Posted on 06/28/2022 4:20:44 AM PDT by MtnClimber
Europe is in the midst of an energy crisis. The US and the rest of the world are paying greatly increased prices for gasoline and other forms of energy. 2 billion people rely on wood or dung for heating and cooking. Cheap reliable energy is becoming a thing of the past. And this is leading to a worldwide recession.
Why are there such problems in the energy sector? The ESG movement and related anti-fossil fuel movements have promised to run the fossil fuel industry out of business and discouraged investment in growing the fossil fuel industry. The ESG movement sees no benefits coming from the use of fossil fuels and sees no downside from closing down the industry and seeking to replace it with wind and solar energy.
However, wind and solar energy have proven to be unreliable and to drive up the cost of electricity. This is because the electricity producing companies in the developed world must also build 100% back up for wind and solar (for when the wind isn’t blowing, and the sun isn’t shining) to ensure reliable energy. Having 100% back up means increased costs.
The installed economic infrastructure relies heavily on fossil fuels to operate. Undependable expensive energy drives up costs in all industries, but especially in agriculture and distribution/logistics. This is showing up in the tragedy in Sri Lanka. All of this is driving up food costs.
The EU, led by the Germans, have strived hard over the last couple of decades to build up their wind and solar energy industries, which caused them to depend on Russian oil and gas to drive their backup capacity. President Trump warned the Germans about their reliance on Russian natural gas and they laughed at him. Today, the Germans are in an energy crisis
(Excerpt) Read more at americanthinker.com ...
ESG is an attack on "non-favored" industries by slicing out the Wall St loans to grow or continue a large business.
As it is, I understand that only 4% of our funding now comes from Wall St.
Do not know how stocks are counted in the equation.
At least one company, Continental, has decided to buyback the 60 million shares that they do not already own and raise money in private transactions.
That sounds like a wise decision by them.
I know the CEO, Coo, and CFO or my company are just playing the game, and they know it’s largely BS.
It still infuriates me to listen to such stupidity.
Oh well, it’s not going away anytime soon.
In another example of glittering hypocracy, today's top article on gCaptain (as SJW lefty as needs to be) is about an ESG "bank" making a loan to Guvnor, founded by a Putin crony and oligarch.
Gunvor, the energy trading firm and shipowner cofounded by sanctioned Russian Oligarch and Putin’s long-time friend Gennady Timchenko, has secured sustainability loans worth $912 million.
The credit facility, which was launched initially at US$500 million in April 2022, got strong support from 23 banks and closed oversubscribed by over 82 percent. Gunvor may upsize the loan thanks to a US$200 million accordion feature to accommodate banks that are interested in providing loan capital after June 2022.
This is the first time Gunvor has borrowed via a sustainability-linked loan structure that tracks key Environmental-Social-Governance (ESG) performance indicators that include climate, energy transition, and human rights.
“We are grateful for the tremendous support from our banking partners during this extremely challenging period of record volatility and uncertainty,” said Gunvor regional CFO Jean Rohr. “Our partners found confidence in our strong financial results, solid liquidity management, and commitment to the energy transition”.
These ESG banks are only concerned about sending money to their socialist comrades.
...to cram the ESG values down the throat of everyone.
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Social Credit by proxy. Very efficient, these current fascists. Much easier to control all the corporations owned by 3 financial giants than to control 6.5B individuals or 194 nation states.
“My way or die.” By whatever means necessary.
...one company, Continental, has decided to buyback the 60 million shares that they do not already own and raise money in private transactions.
hamm-moves-to-take-continental-private
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encouraging. We need more companies to do this or something similar. Let them choke on their loans and investment pools.
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