John,

Republicans have traditionally billed themselves as defenders of the free market and opponents of government constraints on business.

But in red states around the country, elected officials are working to punish private companies for even considering the risks of climate change in their business decisions.

In an op-ed published this morning, Mike calls out legislatures and governors who "don't seem to understand capitalism" and "are standing in the way of the most powerful force we can muster in the fight against climate change: the private sector."

Rather than letting the market guide business decisions, Republicans are targeting investment strategies that consider environmental, social, and governance factors, also known as ESG. In particular, Mike writes, red state leaders take issue with the "environmental" in ESG:

Texas has adopted a law restricting the state, localities, and pension boards from doing business with financial firms that seek to limit their exposure to fossil fuel companies... Oklahoma has enacted a similar law, and other Republican leaders are moving in the same direction. Last month, Florida's Republican governor, Ron DeSantis, supported a resolution barring pension fund managers from considering ESG factors.

These laws are coming at a time when climate-related disasters -- from extreme heat and historic droughts to massive storms and catastrophic flooding -- are upending crop yields, disrupting supply chains, straining energy grids, and costing upwards of $100 billion in damage each year.

"The fact is: Climate risk is financial risk," Mike writes. Will you take a moment to read and share Mike's op-ed today?

https://www.bloomberg.com/opinion/articles/2022-09-06/on-climate-change-republicans-need-a-crash-course-in-capitalism

Thanks,

MikeBloomberg.com