If you question the need to understand transport risk, ask Norfolk Southern how much they think the derailment in East Palestine, Ohio is going to cost them and their shareholders. If you doubt my assessment of fossil fuel ecological risk, ask BP about the cost of their 2010 Gulf of Mexico disaster. Fossil fuel companies and shipping companies have extreme exposure to environmental and climate risks. Starting with environmental impact and risk, a company that does not understand and measure its impact on ecosystems as well as the risk to operations posed by climate change and climate accelerated extreme weather events is a poorly managed operation. Let’s examine ESG as a management concept rather than as an element of ideology. Those are your choices: being awake or falling asleep. Opposing such awareness is simply sticking your head in the sand and sleepwalking through a complex, rapidly changing world economy. The way I see it, “woke” is simply being awake and aware of the world we live in. In my view, a company managing with these issues in mind is practicing sound management. The attack on an ill-defined concept called “woke” public policy has now been extended to attacking managers and investors who have the “nerve” to pay attention to a company’s environmental footprint, organizational governance practices and social and community impact.
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