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

Standard Chartered CEO Bill Winters supports environmentally conscious investing as beneficial for business, dismissing the impact of the U.S. crusade against mission-driven investments. The issue of investments based on environmental, social, and governance factors has become politically polarized. Republican lawmakers in the U.S. criticize ESG as “woke capitalism,” while Democrats consider attacks on such business practices as protecting corporate interests. The impact of the U.S. presidential election is expected to determine the future of the backlash against ESG. Winters highlighted the positive environmental efforts in Texas, saying he wants to wake up to a better planet. Despite concerns of a green backlash, Winters expressed confidence in companies’ sustainability commitments. Standard Chartered aims to achieve net-zero carbon emissions by 2025 and sees its support for clients’ initiatives as a profitable business. Shares of Standard Chartered are down approximately 3.8% year-to-date.