{"id":1786457,"date":"2022-12-25T06:30:16","date_gmt":"2022-12-25T11:30:16","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1786457"},"modified":"2022-12-25T10:49:12","modified_gmt":"2022-12-25T15:49:12","slug":"paul-driessen-esgs-perverse-narrowly-focused-ethics","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/paul-driessen-esgs-perverse-narrowly-focused-ethics\/","title":{"rendered":"Paul Driessen: ESG\u2019s Perverse, Narrowly Focused Ethics"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fpaul-driessen-esgs-perverse-narrowly-focused-ethics%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1786457&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/12\/1d83f8d8-d9dc-47d9-9c84-ce1fd37a6de4.jpg\" class=\"ff-og-image-inserted\" alt=\"image\"   style=\"display:none\"><\/div>\n<p id=\"isPasted\"><span data-preserver-spaces=\"true\">Warning: Your retirement fund may have been Shanghaied by BlackRock or other Wall Street asset managers who\u2019ve unilaterally decided that the tens of trillions of dollars of other people\u2019s money they control should be used to advance political causes they favor \u2013 to \u201cmake the world a better place.\u201d \u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As most people know, ESG stands for Environmental protection, Social justice, and Governance of corporate and societal affairs. They\u2019re all noble-sounding causes. However, under ESG they\u2019re centered around progressive, woke agendas, with the prevention of \u201cmanmade climate cataclysms\u201d uppermost. Fund assets are used to drive \u201cnet zero\u201d climate agendas and punish or de-fund fossil fuel companies.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">That narrow focus creates serious problems. Those trillions of dollars are supposed to be passively invested in the index and other funds, under fiduciary obligations to secure maximum returns in support of the state, local, corporate and personal retirement and investment accounts. Under ESG, however, strong returns are too often sacrificed to serve politicized agendas, often in collusion with governments, activists, and other financial institutions, and thus also in violation of antitrust laws and basic ethical principles.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">That\u2019s why\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.wsj.com\/articles\/vanguard-defects-from-the-climate-club-net-zero-asset-managers-pledge-11670618508\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Asset manager Vanguard<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0recently left the UN-sponsored \u201cGlasgow Financial Alliance for Net Zero.\u201d Meanwhile,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.foxbusiness.com\/markets\/arizona-divesting-pension-funds-from-blackrock-over-esg-push\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Arizona<\/span><\/a><span data-preserver-spaces=\"true\">,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.newsweek.com\/floridas-divestment-blackrocks-esg-hijacking-sound-public-policy-opinion-1764433\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Florida<\/span><\/a><span data-preserver-spaces=\"true\">, Kentucky,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.esgtoday.com\/louisiana-divesting-794-million-from-blackrock-to-protect-funds-from-esg-strategies\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Louisiana<\/span><\/a><span data-preserver-spaces=\"true\">,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.dailysignal.com\/2022\/10\/18\/massive-fiduciary-breach-missouri-pulls-500m-worth-of-pension-funds-from-blackrocks-control\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Missouri<\/span><\/a><span data-preserver-spaces=\"true\">, North Carolina,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.honestaustin.com\/2021\/05\/04\/texas-legislature-esg-investing-policy\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Texas<\/span><\/a><span data-preserver-spaces=\"true\">,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/latest-news-headlines\/west-virginia-fires-blackrock-over-asset-manager-s-climate-and-china-stance-68468375\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">West Virginia<\/span><\/a><span data-preserver-spaces=\"true\">, and other states are pulling tens of billions of dollars out of BlackRock, State Street, and other Wall Street asset management firms, for violating fiduciary duties.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">A second ESG ethical dilemma arises from the way practitioners employ narrow definitions of ES&#038;G to virtue-signal, pontificate, and impose prescriptive agendas. When the \u201cexistential threat of manmade climate change\u201d is the primary arbiter, enormous problems associated with replacing fossil fuels with \u201cclean renewable energy\u201d are simply ignored, suppressed, and censored from the analysis.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Here are some of the people and planet realities that must be included in any ESG analysis.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Environmental protection. Rather than looking only at the temperatures, storms, droughts, rising seas and other environmental costs that climate models falsely blame on fossil fuel emissions \u2013 any accurate and honest ESG scorecard must also assess the ecological impacts from the wind-solar-battery (WSB) energy systems that will supposedly replace oil, gas, and coal.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">WSB systems and associated transmission lines do not appear spontaneously, via Materials Acquisition for Global Industrial Change (MAGIC). They require mining on unprecedented scales. President Biden\u2019s initial batch of offshore wind turbines alone would require\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/townhall.com\/columnists\/pauldriessen\/2022\/03\/26\/saving-america-from-planetthreatening-fossil-fuels-n2605064\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">110,000 tons of copper<\/span><\/a><span data-preserver-spaces=\"true\">, refined from 25,000,000 tons of ore, after removing 40,000,000 tons of overburden \u2013 plus millions of tons of iron, manganese, aluminum, nickel, concrete, plastics, and other materials &#8230; from billions of tons of ores.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Replacing all U.S. coal and gas electricity generation with WSB \u2013 plus gasoline vehicles and gas stoves and furnaces \u2013 would require tens of thousands of wind turbines, billions of solar panels, billions of battery modules for vehicles and backup electricity storage, and thousands of miles of new transmission lines. Has BlackRock calculated the ore body and mining requirements for that? For a global transition?\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">All those turbines, panels, modules, transmission lines, mines, processing plants, and factories have to be located somewhere. Have the ESG potentates determined in whose backyards they will go? (Probably not Larry Fink\u2019s or John Kerry\u2019s.) Have they assessed the impacts on scenery, habitats, and wildlife? the air and water pollution from the mines and other operations? Did those operations get ESG scores?\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Social justice. ESG theology holds that the poor and people of color suffer most from climate change. In reality, they benefit most from having abundant, reliable, affordable fuels and electricity \u2013 for cars, jobs, modern homes, cooking, heat, and air conditioning. The poor and people of color are not faring all that well in Britain and Europe, where the \u201ctransition to green energy\u201d is well underway.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Over seven million British households have fallen into \u201c<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.ft.com\/content\/6a7be4e3-d35f-419d-9dc4-2cab788fc06e?mc\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">fuel poverty<\/span><\/a><span data-preserver-spaces=\"true\">\u201d this winter, and special \u201cwarm rooms\u201d have been set up to help people survive freezing weather. Recent headlines warn that Britain could have nationwide blackouts and extensive factory shutdowns and layoffs this winter. In Germany, families are\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/dailycaller.com\/2022\/12\/20\/germany-stocks-candles-energy-crisis\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">stocking up on candles<\/span><\/a><span data-preserver-spaces=\"true\">, so that they can at least read while they shiver in their homes.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Developing countries desperately need dependable, affordable electricity to create jobs, lift families out of poverty, modernize homes, schools, and hospitals, provide clean water, and replace wood and animal dung for cooking and heating. Even today, millions of parents and children die from respiratory and intestinal diseases that are unheard of in wealthy countries.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">ESG scoring ignores all of this, actively stymies investment in fossil fuel power plants in Africa and other countries, and attempts to limit financing to wind and solar energy and whatever jobs and living standards this limited, weather-dependent energy can support. That\u2019s hardly ethical or socially responsible.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Governance of corporate and societal affairs. ESG activists and financial institutions coopt and collude with corporate, federal, state, and local governments to serve the climate crisis agenda, and drive investment out of fossil fuel endeavors and into \u201crenewable\u201d energy. In essence, this is\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/townhall.com\/columnists\/pauldriessen\/2022\/09\/19\/semifascism-versus-fullfascism-n2613263\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">fascism<\/span><\/a><span data-preserver-spaces=\"true\">, an economic system in which government doesn\u2019t own the means of production but controls them through laws, policies, and arrangements with financial institutions, corporations, activists, media, and academia.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Equally troublesome, ESG inevitably results in modern industrialized nations de-developing, as their factories and jobs migrate to China, India, and other countries that are not obligated under climate agreements to reduce their coal and natural gas use anytime soon, have no intention of doing so and are burning\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.washingtonexaminer.com\/opinion\/climate-agreements-world-record-burning-coal\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">record amounts of coal<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0to ensure reliable and affordable electricity.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This also raises disturbing national security concerns, as the United States and its allies become ever more dependent on China and Chinese-controlled supply chains for wind, solar, battery, transformer, communication, computing, healthcare, and even defense\/weaponry raw materials and technologies.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">ESG advocates minimize these concerns, even as they ignore how soaring raw material demands under Net Zero plans would trigger skyrocketing prices for increasingly scarce commodities, and thus imperil the economies of nations across the globe.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The words scam and fraud come to mind. But an even better term is Shanghaied: using trickery, intimidation, or violence to force someone to serve your navy &#8230; or company. In this case, ESG pressures are forcing investors, companies, and countries to serve the interest of China\u2019s government and corporate sectors, which control supply chains and manufacturing for technologies of every description, especially in the energy sector.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This Christmas or Hanukkah, let\u2019s all give the gift of wise, honest, accurate, and insightful Environmental, Social, and Governance principles to our friends, relatives, and financial institutions.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\"><em>Paul Driessen is a senior policy advisor for the Committee For A Constructive Tomorrow (<\/em><\/span><em><a class=\"editor-rtfLink\" href=\"http:\/\/www.cfact.org\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">www.CFACT.org<\/span><\/a><\/em><span data-preserver-spaces=\"true\"><em>) and author of books and articles on energy, environmental, and human rights issues. <\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Warning: Your retirement fund may have been Shanghaied by BlackRock or other Wall Street asset managers who\u2019ve unilaterally decided that the tens of trillions of dollars of other people\u2019s money they control should be used to advance political causes they favor \u2013 to \u201cmake the world a better place.\u201d \u00a0 As most people know, ESG &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1767223,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[6962,5458,11761,11760,4381,6645,11759,5531,11758,3819],"class_list":["post-1786457","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-the","tag-bongino","tag-driessen","tag-esgs","tag-ethics","tag-focused","tag-narrowly","tag-paul","tag-perverse","tag-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1786457","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1786457"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1786457\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1767223"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1786457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1786457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1786457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}