Tesla dumped by S&P ESG indicator and Musk Cakes is a scam

Tesla dumped by S&P ESG indicator and Musk Cakes is a scam

Many may view Tesla as a revolution in the shift to cleaner-burning cars, but its early market breakthrough is not enough to protect its stock inclusion in one of the widely followed ESG indicators. .

Drop Elon Musk’s S&P 500 ESG’s Tesla TSLA Index,
-7.09%
of the squad, as revealed this week in its annual rebalancing.

Margaret Dorn, senior manager and head of ESG Indexes, North America, S&P Dow Jones Indexes, says in a blog post.

Musk had his own response to the missing case, in a thread of tweets on Twitter.

The news also hits amid ongoing scrutiny of Musk’s attempt to acquire Twitter and his claim that it thwarted freedom of expression. The stalking affected both shares of the target company TWTR,
-3.73%
and Tesla stocks, as investors consider the risks of weakening Musk’s interest. Tesla’s trading is down 31% in the year to date, but it’s still 28% higher than it was one year ago.

S&P said Tesla’s S&P DJI ESG score remained fairly stable year-over-year, but fell further in the rankings compared to peers in the global industry group.

Standard & Poor’s said an analysis identified two separate events that centered around allegations of racial discrimination and poor working conditions at the Tesla plant in Fremont, California. The judge reduced Tesla’s payments in a related lawsuit. Standard & Poor’s said Tesla’s handling of the NHTSA investigation after several deaths and injuries related to its autopilot vehicles also affected the outcome.

S&P Dow Jones Indices

Tesla was recently flagged by sustainable investment advocate As You Sow in a report that ranked 55 companies for being ‘green’.

Most major companies tell customers and shareholders that they are working to reduce greenhouse gas emissions in the coming years and decades, and are doing their part to slow global warming. But the speed of progress varies. And many still rely on buying permission to pollute through carbon offsets rather than changing how energy is obtained, the investment group As You Sow has charged. Others, even environmental leader Tesla, scored poorly for not sharing emissions data publicly at all.

Berkshire Hathaway BRK.B from Warren Buffett received a similar reprimand for not reporting emissions amid the company’s investment in both conventional, solar and other forward-looking green energy. It was also removed from the S&P ESG listing.

Broadly speaking, S&P said it took a fresh look at ESG’s listings using a revised list of exceptions based on the company’s involvement in business activities such as small arms, military contracting, and CL00 oil sands,
-3.14%.

S&P Dow Jones Indices

But the index has also maintained a position to keep a close eye on, at least by industry weight, the broader S&P 500 SPX,
-3.97%.
Standard & Poor’s claims it can continue this alignment while strengthening the index’s overall sustainability profile.

This means that they include the oil giant ExxonMobil XOM,
-2.02%
In the ESG mix, a worker also lamented Musk. For S&P, inclusion keeps the energy sector representation in line with overall objectives. Strong environmental groups typically grapple with such a listing, but other energy industry watchers say moving to cleaner options at well-established traditional energy companies would be more effective given their size and investment in practices such as carbon capture.

JPMorgan Chase & Co. JPM,
-1.64%
ESG also makes a cut in this indicator. It is the fossil fuel industry’s largest lender, while saying it has cut investment in the “dirtiest” industries and cleaned up its company’s emissions. However, his lending, which increased to oil and gas interests, has received reprimands from environmental groups.

Read: Electric vehicles can store energy for our homes and the power grid: why ‘everything’ technology is an investment topic to pursue

2022-05-18 16:58:00

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