OAN’s Roy Francis
1:44 PM – Friday, June 16, 2023
Billionaire and Tesla CEO Elon Musk slammed Environmental Social Governance (ESG), calling them “the devil” after the investment data firm S&P global gave his electric car company a lower ESG score than the parent company of Marlboro, Philip Morris.
Tesla received an ESG score of 37 out of 100 while the cigarette maker scored an 84. The scores were also criticized by Washing Free Beacon journalist, Aaron Sibarium on Twitter.
“How could cigarettes, which kill over 8 million a year, be deemed a more ethical investment than electric cars?” he tweeted, “One answer: Tobacco’s gone woke.”
Another company that received a higher ESG score than Tesla is ExxonMobil, one of the world’s largest publicly traded international oil and gas companies.
Musk questioned the reliability of the ESG rating, which is allegedly meant to direct investors towards business that practice ethical business practices, environmental sustainability, and social responsibility.
Musk criticized the reliability of the ratings calling them a “scam” and he said that they have become “weaponized by phony social justice warriors.”
The Tesla CEO said that the system is “flawed” and that it does not correctly show a company’s commitment to social responsibility, good governance, and its environmental sustainability.
According to the its website, S&P analyzed 8,000 companies for 1,000 data points which included climate strategies, labor practices, stakeholder engagement, codes of business conduct and board diversity to determine the ESG scores.
Companies often receive have ratings when they invest in causes that are seen as benefitting the environment and fulfilling a “social good.”
According to the results, Tesla’s low ratings were due to its Social and Governance performance, where it received scores of 20 and 34 out of 100. The electric car company also scored a 60 in its Environmental category.
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