2022, roughly 20% of their average assets. Additionally, new fund launches have collapsed from 116 in 2021 to just nine last year, and BlackRock has slashed its support for ESG shareholder proposals from 40% in 2021 to less than 2% (7/358) in 2025. Even the 2026 proxy season backs this up: no ESG proposal won majority support. But this does not mean ESG will disappear. Many of its most committed proponents are doubling down, pursuing ESG through less visible channels, or lying low until a more favorable political and regulatory environment emerges. For example, CalPERS has all but dropped the word “ESG,” now calling it “sustainability integration,” while still on track to nearly double its climate-related holdings to $100 billion by 2030. BlackRock’s Larry Fink stopped using the term too, calling it “weaponized.” The rhetoric has cooled, but the strategy has not. Investors have …

1792 Exchange applauds the meaningful progress at Charles Schwab

Inspire Investing deserves strong credit for years of dedicated corporate engagement and a broader commitment to policies that advance human dignity, viewpoint diversity, and long-term shareholder value. Inspire began engaging Schwab in 2023, constructively raising key issues around political neutrality, employee benefits, and workplace culture. Their persistence helped bring these matters forward and supported productive, ongoing dialogue with the company. We especially commend Charles Schwab for their action to stop covering medical gender interventions for minors and to exit the Human Rights Campaign’s Corporate Equality Index. The company confirmed to Inspire that its current self-insured health plan, as well as third-party administered plans available to employees, no longer cover gender-transition surgeries or pharmaceutical treatments for minors. Schwab has also ceased participation in the HRC’s index. These steps reflect strong leadership in refocusing on core business priorities rather than ideological agendas. The company further clarified that religious organizations remain eligible for its employee gift-matching program. Based on these developments, Inspire withdrew its shareholder proposal. Schwab is to be applauded as only the second major company we know to publicly taking this step to protect minors (after Walmart). We know other companies have taken or are considering taking similar action, and we encourage …

ESG Rating Inconsistencies and Their Ideological Ends

Allen Mendenhall’s recent piece on MSCI ranking SpaceX in the same ESG tier as Russia asks a fair question: how does a rocket company advancing American innovation get scored the same as a state waging war? Unbeknownst to many, inconsistencies are common when it comes to ESG portfolios and ratings. In 2022, S&P dropped Tesla from its S&P 500 ESG Index while ExxonMobil landed in the top ten. The EV maker scored worse on an “Environmental, Social, Governance” rating than a major oil company. In fact, according to MIT Sloan’s Aggregate Confusion Project, ESG ratings from major agencies correlate at only about 0.61. Compare that to credit ratings from Moody’s and S&P, which agree 99% of the time. Companies often receive vastly different ESG rating scores from ratings providers, even ones that share a pro-ESG bias. These are the kinds of inconsistencies that led Elon Musk, CEO of the second-largest electric vehicle manufacturer in the world, to declare that ESG is a scam. Mendenhall concludes himself: the SpaceX rating shows ESG functioning less as “socially conscious investing” and more as “a mechanism for advancing ideological ends.”

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