Space Force Fusion tapping Activies
What a beak! on that bird
ESG Investing Isn't Doing Much For The Environment; Yale Study Confirms
When companies with poor environmental credentials are starved of capital thanks to investors obsessed with ESG, they become dirtier to avoid bankruptcy, writes City AM's Matthew Lesh
There are examples of large oil producers offloading older assets to improve their green credentials, only for their mines and oil rigs to become dirtier in the hands of new owners
When brown, or not so green companies are starved of capital, they become dirtier to avoid bankruptcy.
Ultimately it will take big investments, including by ‘dirty’ industry, energy producers and newer green start-ups to solve our environmental challenges.
ESG or environmental, social and governance investing is facing troubles. Higher bond yields drove an astonishing £304m out of the sector in May. This largely reflects a natural market dynamic – investors are chasing higher returns by moving from shares to bonds. Yet perhaps there should be some deeper angst at play. Is ESG investing really everything it is cracked up to be?
It’s easy to understand the underlying appeal. Putting your savings into “good” companies, rather than those amoral profit-seeking entities, feels righteous. But it’s worth unpacking what that means in practice.
The companies that score the highest on ESG metrics, particularly on the environmental side, are the ones that have a relatively low level of carbon per pound of revenue. That means the likes of financial services, healthcare and digital are “green”. By contrast, companies that produce building materials, fertiliser or energy are “brown”. The result of ESG investing is the transfer of capital from good to bad companies – thus it is meant to incentivise “brown” companies to reduce their emissions.
But, in an ironic twist, a new study indicates that ESG investing is counterproductive in practice. Kelly Shue of Yale University and Samuel M. Hartzmark of Boston College investigated the environmental impact of over 3,000 large companies between 2002 and 2020. They find that green companies’ lower cost of capital does not lead to reduced emissions. This makes sense since the likes of Spotify or a hospital are not particularly heavy emitters and have little capacity to reduce emissions; brown companies produce 260 times higher environmental impact. By contrast, when brown companies are starved of capital, they become dirtier to avoid bankruptcy.
“When you punish brown firms, they become more short-termist,” Shue writes.
https://zerohedge.com/markets/esg-investing-isnt-doing-much-environment-yale-study-confirms
Burning Books In A Brave New 1984 World
Those who don’t build must burn.” ― Ray Bradbury, Fahrenheit 451
“One believes things because one has been conditioned to believe them.” ― Aldous Huxley, Brave New World
“Being in a minority, even in a minority of one, did not make you mad. There was truth and there was untruth, and if you clung to the truth even against the whole world, you were not mad.” ― George Orwell, 1984
The Venn diagram above perfectly captures the zeitgeist of our current dystopian world better than any academic drivel disguised as a scientific study or any regime media produced propaganda disguised as journalism. In fact, these three novels capture everything that has gone terribly wrong in our world, and I put the blame at the feet of totalitarian governments and an apathetic fearful populace who went along because it was the easiest path to follow.
These three novels, considered among the top 100 novels ever written, were penned between 1931 and 1953, during three distinct periods, which are reflected in the themes and story lines of their dystopian worlds. They were supposed to be works of fiction, providing warnings of what could happen if we made the wrong choices and trusted the wrong people. Sadly, they became user manuals for today’s authoritarian dictators in how to control, condition and cow a population of indoctrinated sheep, as displayed during the covid pandemic exercise.
https://zerohedge.com/political/burning-books-brave-new-1984-world
https://www.revolver.news/2023/07/french-police-union-declares-civil-war-in-france-its-us-or-the-violent-minorities/
https://gettr.com/post/p2l4tq02f3a
Revolver News (https://www.revolver.news/2023/07/french-police-union-declares-civil-war-in-france-its-us-or-the-violent-minorities/)
French police union declares "civil war" in France: it's us or the violent minorities… - Revolver News
Civil war in France?