Danske Bank Slaps 'ESG' Label On 95% Of Its Funds As Top Banker Speaks Out Against "Greenwashing" | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

Danske Bank Slaps 'ESG' Label On 95% Of Its Funds As Top Banker Speaks Out Against "Greenwashing"

One of the most disturbing developments on Wall Street in recent years is how the "green cult" has managed to infiltrate the culture, forcing firms to drum up ESG-branded offerings or risk losing clients to better-prepared rivals.

But like any other fad, the shift to ESG, and the pressure investors are putting on "dirty" oil and gas companies (not to mention coal) has had side effects that are more serious, and others that are more or less benign.

In the "serious blowback" camp is the fact that the backlash against traditional energy companies and the new orientation in Washington has helped drive inflationary pressures to their highest level in 3 decades (more on that here) by weighing on US supplies of crude oil.

The truth is there simply aren't enough truly "green" assets to go around, which is why Wall Street is scrambling to label any old company "green" based sometimes on little more than promises.

Just look at the top holding of two of Wall Street's biggest "ESG" funds.

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