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May 18, 2022 10:00 pm
Original Link: https://tech.slashdot.org/story/22/05/18/2057235/why-tesla-was-kicked-out-of-the-sp-500s-esg-index?utm_source=rss1.0mainlinkanon&utm_medium=feed
Why Tesla Was Kicked Out of the S&P 500's ESG Index
An anonymous reader quotes a report from CNBC: The S&P 500 booted electric vehicle maker Tesla from its ESG Index as part of an annual update to the list. Meanwhile, Apple, Microsoft, Amazon and even oil and gas multinational Exxon Mobil were still included on the list. The S&P 500 ESG Index uses environmental, social and governance data to rank and effectively recommend companies to investors. Its criteria include hundreds of data points per company that pertain to the way businesses affect the planet and treat stakeholders beyond shareholders -- including customers, employees, vendors, partners and neighbors. Changes to the index took effect on May 2, and a spokesperson for the index explained why they were made in a blog post published Wednesday. It said that Tesla's "lack of a low-carbon strategy" and "codes of business conduct," along with racism and poor working conditions reported at Tesla's factory in Fremont, California, affected the score. Tesla's handling of an investigation by the National Highway Transportation Safety Administration also weighed on its score. "While Tesla may be playing its part in taking fuel-powered cars off the road, it has fallen behind its peers when examined through a wider ESG lens," the S&P spokesperson wrote. The CNBC report cited Tesla's settlement with the EPA in February "after years of Clean Air Act violations and neglecting to track its own emissions." They also mentioned last year's Toxic 100 Air Polluters Index, where Tesla ranked 22nd -- "worse than Exxon Mobil, which came in 26th." Tesla has notoriously scored poorly, "though it's not just about the environmental aspect but the assessments that have also criticized Tesla's company culture," notes Electrek's Fred Lambert. "ESG doesn't really take into account the fact that Tesla's entire business is about transitioning the world to sustainable energy but rather looks at strategies to decarbonize operations." On Twitter, Tesla CEO Elon Musk said S&P Global Ratings has "lost their integrity" and has been "weaponized by phony social justice warriors."Read more of this story at Slashdot.
Original Link: https://tech.slashdot.org/story/22/05/18/2057235/why-tesla-was-kicked-out-of-the-sp-500s-esg-index?utm_source=rss1.0mainlinkanon&utm_medium=feed
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