Bank CEO shrugs off U.S. war on 'woke' capital, says ESG investing is good for business

Standard Chartered’s CEO, Bill Winters, believes that environmentally conscious investing can be beneficial for businesses, despite the U.S. opposition to mission-driven investments. This statement comes at a time when investments based on environmental, social, and governance (ESG) factors have become politically polarized. ESG investments have been criticized by Republican lawmakers in the U.S. as “woke capitalism,” while Democratic lawmakers defend them as responsible business practices. The outcome of the U.S. presidential election is expected to determine the future impact of the backlash against ESG. Winters stated that he wants to see a planet and does not view himself as “woke.” He mentioned that Texas, the state at the forefront of renewable power, has been challenging pension fund managers with a “woke” agenda. While concerns about a green backlash in Europe are emerging, Winters is confident that companies are not scaling back their sustainability commitments. Standard Chartered aims to achieve net-zero carbon emissions by 2025 within its own firm and by 2050 for its financed emissions. Despite criticism that such actions are not profitable, Winters emphasized the importance of doing the right thing for the planet and the business. The article concludes by noting that Standard Chartered’s shares have declined around 3.8% year-to-date.