Social(K) BLOG
October 31, 2023
Dear Fossil Fuels
We're forced to invest our life savings in you risking our money and our planet. So we're assembling for a historic virtual march to get Wall Street to give every American a 401(k) option that doesn't invest in Fossil Fuels. Your company chooses your 401(k) investment options. For 99% of Americans, all options include investments in fossil fuel companies. The majority of Americans with life savings have a significant amount of it in 401(k)s. Fossil Fuel investments have the lowest returns and highest risk (called volatility) than any other sector of the US economy. 99% of Americans with 401(k)s have no option but to invest in oil and gas companies.
Just 3% of plans offer an ESG fund as an investment option for employees, according to the Plan Sponsor Council of America, a group that represents companies offering workplace retirement plans.
A fraction of all 401(k) assets — about a tenth of 1% — are held in such socially responsible funds, the group said. (Source)
Oil + Gas are BAD for your wallet
In the 2010s, Select Sector indexes that had strong performance and rose more than 340% included the Consumer Discretionary sector (its largest holdings include Amazon.com, Home Depot, McDonald’s and Nike), Technology (its largest holdings include Apple, Microsoft and Visa), and the new Communications Services sector (its largest holdings include Facebook, Alphabet, Netflix and Comcast). In contrast, the Energy sector (with Exxon Mobil and Chevron) was up only 40% in the 2010s, as the spot price of a barrel of crude oil (WTI) fell 23% (from $79 to $61) during the 2010s. (Source)
The Virtual March for Fossil Freedom is the first march where you don't have to be present to participate—anyone from anywhere can participate.
To join the virtual march, follow this link
To learn more about ESG follow these articles:
401(k)
Carbon Risk
esg
esg screens
Fossil Free
green investing
socialk
Socially Responsible Investing
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sri investing
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