ESG Capitalism from a Law and Religion Perspective
Abstract
:1. Introduction
2. The ESG Movement
3. The “Faith-Based” ESG Movement
3.1. “Faith-Based” Environmentalism
3.2. “Faith-Based” Companies
4. Conclusions—What Lessons for Europe?
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
1 | This category also includes what is now more commonly referred to as “the precariat”. This term can be traced back to Guy Standing in (Standing 2021) (describing the precariat as a “class-in-the-making” that is generally subject to flexible labour relations and fragmented careers) 25. |
2 | The disproportionate impact of the pandemic on vulnerable groups has been recently addressed in UN GA, Response and recovery plans and policies on the coronavirus disease (COVID-19) pandemic from the perspective of the right to development at the national level. Report of the Special Rapporteur on the right to development Saad Alfarargi, July 2022, UN Doc. A/HRC/51/30. |
3 | See Statement of Ahmed Shaheed UN Special Rapporteur on Freedom of Religion or Belief (2020). More recently, the former Rapporteur explored this issue also in connection with the FoRB rights of indigenous people. See United Nations General Assembly (2022). |
4 | See United Nations General Assembly (2021), para. 34. For detailed guidelines on how to develop “comprehensive anti-discrimination legislation”, see United Nations Human Rights Office of the High Commissioner (2023). |
5 | |
6 | For European and US perspectives on this theme, see, respectively, the collection of essays in Charlotte et al. (2022) and Pollman and Thompson (2021). |
7 | |
8 | For a similar argument, see Hwang and Nili (2020). |
9 | |
10 | This is what has led one scholar to clinically announce “the end of ESG” (Edmans 2022). |
11 | |
12 | For a comprehensive analysis of the genesis and evolution of ESG at the UN level, see Pollman (2022) and Parglender (2021). |
13 | The implications of this perspective will be discussed in the next sections of this paper. |
14 | The terms “conscience” or “consciousness” are gradually gaining ground in ESG literature. See Schanzenbach and Sitkoff (2020); Larcker et al. (2021) (discussing the possibility of injecting “social consciousness into both corporate and individual investment decisions”); and Scherreik (2000). |
15 | In this sense, see Novak (2017). This might also explain why, earlier in its history, “UN entities had expressed varying degrees of ambivalence about the market generally and globalization in particular” (Ruggie 2003). |
16 | This document was adopted by the Governing Body of the International Labour Office at its 204th Session (Geneva, November 1977) and amended at its 279th (November 2000), 295th (March 2006), and 329th (March 2017) Sessions. The 1977 version of the Declaration can be accessed at https://investmentpolicy.unctad.org/international-investment-agreements/treaty-files/2886/download (accessed on 12 February 2023). |
17 | The report is available at https://www.unepfi.org/fileadmin/documents/amwg_materiality_equity_pricing_report_2004.pdf (accessed on 31 December 2022). |
18 | The report is available at https://www.ifc.org/wps/wcm/connect/de954acc-504f-4140-91dc-d46cf063b1ec/WhoCaresWins_2004.pdf?MOD=AJPERES&CVID=jqeE.mD (accessed on 31 December 2022). |
19 | This evolutionary trajectory of ESG is described in Pollman (2022, p. 30). |
20 | This term can be traced back to Gadinis and Miazad (2020). |
21 | |
22 | For a similar argument, see Gadinis and Miazad (2020, pp. 1401–15) (arguing that “[t]his definitional ambiguousness has given rise to a common misconception of ESG as a random and ever-sprawling assortment of objectives, influenced by fads and trends rather than hard business logic.”). |
23 | |
24 | See Black Lives Matter’s mission statement at: https://uca.edu/training/files/2020/09/black-Lives-Matter-Handout.pdf (accessed on 5 January 2023). |
25 | This example could be traced back to Ramaswamy (2021, p. 45) |
26 | Ramaswamy (2021, p. 189). See also Soukup (2021) (describing Larry Fink, CEO of Blackrock, a world-renowned investment fund at the forefront of the ESG movement as a “religious fanatic, a believer in the search of the pure, fundamental practice of his faith”) 9. |
27 | |
28 | This hypothesis can be traced back to Brownstein (2022). |
29 | |
30 | This document is available at https://www.vatican.va/content/francesco/en/encyclicals/documents/papa-francesco_20150524_enciclica-laudato-si.htmlZ (accessed on 6 January 2023). |
31 | |
32 | |
33 | |
34 | For a comprehensive analysis of the role of non-Christian religious groups in responding to global climate challenges, see the collection of essays in Jenkins et al. (2017). |
35 | (Berry 2022). (arguing that “there are massive incentives for religious actors to take a public stance on climate change”) p. 131. |
36 | The full text of this Biblical injunction is “Be fruitful and multiply, and fill the earth and subdue it; and have dominion over the fish of the sea and over the birds of the air and over every living thing that moves upon the earth”. |
37 | This is discussed in Somos and Peters (2020). |
38 | The report is available at https://www.ilo.org/wcmsp5/groups/public/---dgreports/---dcomm/documents/publication/wcms_838653.pdf (accessed on 17 February 2023). |
39 | This term is borrowed from Hunter et al. (2020). |
40 | |
41 | The author already made this point in Corsalini (2023, p. 155). |
42 | This term should be traced back to Ján Figel’, former Special Envoy for the promotion of freedom of religion or belief (FoRB) outside the European Union (EU). See European Commission (2019). |
43 | Burwell v Hobby Lobby Stores Inc. (2014) (Justice Kennedy concurring) 2875. |
44 | Notable in this respect is how Article 17, paragraph 2, of the Treaty on the Functioning of the European Union (TFEU) mandates the legal equivalence between churches and philosophical and non-confessional organisations. |
45 | |
46 | This term can be traced back to Ross (2021) (emphasis added). See also United Nations and Swiss Department of Foreign Affairs (2004) (describing the objective of “creating long-term value for shareholders” as a “business philosophy”). |
47 | |
48 | This term should be traced back to Fukuyama (2022) (discussing how conventional laissez-faire economic theory “has successfully persuaded two generations of economists and legal scholars to adopt the consumer welfare standard as the sole measure of economic [and legal] outcomes”) 38 (parenthesis added). |
49 | This is discussed in Corsalini (2023, pp. 125–33). |
50 |
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Corsalini, M. ESG Capitalism from a Law and Religion Perspective. Religions 2023, 14, 418. https://doi.org/10.3390/rel14030418
Corsalini M. ESG Capitalism from a Law and Religion Perspective. Religions. 2023; 14(3):418. https://doi.org/10.3390/rel14030418
Chicago/Turabian StyleCorsalini, Matteo. 2023. "ESG Capitalism from a Law and Religion Perspective" Religions 14, no. 3: 418. https://doi.org/10.3390/rel14030418