The following is from an article by Taishi Sugiyama in today's Sankei Shimbun, "Sound Argument."
He is one of the national and supreme national treasures defined by Saicho.
It is a must-read not only for the Japanese people but for people worldwide.
Why U.S. Conservatives Reject the "ESG
"ESG threatens the economy and freedom that is the foundation of U.S. existence. That is why we will not allow it to be born in Florida."
ESG refers to investments and businesses that take into account environmental (E), social (S), and corporate governance (G) factors.
In Japan, ESG has been touted as a "global trend" for the future.
It is a direct criticism of that.
What strong words!
The man who said this is Florida Governor Ron DeSantis, the most popular politician in the country today.
He is the second most popular Republican presidential candidate after former President Trump.
DeSantis is leading a robust anti-ESG movement.
The economy and freedom are being undermined.
ESG means, in essence, investing in "good" companies and businesses, but the question arises as to what exactly is "good" and who decides?
The Democratic Biden administration has been working to establish rules for investment advisors, investment funds, pension funds, and financial institutions to incorporate ESG perspectives into their investments.
The Department of Labor, for example, now requires institutions to consider ESG factors when managing pensions.
In response, on March 16, DeSantis issued a statement jointly with 18 state governors, "Fight Biden's ESG Financial Fraud.
All of the names listed are Republican governors of states.
They are the so-called red states of the United States.
The statement has two main points.
The first is an economic one: ESG distorts the way investments are made, and the public's interests are undermined due to prioritizing the environment and other objectives.
The second is liberty-related: it is wrong for unelected high-level bureaucrats and financial institutions to force investments in line with their particular values of elitist preferences.
In the U.S. over the past few years, under Democratic administrations, a succession of left-liberal values have been institutionalized on various issues, including sexual minority LGBT, human rights and immigration issues, gun control, and the environment.
The subject extended to economic activities, and ESG was at the forefront.
The backlash was as if it were "socialism.
However, this movement has been ridiculed as "enlightened capitalism" and opposed as if it were socialism.
It caused friction with conservatives who valued traditional values and deepened partisan divisions.
Governor DeSantis has introduced a bill in Florida that would prohibit state government and private companies from thoroughly excluding ESG from their operations.
This bill will significantly impact the 18 states named in the previous statement, which are expected to pass similar legislation if enacted.
There is another aspect to ESG opposition.
That is, it is inappropriate to entrust state people's money and operate businesses in the state but not invest in its industries for ESG reasons.
In the past, companies that mine coal, oil, and natural gas, or use them as fuel for their businesses, have come under pressure to sell their operations because they can no longer receive investments or loans on ESG grounds.
But many states in the U.S. are prosperous in industries related to fossil fuels.
The United States is the world's largest oil and natural gas producer and has the world's largest coal reserves.
For this reason, the Republican Party has been firmly opposed to the Biden administration's Green Deal and the strengthening of ESG (Economic, Social, and Governance) initiatives that are the means to promote the Green Deal.
Even among Democrats, there has been opposition to the oppression of the fossil fuel industry, led by Senator Manchin (D-WV).
Because of defections from the Democratic Party, earlier this March, the House, and Senate passed a resolution in the U.S. Congress rejecting the rule that the Department of Labor's pension fund management take ESG considerations into account.
President Biden's veto eventually overrode this, but it clearly indicates how unpopular ESG is in the U.S.
Time for Japan to Rethink ESG
So what about climate change, readers may wonder.
The U.S. Republican Party recognizes that the climate crisis theory is overstated and that extreme decarbonization is inappropriate.
Trump is not the only exception; all the heavyweights in the Republican Party, including DeSantis, agree.
So what about Japan?
Japan must invest in fossil fuel utilization as the foundation of its economy and security, and it is now imperative to strengthen its defense industry.
However, ESG tends to exclude these industries from investment.
Moreover, is it appropriate that these decisions are made by left-wing liberals from abroad who impose their values without any input from the public?
Florida's economy is booming under Governor DeSantis.
Entrepreneurship is booming, unemployment is low, and the world is investing in the state.
Shouldn't Japan stop focusing on ESG and protect its economy and freedom?
