Plain Talk With Rob Port

The ESG movement in venture capitalism - the acronym stands for "environment, social, and governance" - is a threat to North Dakota's economic well-being, but not just in the way you might be imagining. Our state's primary industries - energy and agriculture - are also carbon-heavy industries, which is why our state runs afoul of the "environment" part of ESG. Our state is investing big money into improving the environmental impact of our industries - we created, for example, the clean and sustainable energy fund which is driving money into things like carbon capture projects - but the ESG movement isn't terribly pragmatic. It's very ideological, viewing only certain types of renewable energy as satisfying the "environmental" component of it the platform. Which is why the credit rating energy Standard & Poor just gave North Dakota a "moderately negative" (their term) rating, tabbing our state as a "climate transaction risk." That's bad for North Dakota, and in more ways than one, as Treasurer Thomas Beadl