The Public Affairs Research Council of Louisiana held a candidate forum featuring treasurer candidates Democrat Dustin Granger, and Republicans Scott McKnight and John Fleming. Each candidate was asked about their stance on investing in ESGs, or Environment, Social, and Governance companies that support sustainable energy.
McKnight said ESGs are not a good return on investment and that it goes against what the state’s economy is built on the oil and gas industry. And while he’s not against diversifying investments…
“Oil and gas provide thousands and thousands of high-paying jobs to our state and provides a good living for a lot of our citizens, so to invest their taxpayer dollars against the industry in which supports them would be counter to our economy,” said McKnight.
Granger said the treasurer is a fiduciary of state funds and should not act as a lobbyist for the oil and gas industry.
“When you eliminate a certain whole part of investing, a whole industry of investing like clean energy, it doesn’t make any sense cause it doesn’t allow us to diversify our investments. That’s Investing 101,” said Granger.
Fleming said ESGs are a poor return on investment, but he won’t necessarily rule them out.
“I just don’t believe in investing based on any political perspective. I don’t believe in picking winners and losers. I believe we should invest in what gives us the best return on investment,” said Fleming.
To view the entire forum click here.
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