Oil Majors Rethink Green Projects Amid Anti-ESG Push

Core Viewpoint - The anti-ESG movement in the U.S. has gained significant traction, particularly following the re-election of Donald Trump, leading to a rise in legislative actions against ESG investing and policies [5][6]. Group 1: Legislative Actions - Texas passed laws in 2021 restricting state entities from investing in funds promoting ESG investing, claiming it does not serve their financial interests [1]. - A total of 370 anti-ESG bills were submitted across 40 U.S. states between 2021 and 2024, indicating a widespread legislative push against ESG initiatives [3]. - Although few anti-ESG bills were signed into law, their success rate has increased in 2024, suggesting improved legislative strategies by proponents [4]. Group 2: Impact of Political Leadership - The anti-ESG movement has gained momentum since Donald Trump's re-election, with significant rollbacks of climate policies from the previous administration [5]. - Trump's administration has enacted executive orders banning ESG investing and has rolled back clean energy credits established under the Inflation Reduction Act of 2022 [6]. - An estimated $28 billion worth of renewable energy projects have been delayed or canceled since Trump's presidency, potentially affecting around 19,000 jobs in the sector [7].