Tesla removed from the S&P 500 ESG index

[Blue Steel]

He called them phony social justice warriors. Does that mean they aren't really fighting for social justice, but just want people to think they are? Or that they are actual social justice warriors AND phonies. I think I know which one Elon meant, but I think the other definition is probably more accurate.

 

[firsttruck]

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These scammers of ESG are hurting Tesla, environment, and society because they use a good rating to get no interest or low interest loans/investment and funds from government for projects that are harmful to environment and society.

Corruption is also one of the factors ESG is supposedly measuring.

Based on several metrics, ExxonMobil should be no where on this list.

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old article - inverters and government officials were warned years ago.


ESG investing is a ‘complete fraud,’ Chamath Palihapitiya says
By Pippa Stevens
Published Feb 26 2020
https://www.cnbc.com/2020/02/26/chamath-palihapitiya-esg-investing-is-a-complete-fraud.html

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ExxonMobil Liberian oil deal went ahead despite anti-corruption concerns This article is more than 4 years old Complex financial arrangement moved rights to a Liberian oil block twice on one day, after worries over original allocation of rights
ExxonMobil worked with a company connected to a senior Conservative party figure to transfer an oil asset in Liberia despite “concern over issues regarding US anti-corruption laws”, the Guardian can reveal. Documents seen by the Guardian show that ExxonMobil proposed a complex financial arrangement to move the rights to a Liberian oil block through two financial transactions on the same day, after concerns were raised about the original allocation of the rights.
Holly Watt
29 Mar 2018
https://www.theguardian.com/busines...l-went-ahead-despite-anti-corruption-concerns


Rex Tillerson's Exxon Mobil Involved in Corrupt Oil Deals in Liberia, Investigation Reveals
By Cristina Maza
3/29/18
https://www.newsweek.com/rex-tiller...orrupt-oil-deals-liberia-investigation-866026

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JPMorgan to pay $920 million for manipulating precious metals, treasury market
By Abhishek Manikandan, Michelle Price
September 29, 2020
https://www.reuters.com/article/jp-morgan-spoofing-penalty-idINKBN26K325


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Far From Gulf, a Spill Scourge 5 Decades Old
Hannah Baage walked through polluted Gio Creek in Kegbara Dere. She said recently, “There is Shell oil on my body.” Hannah Baage walked through polluted Gio Creek in Kegbara Dere. She said recently, “There is Shell oil on my body.”
By Adam Nossiter June 16, 2010
https://www.nytimes.com/2010/06/17/world/africa/17nigeria.html

.....
Not far away, there is still black crude on Gio Creek from an April spill, and just across the state line in Akwa Ibom the fishermen curse their oil-blackened nets, doubly useless in a barren sea buffeted by a spill from an offshore Exxon Mobil pipe in May that lasted for weeks. The oil spews from rusted and aging pipes, unchecked by what analysts say is ineffectual or collusive regulation, and abetted by deficient maintenance and sabotage. In the face of this black tide is an infrequent protest soldiers guarding an Exxon Mobil site beat women who were demonstrating last month, according to witnesses but mostly resentful resignation.

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Exxon Lobbyist Caught On Video Talking About Undermining Biden's Climate Push
By Jeff Brady
July 1, 202111
https://www.npr.org/2021/07/01/1012...o-talks-about-undermining-bidens-climate-push

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Tesla Removed from S&P 500 ESG (Absurd) & New Model Y Standard Range Deliveries Start
May 18, 2022

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[rr6013]

The only facts that I have been exposed are telling. EXXON has remade itself into a new image, if you will, on environment by selling its assets to other companies or creating off-the-books transfer assets out of EXXON that would be liabilities.

I don’t know anything about military “warrior” imagery and even less about ”social justice” as if such a thing were real(as in statutory law)

 

[charliemagpie]

They have money and power and over the many years have built many levers to pull.

As profits dwindle, so will their ability to cause this havoc.

 

[firsttruck]

The only facts that I have been exposed are telling. EXXON has remade itself into a new image, if you will, on environment by selling its assets to other companies or creating off-the-books transfer assets out of EXXON that would be liabilities.

I don’t know anything about military “warrior” imagery and even less about ”social justice” as if such a thing were real(as in statutory law)

There is a huge difference in

remaking oneself vs remaking the image you present.

I see little evidence EXXON Mobile has ACTUALLY changed significantly.

I see a lot of smoke & mirrors imagery.

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Despite cutbacks, ExxonMobil continues to fund climate science denial
ExxonMobil has spent more than $39 million to manufacture doubt about climate science
By Elliott Negin
Published: Wednesday 27 October 2021
https://www.downtoearth.org.in/blog...ontinues-to-fund-climate-science-denial-79902


Three Exxon refineries top the list of U.S. polluters
By Tim Mclaughlin
June 1, 2021
https://www.reuters.com/business/energy/three-exxon-refineries-top-list-us-polluters-2021-05-28/


California subpoenas Exxon for details on role in global plastic pollution
Published Thu, Apr 28 2022
By Emma Newburger
https://www.cnbc.com/2022/04/28/cal...for-details-on-role-in-plastic-pollution.html


California accuses ExxonMobil of deceiving public on hazards of plastics
Attorney general has launched an inquiry into fossil fuel companies’ role in causing global environmental crisis
Associated Press
29 Apr 2022
https://www.theguardian.com/environ...ting-fossil-fuel-companies-plastic-exxonmobil


California blames ExxonMobil for plastic pollution crisis
28 April 2022
https://www.latimes.com/environment...lames-exxonmobil-for-plastic-pollution-crisis

 

[firsttruck]

Eliminating carbon is literally part of their mission.

Apparently Tesla is being punished because they were low-carbon from go so they don’t have a detailed list of places where they can reduce carbon.

Tesla is being punished for not having a plan to reduce it's vehicles tail pipe emissions into negative number range.

Based on the ESG group, EVs must be carbon capture devices while makers of ICE vehicles can get better ratings while continuing to spewing pollutants (just at lower rate).

 

[CyberGus]

I see little evidence EXXON Mobile has ACTUALLY changed significantly.

I see a lot of smoke & mirrors imagery.

It's more smoke than mirror

 

[CyberGus]

"I'm pretty sure if I had a business that was live-streaming me dumping oil into Lake Michigan, my ESG score would be higher than Tesla's." - Rob Maurer

 

[Jhodgesatmb]

Not being a stock market afficionado, it seems to me that the metric for success in the market is good numbers on the balance sheet. I have never heard of the market being even slightly interested in social justice of any kind. Are 'any' estsblished S&P 500 companies doing good things for humanity?

 

[Newton]

why are people surprised anymore? the foundation of almost our entire modern world is based on rules, regs, organizations and people in charge who have been since the founding of the US.

 

[Crissa]

Not being a stock market afficionado, it seems to me that the metric for success in the market is good numbers on the balance sheet. I have never heard of the market being even slightly interested in social justice of any kind. Are 'any' estsblished S&P 500 companies doing good things for humanity?

The idea is to score companies on avoiding labor and environmental damage or unaccounted liability.

Basically, who wants to invest in companies who are supporting graft, labor violations, bigotry, or environmental damage? Those things will come back to hurt your community in the end.

These sorts of ratings helped end Apartheid in South Africa, and only recently have become real big forces, with cap and trade and such needing to be figured into the value, the social value, of companies.

But greenwashing - the effect of saying you're doing something good without actually doing enough of the something - is a big problem in these 'official' ratings.

-Crissa

 

[BillyGee]

It's all just to put pressure on Musk. It's mind-blowing how the entire establishment is throwing everything they can at an African American immigrant that sells solar panels and electric cars all because he wanted to buy a website mostly used for porn and sharing of opinions.

 

[Cyberman]

The S&P 500 ESG index is designed to measure the performance of securities meeting sustainability criteria, of which Tesla was formerly a member. Why were they removed? Because, reasons. Primary reasons cited were a)workforce discrimination and b)autopilot incidents.

https://www.indexologyblog.com/2022/05/17/the-rebalancing-act-of-the-sp-500-esg-index/

So, which socially-conscious companies made the "sustainability" cut? Hint: #9 is Exxon-Mobile.

Not shady at all.

 

[KrodEKid]

I was at the supermarket once looking for some dish soap. A mother and her teenage daughter whiz by to grab a bottle in a hurry. The daughter says grab the one that's good for the environment! In my ignorance I asked, "it's soap! How can it be good for the environment?" Startled, and obviously in a hurry, they scurried away quickly afraid to confront me.

I may have sounded flippant, but it was an honest question really. I've grown so suspicious of marketing campaigns that I immediately suspect a product is the opposite of what it says. Like in my head, red flags come up and say why does this fancy label/advertisement/salesman have to say this overtly when the product performance can speak for itself.

 

[KrodEKid]

So what is ESG?

I found these quotes on https://investjustly.com/about-esg/

"An ESG score is compiled from data collected around specific metrics related to intangible assets within the enterprise."

Intangible assets? What's that? (Reading on...)

"They are used for a myriad of specific purposes with the ultimate objective of measuring elements related to sustainability and societal impact of a business."

Okay so they are trying to measure things that are not concrete or hard to measure. Sounds tough! How did they do it? ? (reading on)

"Certification is very comprehensive and can take approximately a year to complete."

Wow sounds very well organized and thought out, they must have a standardized method for measuring...

"There are many organizations with ESG assessments, ratings, and certifications, but there are no universal standards at this time."

...oh, never mind. ?

"The real value of the ESG rating is not the absolute number, but the trends reflecting organizational improvement over time."

Okay now I get it! You get extra points for trying if you started out really bad in the first place! ?‍

Maybe somebody knows the quote better than me, but I think it was Bogle who was concerned about the proliferation of fund managers versus direct investors who may have more interest in voting rights and corporate policy directly. ....to poorly paraphrase. From the outside ESG, appears to bridge this gap.