The environmental, social, and governance (ESG) agenda is the brainchild of Woke Politics and Cancel Culture
In a June 10 Tweet, Elon Musk, the embodiment of the electric vehicle (EV) revolution, declared that “ESG is the devil”.
ESG stands for the “environmental, social and governance” principles. It dictates that certain aspects of a company’s actions must be considered when deciding whether to invest in it. An investment-worthy company must score well on climate change, sustainability, energy efficiency, diversity, equity and inclusion. And as well as corruption and bribery prevention, among others.
Musk’s outburst was sparked by the shockingly low ESG scores assigned to Tesla by S&P Global, a ratings and market intelligence heavyweight. Tesla earned 37 points out of a possible 100. Anything above 70 is considered “good”, and anything below 50 is deemed “poor”. Philip Morris, the global tobacco giant, received a commendable score 84. Similarly, as the Washington Free Beacon discovered, the London Stock Exchange gave British American Tobacco a score of 94.
Perhaps, lighting up 20.3 billion tobacco products daily worldwide does wonders for the environment and sustainability.
Was this somehow expected?
The ESG turnabout wasn’t entirely unexpected. I had even published a recent analysis on how the World Economic Forum (WEF) and its factotums would ultimately take the fall for our crumbling liberal-globalist order. Musk is just one among a growing number of stalwarts to turn their backs on the global ESG train wreck. Insurance behemoth Lloyd’s of London recently announced that it was exiting from the net-zero alliance for insurers. It was the sixth such organisation to do so within a week. There are good reasons for this shift. Hundreds of ESG managers were stung by the recent collapse of the Silicon Valley Bank, which had prioritised woke agendas over the security of their depositors.
The ESG agenda effectively forces firms to sacrifice business logic in favour of liberal lunacies marked by gender dysphoria, pseudo-diversity and climate militancy. As banks promoting this mania get bankrupted, one wonders how ESG initiatives will be funded down the line. Investment behemoths like BlackRock, Vanguard and State Street (aka Big Capital) are leading the global ESG rollback. The trio manage assets worth $22 trillion worldwide. It amounts to a quarter of the global GDP. They can no longer pander to socialist pies in the sky. Big Capital thrives on trillion-dollar profits, not trillions of social media soundbites and hissy-fits.
Punitive threats, like the following prediction from KPMG, will not faze Big Capital: “By 2030, poor performers [will] have been weeded out, and consistent non-compliance will be met with severe consequences including penalties, public naming, a prohibition to operate and even imprisonment. The C-Suite and Directors will now be personally liable for ESG breaches.”
What exactly is “global heating.”
Does anyone really believe that the Big Four (Deloitte, Ernst & Young, KPMG and PwC) will agitate for punitive actions against their sacred cows? Big Capital virtually owns them. Even the British government plans to drop its flagship £11.6bn climate pledge, prompting an infuriated Guardian to accuse Prime Minister Rishi Sunak of “betraying populations most vulnerable to global heating”. Just what exactly is “global heating”?
Incidentally, KPMG had provided Silicon Valley Bank and Signature Bank (another failed entity) with a clean bill of health just weeks before their collapse. Neither the professorial definition of The ScienceTM nor the science of accounting added up in these cases. These sustainability champions can also not sustain themselves as they have begun firing thousands of employees.
Incidentally, Sri Lanka had a near-perfect ESG score of 98 before its economy collapsed.
I will now provide five big reasons why the ESG agenda is doomed.
1 – Renewable chimeras
Renewable energy – a cornerstone of the ESG agenda – is not as clean, eco-friendly, efficient or sustainable as advocates claim it to be.
Regarding battery technologies, science policy analyst David Wojick deduced that the “grid-scale storage” required to replace fossil fuels with wind and solar power in a “net zero” United States would cost $23 trillion. It is matching the nation’s annual GDP for 2021.
The renewable ecosystem is also harmful to the environment. Solar panels contain a toxic mix of gallium, tellurium, silver, crystalline silicon, lead and cadmium, among others. It costs an estimated $20 to $30 to recycle one panel . However, only $1 to $2 is needed to consign the same panel to a landfill. It is a similar story with millions of tons of decommissioned wind turbine blades which themselves contain toxic materials that are leaching into the environment. Ironically, wind power is heavily dependent on oil and its byproducts throughout its production-to-operation lifecycle.
The net energy return on investments (EROI) from “renewable” sources remains abysmal. If and when proper recycling protocols are mandated worldwide, the renewable energy sector will collapse overnight. The growing affordability of EVs has less to do with government subsidies and more with the fact that only five per cent of their batteries are recycled. However, batteries constitute just one component of a highly-unsustainable renewable ecosystem.
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My short comment
If you ask me, the ESG is just another bullshit invented by the Western “elites” pushing their fake “humanity” through Woke Policies and enforcing it through their Cancel Culture. Have you ever seen the list of cities that are the best for living? Or the list of the happiest countries in the world? How about the list of the most corrupt countries on this planet? Best universities? What could you notice as common to all these lists? There is one thing. All these things are part or product of the Western “civilisation”. The rest of the world is just not good enough.
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