Rogue States : Unconstitutional Laws That Will Hold America Back
The global climate crisis is intensifying, with 2024 poised to be the warmest year on record. Extreme weather events, such as hurricanes and unprecedented rainfall, are becoming more frequent. The urgency to reduce greenhouse gas emissions is paramount to prevent reaching a critical 1.5-degree warming threshold. Despite the global renewable energy boom, with significant growth in solar and wind power, Texas lawmakers are attempting to hinder progress. In 2021, Texas passed S.B. 13, a law requiring state entities to divest from businesses that support fossil fuels. This ideological crusade has resulted in substantial economic losses, job cuts, and reduced tax revenues. Additionally, major underwriters for municipal bonds in Texas have exited the market, leading to higher borrowing costs for Texas cities. The American Sustainable Business Council (ASBC) has filed a lawsuit against S.B. 13, arguing that it is unconstitutional and stifles free speech. A similar law, S.B. 19, has also been challenged for forcing state funds to divest from companies that restrict business with gunmakers. Texas is not alone in these attempts to penalize companies for progressive investment strategies. In 2022, at least 44 new bills or laws in 17 red states aimed to penalize companies for investment behaviors deemed too progressive. The anti-ESG push has even been taken up by the authors of Project 2025, a Heritage Foundation blueprint to supercharge a second Trump presidency. They call for the removal of ESG considerations from ERISA, the law setting minimum standards for pension and health plans. These misguided ideological crusades not only jeopardize America s future prosperity and global competitiveness but also endanger communities, the economy, and the planet. The government s role in regulating companies is crucial, but trying to force U.S. companies to uphold far-right conservative ideology is unconstitutional and counterproductive in addressing the global climate crisis.
Source: forbes.comPublished on 2024-10-01
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