Conservatives rush to tie Silicon Valley Bank's ESG policies as prime culprits in its collapse, saying they distracted the company from its core financial goals.
VIRGINIA, USA – As some right-wing critics blame the collapse of Silicon Valley Bank on “woke” investments, advocates of equitable business say one bank’s demise should not derail years of progress to foster greener and more ethical practices.
Tallying up a firm’s ESG exposure shows how much a company invests in ethical and sustainable sectors – causes that many consumers hold dear. ESG-minded groups that had won funding or partnered with SVB through sponsorships are now left to pick up the pieces. SVB had served more than 9,500 clients and boasted total assets of more than $211 billion at the end of 2021. It had won plaudits for its ESG policies, scoring an “A” rating from financial firm MSCI – third best of seven possible scores.
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