More Ruling Class Corruption: Global Environmental and Social Governance ("ESG")

 Please read the entire article - re: Larry Fink CEO - Black Rock - awful  stuff

https://finance.townhall.com/columnists/scottshepard/2021/10/28/larry-fink-reveals-the-unfixable-corruption-of-esg-n2598189?utm_source=thdaily&utm_medium=email&utm_campaign=nl&bcid=7a85521306badbc53fad9add6984780b7be764cae18a347e42754f8af2ccaea5

Shocking excerpts from the article:

Fink wrote recently in the New York Times that “rich countries must put more taxpayer money to work in driving the net-zero transition abroad,” noting that “[a]chieving the net-zero transition” by 2050 “will require unprecedented levels of investment in technology and infrastructure.”

Fink fails even to consider, much less seriously to grapple with, the fact that reaching net-zero by 2050 might not be the right goal, or might not even be technologically possible at all. If he were fulfilling his fiduciary duties to his clients and shareholders, those would be the first questions in his mind. Instead he simply relies on the deeply politicized assertion that if we don’t reach the 2050 goal, “the entire world will be overwhelmed by the effects of climate change.” 

The problem for Fink in thus relying, however, is that the IPCC’s most recent reports suggest that in its calculations, climate change has already passed the point of no return in many ways, and will do so entirely without massive carbon reductions long before 2050. Climate realists, on the other hand, think that warming is moderate, largely productive of good benefits (an ever-greening world), and can be addressed as technology affordably permits.

Europe’s carbon-reduction plans have failed because even at energy costs 3 times those of much of the United States, and with significantly higher hidden subsidies, they can’t reliably supply their people with energy, requiring them to turn back to higher-carbon sources in inefficient ways.

While China often makes noises about reducing carbon emissions, in fact it is adding massive carbon output even as it produces more carbon than the rest of the world combined. It asserts a plan to be carbon zero by 2060, but all climate alarmists agree that that will be far too late.

Just a few weeks before Fink’s Times piece, BlackRock announced a new Chinese ETF and Fink himself encouraged massive private investment in China. These moves occurred even as it became clear that the Chinese population is already shrinking, that its real-estate market – the foundation of its new prosperity – is tottering, and that all of this was ramping up dangerous Chinese aggressiveness.

If Fink were making decisions according to his fiduciary duty – that is, without regard to his personal policy (or possibly personal financial) preferences, but in sole consideration of the financial best interests of his clients and shareholders – he would have grappled seriously with the possibility that the climate situation is so far down the road that it’s too late to stop it.

Under the ESG regime Fink is, at present, effectively without constraint. That’s clearly how the Biden Administration and the SEC want it, as they fairly force pension funds and corporations to invest in lefty political projects, but those of us who oppose the ideas of funding China to destroy us while immiserating ourselves at home must chart a different course.