ESG financial “leaders” live in La-La Land
This week, I virtually attended “The 2022 ESG Leadership Forum” co-organized by the Wall Street Journal Trust and the Nasdaq. Panel discussions covered everything from accelerating the energy transition, to modeling climate risks in climate strategy, to reaching net zero with advice on how to “really hold” the ESG promises.
Speakers got an “A+” in leadership jargon and management theory, but a big “F” in reality. There was a creative climax where win-win was reimagined as wind-wind to describe a company’s “win-win” approach to wind energy. (Get it?) In their defense, it’s a winner from a C-suite perspective. These companies are guaranteed to reap the benefits of the government-backed dividends promised by President Biden through trillions of taxpayer dollars. poorly managed.
In reality, however, we taxpayers will be grappling with the consequences of the ESG movement, and, more specifically, the “path to net zero,” which is both damaging and delusional. He spearheaded efforts to remove reliable and affordable energy – primarily coal, oil and natural gas – and replace it with less reliable and more expensive alternatives. Arbitrary deadlines to achieve this goal require the early shutdown of energy sources without adequate replacement. As a result, our degraded energy grid now regularly produces blackouts and brownouts, especially during heat waves and cold snaps when we ordinary people consume the most. It’s not because of climate change. This can be attributed to poor planning and a blind allegiance to ESG principles that consistently overpromises and underdelivers.
As the Biden team implements its whole-of-government effort to shut down U.S. oil and natural gas, ESG investing maximizes its effect. Government-imposed red tape, coupled with rental bans, has increased operating costs. At the same time, ESG investors are limiting access to the very capital these companies need to modernize, grow, and ultimately keep pace. The imbalance in the oil market resulting from the suppression of supply is the primary reason for the high costs we pay at the pump. The tight supply of natural gas, which represents 37% of electricity productionled to the biggest 12-month increase in more than 40 years and is why one in six families are now behind on their utility bills.
Adding insult to injury, it will have no impact on the climate. Some reports have found that a net zero in the United States would reduce temperatures by just 0.137 degrees in 2100. Remember that a warming climate is the so-called key driver of change that these finance gurus are fighting against.
The real problem is that these ESG elites are tasked with trillion dollars of investments and their decisions, even those that are detrimental and delusional, are far-reaching. They are not to be celebrated, but rather held accountable, starting with the fire-fire approach. (Look what I did there?)
It is fighting fire with fire. In the lead, Strive Asset Management, a company that offers investors the ability to participate in good old-fashioned planning, where value maximization takes precedence. Strive CEO Vivek Ramaswamy even has the audacity to let those who reap the benefits of his fund’s returns use their own money to be the change in the world they want to be.
Americans are starting to wake up ESG Fraud. To learn more about ESG, what it is, and how states are legitimately starting to push back, check out our comprehensive communications kit at ESG investing.