Posted on 04/19/2022 4:51:08 AM PDT by MtnClimber
In an era of rising geopolitical tensions, it is folly to let Wall Street determine the nation’s energy policy.
Since Russia attacked Ukraine two months ago, Western governments have been learning the hard way about the critical importance of energy to their national security. Germany’s 20-year, trillion-dollar “Energiewende” (Energy Transformation) has made its economy totally dependent on supplies of Russian natural gas and paralyzed its response to Russian aggression. French president Emmanuel Macron faces a tougher re-election fight this month thanks to soaring energy prices and failure to replace the nation’s aging fleet of nuclear power stations. The Biden administration is tapping America’s Strategic Petroleum Reserve in an effort to tamp down energy costs as inflation heads toward double digits.
As the West grapples with the energy implications of a hostile Sino-Russian alliance, the steering group of the Net-Zero Asset Owner Alliance, whose members manage over $10.4 trillion of assets, issued a statement urging Western governments not to sacrifice climate goals for energy security. “The world is still heading for an excess of fossil fuel-based energy use that will vastly exceed the carbon budget needed to meet the 1.5° Celsius Paris agreement goal. This trend must be halted,” the United Nations-backed alliance said in its April 8 statement, arguing that “the national security argument for accelerating the net-zero transition has strengthened considerably.”
What, one might ask, is the standing of asset managers to opine on national security matters? They have no expertise in this domain. It turns out that their understanding of the economics of energy policy is defective, too.
The Net-Zero Asset Owner Alliance claims that development of new oil and gas reserves will lock in fossil fuel subsidies, exacerbating market distortions. I
(Excerpt) Read more at realclearenergy.org ...
The ESG (Environment, Social and Governance) scoring system will destroy businesses and all that will be left is wokeness.
That is the intent. Reduce all the wealth of the West to pennies, then snap it up at a fraction of that.
Yep. It’s a cult.
“The ESG (Environment, Social and Governance) scoring system will destroy businesses and all that will be left is wokeness.”
Agreed.
I work in the securities industry and ESG is all the rage these days.
“Fossil fuel”. LOL. No such thing.
ESG scoring is almost like the communist chinese struggle session movement forcing people and groups into acceptable thought.
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