Posted on 05/22/2022 7:02:34 AM PDT by rktman
There is a concerning precedent emerging within conventional American politics that mistakenly asserts a direct correlation between functional results and incremental regulation exists. Reality shows instead that regulation does not provide the strategic blueprint required to formulate long-term solutions and radical innovation. The U.S. Securities and Exchange Commission groundbreaking proposed climate change disclosure rule does not reflect that lesson and misses the mark.
If passed, the 512-page proposal would mandate public companies to disclose an audited set of greenhouse gas emissions data from their direct operations, energy use, and value chain (i.e., Scope 1, 2, and 3, respectively). This proposal focuses on accounting exercises rather than strategic action and represents a cost burden as opposed to a solution that would reduce global emissions to the benefit of society.
The current Environmental, Social, and Governance (ESG) investment climate is complex. There are over 6,500 unique data points within the ESG ecosystem. Much of the ESG data is uncorrelated, biased, and incredibly influential. Some of the most influential evaluation methodologies remain subjective, inconsistent, and opaque. Yet, we are seeing a “doubling down” on a system that prioritizes competitive uniqueness rather than actual empirical results.
(Excerpt) Read more at wnd.com ...
In power now are people openly hostile against successful business that's not fully woke.
Companies have a fiduciary responsibility to shareholders to maximize profits — meaning, of course, that companies must toe the Party Line at all times, or else management may be sent to the gulag.
Maybe the SEC can find time to demand disclosure about investment risks associated with conflicts with China.
I work at a company where we develop services in the cloud.
Aside from the company offices we make no physical product and because we’re cloud based so we have no physical servers we maintain - we pay for that and we pay for server space at several big companies who tout their data centers are all green and pay for excess with carbon credits that’s baked into their billing fees.
And YET - my company CEO is gung-ho about reducing OUR carbon footprint and being green to “save the planet”.
It makes NO rational sense because we’re already as carbon neutral as we’re going to get - but the CEO doesn’t care because he’s chasing after ‘green’ dollars and investments (not a euphemism for greenbacks!). There’s tons of venture capital and investors out there that will only invest if you tout the green line. Except it has nothing to do with being green but all political as was demonstrated this week when S&P’s ESG index (stock index of companies that are ‘green’ and support ‘green’ causes) kicked Tesla out... The world’s premiere electric car manufacturer is NOT green enough - why? Because electric cars get their power from coal plants.
It’s a cult like following for the communists and their socialist utopia. So you have CEOs who will say whatever it is they think they’re supposed to say instead of having a pair of cajones...
There was just an article posted about Texas asking each banking or investment form doing business in the state if they were intending to boycott lending to energy companies. If they were, their state charters were at risk. All replied no but my favorite was one that replied “Hell No!”.
You have 3 types:
Those that know climate change is just a ruse for socialism and big government.
Those that are the true believers useful idiots for above.
Those that just give it lip service to keep both of the above off their backs.
A lot of CEO’s are being intimidated into this mess by so called “awards” and recognition websites.
Insanity writ large. I’d love to see my former employers report on how eco friendly their weapons systems are. Yup, total insanity.
It’s like living in a Horror Movie with leaders of the world all being part of a Cult
Leadership in these companies may not have bought into all this ESG bull$#!t, but they DO buy into survival.
The loss of productivity and drag on the economy would be immense.
Can you imagine the tens or hundreds of thousands of people required to collect, process, and report the data? The thousands of government bureaucrats who would review it? The tens of thousands of lawsuits resulting from the data? The hundreds of thousands of lawyers involved on all sides of the lawsuits? The huge number of lawyers working both sides of the issue for different clients?
This would knock a few points off US economic growth all for zero benefit. And it would last forever…at least until a sensible administration gets elected and kills it.
” If passed, the 512-page proposal”
It will. The Climate BS is going to inflict misery am economic ruin on the country.
The U.S. Securities and Exchange Commission groundbreaking proposed climate change disclosure rule does not reflect that lesson and misses the mark.
If passed, the 512-page proposal would mandate public companies to disclose an audited set of greenhouse gas emissions data from their direct operations, energy use, and value chain
“The U.S. Securities and Exchange Commission ( SEC) is an independent agency of the United States federal government”
Part of the Federal Government but independent ... Really?
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