Tuesday, May 02, 2023
Another 0.5 Degree of Warming Will Kill Us All?
The Climate Industrial Complex warns us that we dare not cross a temperature threshold that exceeds 1.5 degrees Celsius (2.7°F) of increase from those that existed before the Industrial Revolution. We have already seen an increase in temperature of about 1.0 degree Celsius, so they are trying to forestall a rise of another 0.5oC (0.9°F) before catastrophe strikes. Does this seem plausible to you?
In fact, a 0.9°F rise is barely noticeable sitting in your own temperature-controlled home where the thermostat likely isn’t even triggered to respond to a temperature change that is that small. Let’s take a look at just how small this is:
* The temperature will rise more than 0.9°F between 10:00 AM and noon on
most days.
* 0.9°F is the temperature change you get from an elevation change of about
500 feet.
* At mid-latitudes, 0.9°F is about the temperature change you get from a latitude change of just 30 miles.
So, if you are living in fear of a pending climate catastrophe over a less than a one degree rise in temperature, you could easily solve it by moving to a slightly higher elevation or a few miles northward. For example, if you currently reside in Myrtle Beach, South Carolina, a move 30 miles up the road to Wilmington will ease your fear quite nicely.
***********************************************
The Lehman moment for the ESG movement
As the current banking crisis continues to roll through the global financial system, one common denominator among all the bank failures to date has been corporate ESG policies promoting climate action, diversity, equity, and inclusion, and other progressive initiatives.
Silicon Valley Bank , the first bank to collapse, lent to more than 1,500 start-up climate tech firms, the majority of which had no cash flow or ability to service bank debt. Most of the directors on the bank’s board had no banking experience but were instead chosen for the DEI boxes that they ticked.
Signature Bank, the second institution to be seized by federal regulators, prided itself on being “the first bank in the United States to have an openly gay man on the board” and held internal seminars on the use of proper pronouns in the workplace. The bank was also an official supporter of the Task Force on Climate-Related Financial Disclosures and had started to disclose its lending portfolio emissions as the first step toward a net-zero banking model.
First Republic Bank, which recently required a $30 billion bailout from its industry peers to stay afloat, became the first large U.S. bank to stop lending to the fossil fuels industry back in 2021, achieving carbon neutrality that same year.
Even Credit Suisse, the most systemically important bank to fail thus far, believed in “sustainable finance for a better world” and did its part to direct capital toward the achievement of the United Nations’ Sustainable Development Goals for 2030. The Swiss bank also actively promoted its transgender “allyship” by having a high-profile, non-binary, gender-fluid section head within its Global Markets Technology group.
In response, the hashtag “GoWokeGoBroke” has gone viral over the last month. But sustainability activists have been quick to argue that ESG was not the direct cause of any of the recent bank collapses. Technically speaking, this is a valid point. Rising interest rates, hot deposits, and faulty asset-liability management doomed Silicon Valley, Signature, and First Republic, whereas Credit Suisse was a slow-motion, scandal-ridden management train wreck for years.
Nonetheless, the recent spate of bank failures may still spell the end for ESG on Wall Street since, in all of the above cases, a corporate focus on ESG was more than just a distraction and time-sink for executives and employees. It was symptomatic of more deep-seated fundamental operating problems with these financial institutions, and clearly a comorbidity of weak management.
Touting one’s sustainable finance credentials now correlates with bad “G” governance under the ESG system’s own rubric. It raises a red flag for analysts to perform enhanced due diligence around any financial firms that fully embrace ESG. Shareholder activists scoping out poorly run corporate targets and hedge funds looking for short candidates should probably start including a pro-ESG filter in their initial screening criteria.
Investors would be well advised to charge more for the capital that they allocate to banks that publish glossy hundred-page sustainability reports and splash 17-color pinwheels across all their corporate presentations, which is ironic since this is the antithesis of what the ESG movement is trying to accomplish.
At the very least, the recent run of bank collapses offers still more proof that ESG does not lead to better business performance or investment outcomes. This is fatal to the core ESG argument that activist groups have been making for years that such policies “build long-term value” for companies and investors.
While a showy sustainable image may attract the marginal millennial customer or consumer during good times, such corporate virtuosity won’t prevent a bank run when the going gets tough. No matter how much the two terms are conflated, sustainability (or the appearance thereof) is not the same thing as financial solvency, with the latter being the only thing that really matters to investors and the markets.
Ever since the bankruptcy of Lehman Brothers triggered the 2008 global financial crisis, Wall Street has been bracing for the next “Lehman moment,” often mistaking minor volatility events for something more catastrophic. While the current problems centered in the bank market are likely to continue spreading, the more-seismic systemic shock this time around may be to the progressive ESG movement.
Overlooked in all the Lehman post-mortems over the past 15 years has been the failed investment bank’s own ESG policy proclivities toward the end.
In the last few years of Lehman’s existence, its president and COO, Joe Gregory, spent almost all his time promoting diversity and inclusion programs at the company. Instead of meeting with clients and participating in quarterly earnings calls, Gregory regularly hosted internal off-site conferences where he lectured the firm’s managing directors on how clients and customers wanted to “see people that looked like them on the other side of the table,” as opposed to the best bid or best execution.
During the 2000s, race and gender considerations increasingly factored into Lehman’s management and personnel decisions, even as the company’s decision-making became more sclerotic and its proprietary risk tolerance and balance sheet leverage both spun wildly out of control.
As with today’s vintage of failing banks, ESG was not a direct cause of Lehman’s collapse, just a coincident indicator. ESG history is now repeating itself.
The last financial crisis in 2008 spurred Wall Street to double down on sustainability to burnish its ethical image and counter criticism of the industry for taking government bailout money after wrecking Main Street. Hopefully, the current banking crisis flushes ESG out of the financial system once and for all.
************************************************
15-Minute Cities Are ‘Complete Impoverishment and Enslavement of All the People’: EU Lawmaker
"15 minute cities" appear to be the latest version of the Greenie "smart growth" ideal
Christine Anderson, a member of the European Parliament, believes that COVID passports and QR codes that became widespread during the pandemic were only test runs for implementing “15-minute cities” aimed at tightening government control over people.
A 15-minute city is a neighborhood where a resident can reach everything they need, like a grocery store, doctor, and so forth within a 15-minute walk. According to Anderson, such cities are the beginning of tighter government control of people. The administration can exert control by deciding “you are no longer allowed to leave your 15-minute immediate area. They don’t have to fence it in or anything. It will be done via digital ID,” she said in an interview with Jan Jekielek’s “American Thought Leaders” program published on April 25.
“If you now fancy another store and it does not happen to be in your neighborhood, guess what? You won’t be going to that store anymore. Like I said, total control is what we’re talking about.”
In Europe, legislation is being pushed forward to set up 15-minute cities. According to Anderson, the Digital Green Certificate, the COVID pass introduced during the pandemic, was only a test run designed to get people used to producing a QR code and related requirements.
“Now, they’re slamming us with these 15-minute cities. Make no mistake, it’s not about your convenience. It’s not that they want you to be able to have all of these places that you need to get to close by. It’s not about saving the planet either,” Anderson said.
“With the 15-minute cities, they will have to have those before they can lock you down, and that’s what we were talking about here.”
“In Great Britain, some counties have already passed legislation. They will be able to impose a climate lockdown. That’s the next step. That’s what we are talking about. In order to do that, they will have to have these 15-minute cities.”
The next step, Anderson says, will involve restricting people within their localities, only allowing them to leave the place two or three times a year. However, the rich will be able to get away with these rules as they can buy off exit passes from the poorer segments, she stated.
“The poor people will be left in these 15-minute neighborhoods while the ones that are better off get to go wherever they want to go. This is what we are talking about.”
An article featured on the World Economic Forum’s (WEF) website in March last year called the concept of 15-minute cities “a lot more than a fad” and a consequence of the current times, specifically the pandemic.
“With COVID-19 and its variants keeping everyone home (or closer to home than usual), the 15-minute city went from a ‘nice-to-have’ to a rallying cry,” it claimed, adding, “As climate change and global conflict cause shocks and stresses at faster intervals and increasing severity, the 15-minute city will become even more critical.”
Digital Tyranny
Anderson pointed out that Chinese communist-style “social credit” systems are already being tested out in Europe. “There are pilot projects already going on in Bologna. There, it’s called the ‘Bologna Wallet.’ In Vienna, it’s called the ‘Vienna Token.'”
“It’s voluntary for now, and it’s only pretty much enticing people. If you do this, you get some tickets for a little less, to go to the theater. Voluntary. Once again, [it’s the] first step,” she said.
“But soon, there will be a time when you don’t have a choice anymore. You have to have this Digital Green Certificate with this QR code. Then, they will tell you where you can go, what you can do, and what you cannot do.”
Anderson criticized “The Line” project being constructed in Saudi Arabia. A 200-kilometer-long, 200-meter-wide, 500-meter-high structure, The Line is projected to house up to 9 million people.
“If I wanted to get total control of the people, that’s exactly where and how I would house them, and then, have them on a three-meal-a-day prescription. Guess what will happen if you do not do as you are told—they will probably cancel those meals. It’s so easy,” she said.
“That’s what we’re talking about. When you really take all of this together, there is no other way for me to actually say this—it will be a complete impoverishment and enslavement of all the people. I’m stating it so clearly because that’s what it seems like, and that’s what it looks like to me.”
The concept of 15-minute cities is drawing heated debate on social media. When documentary maker Carla Francome posted a thread in February about the benefits of such cities, it soon attracted criticism.
One person suggested that though 15-minute cities sound great in theory, it would become a problem once the government tries to enforce it.
Another pointed out that if 15-minute cities were to become a reality, Francome would have to take a special permit to visit her father if he was living 30 minutes away from her.
“One day, you’ll be trapped in your 15 minute city, waiting for a drone to deliver your sweet and sour bugs and trying to remember what it was like to be on holiday,” author Lisa Keeble said in an April 22 tweet. “You’ll ask yourself- when did it all go wrong. When you applauded lockdowns and masks.”
Government Fearmongering
Anderson also highlighted the fearmongering employed by governments to control people during the COVID-19 pandemic. “In Germany, there was a manual, an outline on how to get the people to do what the government wanted them to do to adhere to these restrictions,” she said.
“They outlined it there specifically, ‘Even though kids are at no risk of this COVID, we have to make them afraid. If they catch it and then they infect their grandparents, they’re responsible for having killed their grandparents.’ That’s the kind of thinking that went on in the governments.”
“A completely blown out of proportion kind of pandemic. For what? It was so the pharmaceutical companies could make billions and billions of dollars.”
Jekielek noted that there’s “unequivocal evidence” that the UK government was involved in sowing fear among its populace with regard to COVID-19 and had a specific strategy for doing so. Similar things were done in other countries, including the United States, he pointed out.
When asked whether this was the result of some kind of global coordination, Anderson replied, “Absolutely.”
“That is actually the scariest part of all of this. Had it only been two or three countries going rogue, we would have had the hopes another country would step in and put a stop to it,” she said.
“They were in lockstep with all of this. They literally read from the same script, repeating the same lines, ‘Build back better, safe and effective.’ Every single Western democracy was pretty much doing the same thing.”
************************************************
These States Have Taken Action Against ESG in 2023
The governors of Utah, Kentucky, West Virginia, Arkansas, and Montana have so far in 2023 signed legislation into law aimed at combating environmental, social, and governance policies.
More than a dozen states have introduced or are considering taking action on similar bills, including Montana, Kansas, and Florida.
“Over the last few years, misguided ESG policies in investments have left fiduciary responsibility behind, forcing money into funds that line up politically with the ideology of activist investors,” Kansas House Majority Leader Chris Croft, a Republican, told The Daily Signal in an emailed statement. “Implementation of these policies go against free market principles, and it’s not what is best for Kansans.”
“Our goal this year was to reassure our constituents that Kansas won’t let anyone play politics with taxpayer dollars or state contracts and ensure that fiduciary responsibility takes precedence over ideological credit scores,” Croft said. “I am proud to stand with many Kansas legislators, passing legislation that puts our taxpayers and retirees first by making certain that state funds are managed to prioritize the highest return on investment.”
Republican Utah Gov. Spencer Cox signed two bills into law on March 14.
SB 96 “addresses fiduciary duties for funds managed by public entities.”
The bill, sponsored by state Sen. Chris Wilson, a Republican, in the Senate and state Rep. Susan Pulsipher, another Republican, in the House, also “requires a public entity to invest public funds in accordance with the prudent investor rule; addresses a public entity’s proxy voting duties; requires a public entity to provide the state treasurer access to proxy voting reports upon requests; and makes technical and conforming changes.”
The law will take effect on May 3.
SB 97 relates to economic boycotts and “addresses public entity contract requirements.”
The bill specifically “defines terms; subject to exceptions, prohibits a public entity from entering into a contract with a company that engages in certain boycott actions,” and “prohibits a person from penalizing a company that agrees not to engage in certain boycott actions while under contract with a public entity.”
The bill also “provides that a person who penalizes a company for agreeing not to engage in certain boycott actions while under contract with a public entity interferes with the state’s interest in administering state programs and maintaining commercial relationships” as well as “makes technical and conforming changes.”
Wilson was the bill’s chief sponsor while its House sponsor was state Rep. Rex Shipp, a Republican. The law also takes effect on May 3.
Republican Kentucky Gov. Andy Beshear signed HB 236 into law on March 24.
“Kentucky now has the strongest anti-ESG legislation in the nation. For many years, pension investments were about maximizing returns,” Kentucky State Treasurer Allison Ball, a Republican, told The Daily Signal in an emailed statement. “Recently, however, there has been a destructive shift in investment methodology to use the savings of Americans as financial muscle to push ideological causes through the ESG movement.”
“Kentucky has said no to this shift by passing HB 236, which clarifies that pension fiduciaries must base investment decisions solely on financial metrics, not politics,” Ball said.
Republican state Reps. Scott Sharp, Shane Baker, Daniel Elliott, Patrick Flannery, Steve Rawlings, Walker Thomas, and Wade Williams sponsored the legislation.
Republican West Virginia Gov. Jim Justice signed HB 2862 into law on March 28.
“The purpose of this bill is to ensure that all shareholder votes by or on behalf of the West Virginia Investment Management Board and the Board of Treasury Investments are cast according to the pecuniary interests of investment beneficiaries,” a summary of the bill says.
Republican delegates Dean Jeffries, Eric Householder, John Hardy, Evan Worrell, Chris Phillips, Walter Hall, Riley Keaton, Laura Kimble, and Marty Gearheart sponsored the legislation.
Republican Arkansas Gov. Sarah Huckabee Sanders signed HB 1307, which is “concerning the regulation of environmental, social justice, or governance scores; and to authorize the treasurer of state to divest certain investments or obligations due to certain factors,” into law on March 30.
Republican Montana Gov. Greg Gianforte signed HB 228, which is “an act revising public investments by prohibiting the consideration of nonpecuniary factors; providing definitions; providing enforcement by the attorney general; and providing an immediate effective date,” into law on April 19.
Other states that have introduced or are considering similar bills include South Carolina, Iowa, Oklahoma, Indiana, Texas, Tennessee, Ohio, Missouri, Arizona, and Alabama.
“ESG policies push the Left’s progressive agenda on the American people through businesses and corporations, disregarding American values and giving beneficiaries fewer financial returns in the process,” Jessica Anderson, executive director of Heritage Action for America, the grassroots arm of The Heritage Foundation, told The Daily Signal in an emailed statement. (The Daily Signal is the news outlet of The Heritage Foundation.)
“States all across the country are joining Utah, West Virginia, and Kentucky to pass and enact legislation clarifying fiduciary duty, combating the threat of the ESG movement on American livelihoods, and stopping woke fiduciaries from using public retirement and investment funds as political pawns.”
“Last week, the Kansas Legislature notably passed HB 2100, legislation clarifying that fiduciaries must only consider financial factors when making investments, ensuring that Kansans’ savings are being invested in companies that fit their values,” Anderson said.
Anderson added:
Other states across the country—like Florida, Oklahoma, Ohio, and Tennessee—are adding to Kansas’s momentum as they push to protect jobs and investments from the Left’s extreme political agenda, putting Americans’ money back into their hands.
https://www.dailysignal.com/2023/04/14/these-states-have-taken-action-against-esg-in-2023/ ?
***************************************
My other blogs. Main ones below
http://dissectleft.blogspot.com (DISSECTING LEFTISM )
http://edwatch.blogspot.com (EDUCATION WATCH)
http://pcwatch.blogspot.com (POLITICAL CORRECTNESS WATCH)
http://australian-politics.blogspot.com (AUSTRALIAN POLITICS)
http://snorphty.blogspot.com/ (TONGUE-TIED)
http://jonjayray.com/blogall.html More blogs
*****************************************
Subscribe to:
Post Comments (Atom)
Jim Hansen and his twin
No comments:
Post a Comment