Rightwing war on ‘woke capitalism’ partly driven by fossil fuel interests and allies

The American right wing’s widening fight against what it calls “woke capitalism” is partly driven by fossil fuel interests or industry allies, according to a new report published on Thursday.

Conservatives often use the term “woke capitalism” to refer to environmental, social and corporate governance – or ESG – criteria used to screen investments based on their environmental and social implications.

Just this year, Republican lawmakers in 37 states introduced a stunning 165 pieces of anti-ESG legislation, according to the new report from strategic research and advisory firm Pleiades Strategy.

“The trend has been rampant,” said Connor Gibson, who co-authored the report.

The 165 proposals sought to employ a variety of tactics, ranging from imposing limits on public contracts and restricting pension managers to forcing disclosures and combatting federal investment rules.

The researchers examined news articles, fiscal notes and statehouse testimony related to each bill. They found that the majority of them bear strong resemblances to model bills crafted or circulated by four influential rightwing thinktanks: the American Legislative Exchange Council, the Heritage Foundation, the Heartland Institute and the Foundation for Government Accountability.

Each of the four organizations are affiliated with the far-right thinktank coalition State Policy Network, whose members have also fought to pass punitive anti-pipeline protest laws and which has received funding from groups linked to fossil fuel billionaires Charles and the late David Koch.

Advocacy for many of the bills was also led by fossil fuel-tied groups, including the Texas Public Policy Foundation (TPPF), which has accepted at least $8.8m from organizations linked to the Kochs since 2012, and has also received funding from ExxonMobil, ConocoPhillips and Chevron. The TPPF began attacking ESG as far back as 2020 and says it was behind a pioneering anti-ESG bill passed in Texas in 2021…

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