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This is admittedly a rather counterintuitive idea . I also think it’s a brilliant one. I hope you agree with me after I’ve made the case with impeccable logic presented in a sober but rhetorically compelling fashion.

CONFLICT OF INTEREST DISCLOSURE: I HAVE LIVED IN THE BOSTON AREA FOR 53 YEARS.

Massachusetts is a very Blue state and is the home of Harvard University, where I received my Ph.D. in sociology. Harvard has divested from fossil fuels. But that’s not good enough for the anti-fossil fuel crowd and there is now a campaign by the well-known climate activist Bill McKibben (Class of 1982) and Professor Naomi Orestes to force TIAA’s in-house manager Nuveen (with $1.2 trillion in assets under management), which manages the pensions of Harvard faculty, to divest from fossil fuels as well.

Solar panels and wind turbines GETTY

In contrast, Texas, a very Red state (some are admittedly redder) is the home of the legendary “Section 809 Boycott Provision” which is divesting from asset managers it deems to be boycotting fossil fuel companies. This legislation was very useful to Comptroller Glenn Hegar when he ran for re-election last year. Never mind that the logic behind this legislation is spurious at best.

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Robert G. Eccles

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Robert G. Eccles of Saïd Business School, University of Oxford is the author of a number of books on integrated reporting, sustainability and the role of business in society. His focus is on sustainability from both a company and investor perspective. Professor Eccles is also involved in a variety of initiatives to embed environmental, social, and governance (ESG) issues in real world decision making. One of these is the Sustainability Accounting Standards Board (SASB), of which he was the founding chairman. In 2018, Professor Eccles was selected by Barron’s as one of the top 20 influencers on ESG investing.

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