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Wall Street is no stranger to culture wars, dating to William Jennings Bryan and the 19th-century free silver movement. Today’s version: The push by conservative states to make state pension funds stop doing business with money managers who use their power to press companies to cut carbon emissions.

There’s a list of reasons to suspect the pushback won’t much affect the movement toward investing that factors in environmental, social and corporate governance goals alongside shorter-term financial performance.

First, the  blowback to ESG is confined to a few states so far, with Republican politicians in other states raising issues but taking only limited action. Even where states have acted, the steps seem likely to have little impact on investment firms that consider ESG in choosing stocks – which is nearly all major asset managers. And politicians are preparing for an assault on ESG based on antitrust claims – but institutional investors have framed their strategies to steer clear of legal theories Republican state attorneys general are pursuing, legal experts say.

“It’s not only vaporware, it’s ridiculous vaporware,” said David Nadig, an expert on exchange-traded funds and financial futurist at VettaFi, which owns ETFDatabase.com. Vaporware is software-industry slang for products that are announced but never reach store shelves. “They say they’re boycotting companies that are boycotting the energy industry, and then they find out BlackRock manages energy funds.” 

The tussle between conservative states, with officials in Florida and Texas being the most vocal, and Wall Street is specifically about how investors should use their money to take sides in debates over energy policy and climate change. More broadly, it’s another front in America’s culture wars, with politicians positioning themselves as fighting back against what Florida Gov. Ron DeSantis calls “woke” corporations.

“Corporate power has increasingly been utilized to impose an ideological agenda on the American people through the perversion of financial investment priorities under the euphemistic banners of environmental, social, and corporate governance and diversity, inclusion, and equity,” DeSantis said in a July 28 statement announcing that the state would bar its pension funds from considering ESG criteria in making investments.

ESG is a branch of investing based on screening securities based on their issuers’ environmental, social and corporate governance practices. Companies with low carbon emissions, transparent governance and good labor relations, for example, may get high ESG scores from arbiters such as Sustainalytics and Standard & Poor’s. Companies that make tobacco, oil and weapons often do poorly.

Some ESG investments are separated from other stocks, held by mutual funds and exchange traded funds specializing in companies that either have high ESG scores or avoid certain industries, including fossil fuels. A much larger number of funds continue to hold stocks in industries criticized on ESG grounds, while portfolio managers pressure companies to improve governance practices and cut their pollution.

Members of the five-year-old Climate Action 100+ coalition, for example, control more than $68 trillion in assets, most of it held by traditional money managers rather than ESG funds, said Kirsten Snow Spalding, senior director of the Ceres Investor Network and a spokesperson for the Climate Action 100+.

Florida and Texas have taken different approaches, each of which highlights the uphill climb anti-“woke” politicians face in trying to derail ESG investment.

Florida’s Board of Administration adopted what amount to guidelines, without specific enforcement measures, even as DeSantis vowed to introduce follow-up legislation next year. (DeSantis’ office didn’t respond to written questions from CNBC.com). The resolution requires that Florida’s pension funds consider only the likely financial performance of prospective investments, putting no weight on politics.

Texas’ SB-13 bill, adopted last year, is more coercive, or appears to be. Drafted using a model from the conservative American Legislative Exchange Council, the Texas law requires state pension funds to divest from companies that “boycott” energy companies. But, in an important exception, it excludes any requirement to divest most investment funds managed by those companies.

And attorneys general in 19 states signed an Aug. 4 letter to New York-based asset management giant BlackRock, arguing that ESG investing damages energy companies by pushing for lower carbon emissions, raising the question of whether investor pressure violates antitrust laws.

“While couched in language about long-term value, BlackRock’s alignment of engagement priorities with environmental and social goals, such as the UN’s Sustainable Development Goals, suggests at a minimum a mixed motive,” the letter said. “BlackRock’s actions appear to intentionally restrain and harm the competitiveness of the energy markets.” 

The Texas law has gotten off to a rocky start.

In its initial effort to identify companies that boycott energy businesses — a linchpin of Texas’ economy — the Texas State Comptroller’s office only identified one U.S-based firm, New York-based BlackRock, which manages $8.5 trillion in assets, and nine foreign firms including UBS and Credit Suisse. 

Spokespeople for Texas’ Attorney General Ken Paxton and Comptroller of Public Accounts Glenn Hegar did not respond to requests for comment. Texas Teachers spokesman Rob Maxwell said the fund will divest stocks as the law requires.

BlackRock is a prime target: it is the world’s largest money manager by assets. But it denies that it boycotts energy investments at all. Its $2 billion U.S. Energy Fund, for example, has ExxonMobil, Chevron and ConocoPhillips as its three top holdings. The largest renewable-energy play in the fund, solar panel-maker First Solar, comprises less than 1 percent of its holdings. Other BlackRock funds hold energy stocks as part of broader stock indexes, and still others avoid fossil fuel investments.

“You can look up Exxon and Chevron and we’re among their top five holders,” BlackRock spokesman Ed Sweeney said. BlackRock indeed owns 6.2 percent of ExxonMobil, according to the company’s annual proxy disclosure in April.

BlackRock is feeling the pressure to make this case more vocally since the political backlash began, and its recent comments on energy investing and its softer touch at shareholder meetings has led to pushback from climate investors.

BlackRock’s ESG approach is based on pressing companies for change from the inside, Sweeney said. The company voted against re-electing three directors at Exxon in 2021, for example, which climate investors had hoped was a tipping point for the company in using its shareholder power to be more aggressive in proxy contests. But the company says it has actually gotten more supportive of incumbent management teams this year, voting for fewer shareholder resolutions than in 2021 because companies are becoming more aggressive about climate mitigation.

That’s how most ESG investing works, says Spalding.

The CA 100+ approach is based on having shareholders lobby corporate managers for lower emissions, earlier and more detailed disclosure of emission-reduction plans, and improved corporate governance, she said. Specific CA100+ members take the lead in tracking each of the 166 high-carbon-emitting companies the network follows, communicating their findings to the group through semi-annual surveys, and must remain shareholders in order to be the group’s emissary to that company, she said.   

“It’s as far from a boycott as you can get,” said Spalding, who is both a former law professor and an Episcopal priest. “The bright line in our approach is that each institution makes its own decisions.”

The broader ESG community would have little problem with Florida’s approach, since ESG is based on the idea that mismanaged climate risk will eventually hurt companies’ bottom lines, Spalding said. “These are big institutions with a very clear sense of their fiduciary duty,” she said. They are clearly working on what they consider a systemic financial risk.”

Legal experts say that each institution’s independence in acting on climate goals is likely to insulate them from the antitrust claims that state attorneys general are investigating. 

Antitrust law, which bars combinations in restraint of trade because they often raise prices and impede competition, can bar boycotts, especially if they’re launched to make a company change its prices, said Hill Wellford, a partner at Vinson & Elkins, who presented a paper on ESG and antitrust at this spring’s conference of the American Bar Association. 

But a network like CA100+ that shares information, without dictating what each member should do about it, is unlikely to qualify unless the state AGs find facts about coordinated action that haven’t yet been disclosed, he said. That’s unlikely since big companies with on-staff lawyers understand how to stay out of trouble, because the law is well-settled, he said.

“If it’s not concerted action, it’s not a boycott,” said Michael Carrier, anti-trust expert at Rutgers Law School in Camden, N.J.  

Where does ESG fit into your portfolio? Join us virtually on Thursday, October 6 for our 2nd annual ESG Impact where we’ll hear from business leaders from Amazon, Heart Aerospace, United Airlines Ventures, Engine No.1 and more on how they are turning ideas into action to ensure a more sustainable & equitable future. Visit cnbcevents.com to learn more and register now.

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Podcast: New Tesla Model Y unveil, Mazda 6e, Aptera solar car production-intent, more

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January 10, 2025

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Podcast: New Tesla Model Y unveil, Mazda 6e, Aptera solar car production-intent, more

electrek podcast

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the official unveiling of the new Tesla Model Y, Mazda 6e, Aptera solar car production-intent, and more.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET):

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BYD’s new Han L EV just leaked in China and it’s a monster

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January 10, 2025

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BYD's new Han L EV just leaked in China and it's a monster

BYD-Han-L-EV

The Chinese EV leader is launching a new flagship electric sedan. BYD’s new Han L EV leaked in China on Friday, revealing a potential Tesla Model S Plaid challenger.

What we know about the BYD Han L EV so far

We knew it was coming soon after BYD teased the Han L on social media a few days ago. Now, we are learning more about what to expect.

BYD’s new electric sedan appeared in China’s latest Ministry of Industry and Information Tech (MIIT) filing, a catalog of new vehicles that will soon be sold.

The filing revealed four versions, including two EV and two PHEV models. The Han L EV will be available in single- and dual-motor configurations. With a peak power of 580 kW (777 hp), the single-motor model packs more power than expected.

BYD’s dual-motor Han L gains an additional 230 kW (308 hp) front-mounted motor. As CnEVPost pointed out, the vehicle’s back has a “2.7S” badge, which suggests a 0 to 100 km/h (0 to 62 mph) sprint time of just 2.7 seconds.

BYD-Han-L-EV
BYD Han L EV (Source: China MIIT)

To put that into perspective, the Tesla Model S Plaid can accelerate from 0 to 100 km in 2.1 seconds. In China, the Model S Plaid starts at RBM 814,900, or over $110,000. Speaking of Tesla, the EV leader just unveiled its highly anticipated Model Y “Juniper” refresh in China on Thursday. It starts at RMB 263,500 ($36,000).

BYD already sells the Han EV in China, starting at around RMB 200,000. However, the single front motor, with a peak power of 180 kW, is much less potent than the “L” model. The Han EV can accelerate from 0 to 100 km/h in 7.9 seconds.

BYD-Han-L-EV
BYD Han L EV (Source: China MIIT)

At 5,050 mm long, 1,960 mm wide, and 1,505 mm tall with a wheelbase of 2,970 mm, BYD’s new Han L is roughly the size of the Model Y (4,970 mm long, 1,964 mm wide, 1,445 mm tall, wheelbase of 2,960 mm).

Other than that it will use a lithium iron phosphate (LFP) pack from BYD’s FinDreams unit, no other battery specs were revealed. Check back soon for the full rundown.

Source: CnEVPost, China MIIT

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Tenways’ new chain-drive CGO600 Pro e-bike returns to $1,399 low, ALLPOWERS New Year sale, Camplux water heater lows, Anker, more

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January 10, 2025

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Tenways' new chain-drive CGO600 Pro e-bike returns to ,399 low, ALLPOWERS New Year sale, Camplux water heater lows, Anker, more

Today’s Green Deals are closing out the week by headlining Tenways’ new 8-speed CGO600 Pro e-bike that is getting $118 in free gear while down at its $1,399 low during the brand’s New Year sale, with the other models seeing similar offers. We also have New Year savings from ALLPOWERS across a collection of power stations and bundle packages, with bonus gifts and extra 10% off promotions – all starting from $89. For folks struggling to enjoy shower time, Camplux’s 18kW and 27kW Electric Tankless Water Heaters sitting at their lowest rates from $240 for the time being. We also spotted a further drop in price on Anker’s SOLIX C200 DC 60,000mAh Power Bank Station to its all-time low of $100 too. Plus, all the other hangover Green Deals can be found in the links at the bottom of the page, like yesterday’s phase 2 of EcoFlow’s New Year sale, the $1,000 in savings on LG’s all-in-one washer/dryer combo, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Tenways returns new 8-speed CGO600 Pro e-bike with free gear to $1,399 low in New Year sale ($500 off)

Tenways is wishing folks a happy 2025 by launching a New Year flash sale that is bringing back some Black Friday pricing while the month is still fresh, complete with price cuts and extra savings in promo code form. The most notable model benefitting from this sale is the new CGO600 Pro 8-speed chain-drive e-bike for $1,399 shipped, after using the promo code HAPPY2025TW at checkout to save the extra $200. This new model was released back in October carrying a $1,899 price tag, which cut down costs in the brand’s Black Friday and Christmas sales – first to the $1,399 low, next to $1,599. That same low price is returning again today for the second time, saving you $500. Tenways’ more veteran belt-drive CGO600 Pro e-bike is also down at $1,399 shipped, after using the promo code, its second-lowest rate sitting $100 above its Black Friday low. There are also extra savings for medical providers, military members, first responders, and teachers, with verification slashing an additional $150 off your purchase.

Ideal for folks who enjoy active cycling but also want the option for electric support, Tenways’ CGO600 Pro e-bike weighs in at just 37 pounds, making it very manageable in urban environments. You won’t find any throttle on this model, as the cut-down weight partly comes from the smaller 350W rear hub motor and 360Wh battery, which still provide significant support via four PAS levels (activated with a torque sensor) that cover your efforts for up to 53 miles on one charge, topping out at 20 MPH speeds.

As stated before, Tenways offers two drivetrain options for the CGO600 Pro e-bikes – either the Gates carbon belt drive for quieter operations or the new 8-speed Shimano drivetrain (which also gets the brand’s newest motor too). Aside from those big differences, you’ll enjoy the same features elsewhere on the bikes, with internally routed cables for a streamlined look, LED lighting, puncture-proof tires, Tektro dual-piston hydraulic brakes, and a compact OLED display for controls. You’ll also be getting $118 in free gear in the form of lightweight mudguards and a kickstand.

***Note: The prices below have had the additional $200 promo code factored in – but be sure to use it (HAPPY2025TW) at checkout to maximize savings!

Tenways New Year flash sale e-bike discounts:

  • CGO800S Step-Thru Commuter e-bike: $1,599 (Reg. $1,999)
    • 20 MPH for up to 53 miles
    • Turn-signaling and color display
    • comes with $227 in free gear
  • AGO X Step-Over Urban e-bike: $1,799 (Reg. $2,499)
    • 20 MPH for up to 62 miles
    • Shimano 10-speed drivetrain
    • comes with $307 in free gear
  • AGO T Step-Thru Premium e-bike: $2,499 (Reg. $2,699)
    • 20 MPH for up to 62 miles
    • Enviolo stepless shifting hub
    • comes with $178 in free gear
ALLPOWERS New Year power station sale

ALLPOWERS is helping folks prep for the rest of the year with its New Year sale through January 26 that is taking up to 48% off its backup power units, with orders also getting an additional 10% struck from the price thanks to the promo code AF2025 being used at checkout, as well as some bonus gifts. One of the brand’s best-selling solar generator packages, the R2500 Portable Power Station paired with a 200W solar panel has been dropped to $1,043.10 shipped, after using the promo code AF2025 at checkout for the additional 10% in savings. This combination would normally cost you $1,599 at full price, with this sale dropping it lower than we’ve ever seen direct from ALLPOWERS. While we have seen it go lower at third-party dealers over on Amazon, this is still a solid $556 in savings, dropping it amongst the lowest tracked rates there.

As we’ve seen with similar sales, aside from the 10% off promo code for your total order, ALLPOWERS is also giving away free gifts at certain thresholds while its New Year sale continues. You’ll receive a free 100W solar panel on orders over $1,800 or a free 200W solar panel on orders over $2,800.

Ready to cover your trips out of the home or even support appliances through blackouts, ALLPOWERS’ R2500 power station offers a 2,016Wh LiFePO4 capacity housed within a streamlined formfactor. It’s capable of power output up to 2,500W regularly through its 14 port options, able to peak up to 4,000W for larger appliance needs. There are four ways to recharge the unit’s own battery, with an AC wall outlet taking 1.3 hours to refill its capacity, or you can solar charge in 2 hours with its maximum 1,000W solar input connected. That timeframe can be cut down further to just one hour if you take advantage of its dual AC and solar capabilities, or you can hook it up to your car when you’re in a bind to fill it by the other means.

***Note: The additional 10% in savings has not been factored into the prices below, as the discount takes the percentage off your cart’s entire order – don’t forget to use the code AF2025 for the best prices!

ALLPOWERS best-selling New Year sale bundles:

ALLPOWERS best New Year sale power bank/station deals:

ALLPOWERS best New Year sale expansion power deals:

ALLPOWERS best New Year sale solar generator bundles:

ALLPOWERS New Year sale add-on deals:

Camplux electric tankless water heaters

Keep it steamy with Camplux’s 18kW and 27kW electric tankless water heaters at lowest prices from $240

Through its official Amazon storefront, Camplux is offering its 18kW Electric Tankless Water Heater at $239.99 shipped. This unit would normally cost you $350 at full price, with discounts often keeping prices above $280, aside from the one previous drop to the $240 low at the end of summer. Today’s deal is cutting $110 off the going rate, giving you a second chance at the lowest price we have tracked.

Nothing beats a nice hot shower, especially in the middle of winter. Camplux’s 18kW unit not only ensures things stay steamy, but its compact form factor ensures far less space is taken up compared to traditional water heaters. Once installed, according to Camplux, you won’t have to “wait more than 3 seconds to get plenty of hot water,” with the fast-heating low-consumption heating rods boasting “efficiency up to 99.8% and saving 60% water heating costs for your home.” There are plenty of safety protections built right in, like against overheating, anti-dry heating, water-electricity separation, and more. Do keep in mind though that it requires a minimum 0.66GPM water flow to activate, as well as two double-pole 40A breakers, a wire gauge of 2 x 8 AWG, and a 3/4-inch NPT connection.

Of course, depending on your home’s size and the number of people expected to use the shower, or even how many water sources will be supplied from the unit, you may want to consider something bigger. Right now, you can instead grab the Camplux 27kW model down at a new low of $259.99, a drop from its usual $450. Not only does it promise round the clock hot water delivery, but it’s also rated for multiple points of use over small models.

Anker SOLIX C200 DC power bank station

Anker’s new SOLIX C200 DC 60,000mAh power bank station falls to $100 low

Anker’s official Amazon storefront is offering a return to the best rate on its latest SOLIX C200 DC 60,000mAh Power Bank Station going for $99.99 shipped. Normally this newer model would run you $170 at its full rate, which has seen a few discounts since releasing a few months ago, the biggest of which saw a drop to the $100 low with Cyber Monday savings. With this deal coming in today, you’re getting another shot at its Cyber Monday pricing, saving you $70 as it returns to the lowest price we have tracked. It even beats out Anker’s direct website right now, where it is priced at $110.

Anker’s SOLIX C200 DC power bank station is a smaller and more compact version of the brand’s new C300 DC and AC models, coming in with a slightly smaller 60,000mAh/192Wh LiFePO4 capacity. It delivers up to 300W of output power to your devices through its five port options (two USB-As, one 140W USB-C, one 15W USB-C, one car port). You can refill the units own battery via three ways, with its 140W USB-C port giving you an 80% charge in 1.3 hours through a wall outlet, or you can utilize up to 100W of solar input or the car port for 80% in 1.6 hours.

You’ll also find the larger 90,000mAh C300 DC and C300 AC models matching their direct Anker discounts at Amazon for $180 and $200 at the moment. Not only are you getting the expanded 90,000mAh LiFePO4 capacity here, but they also come sporting different variations of built-in lights for camping trips. You can get the full rundown on its other capabilities in our launch coverage here.

Best New Year e-bike deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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