CURRENT AFFAIRS

Detailed explanation-1: -S&P Dow Jones Indices has removed electric carmaker Tesla Inc from its widely-followed S&P 500 ESG Index, citing issues including racial discrimination claims and crashes linked to its autopilot vehicles, a move that prompted critical tweets from Tesla CEO Elon Musk on Wednesday.

Detailed explanation-2: -In a blog post Wednesday, the S&P explained why it kicked Tesla out of its ESG index earlier this month. 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.

Detailed explanation-3: -“ESG is business social credit. It’s a means to control capital, keep business people in line with the narrative, and, ultimately, control you.” In characteristically brief fashion, Musk responded: “ESG is the devil.”

Detailed explanation-4: -The removal of Tesla from the S&P 500 ESG Index was part of a series of changes made to the index’s components and methodology beginning April 22.

Detailed explanation-5: -A spokesperson for the S&P 500 ESG index explained a few factors contributing to Tesla’s removal, including a lack of low-carbon strategy and codes of business conduct, racial discrimination, poor working conditions, as well as product responsibility.