Financial Stability Board climate deceit
By Paul Driessen
The $1.5-trillion Climate Crisis industry is not about to go quiet into that dark night, or to strut but an hour upon the stage, to then be heard no more. In these desperate times, it is unleashing even more sound and fury, and assaulting new targets, in a frantic effort to expand its heavily subsidized global empire.
The Donald Trump Administration and Scott Pruitt EPA continue to emphasize fossil fuels, job creation and economic growth, and deemphasize the Obama obsession with climate change. News headlines hail the shale revolution’s new world order, a huge oil discovery in Alaska and declining OPEC clout. As German industries head to foreign shores and 330,000 Deutsch households cannot afford electricity due to soaring prices, its Chancellery Minister announced to thundering applause that Germany would no longer pursue its unilateral climate, CO2-reduction, energy efficiency and renewable energy policies.
Britain and Australia are also second-guessing their wind, solar, biofuel and climate commitments. China, India and a hundred other emerging economies continue to build more coal-fueled power plants, expand vehicle fleets, and import more oil and gas, to modernize and improve living standards. The future of the Paris climate semi-treaty and Global Climate Fund wealth redistribution scheme are increasingly in doubt.
That’s why, as the July 2017 G20 economic summit in Hamburg, Germany draws near, the Climate Cabal is in overdrive. Alarmist scientists, politicians, activists, industrialists and financiers are ramping up their rhetoric about the massive, imminent climate crisis allegedly facing our planet, unless we slash our carbon dioxide emissions, by keeping centuries of oil, gas and coal reserves locked up in the ground.
That means companies that own those reserves, finance or insure fossil fuel projects, or hold investment interests in those reserves or projects will end up with trillions of dollars in “stranded assets” – energy that will be made permanently off limits, once the world has shifted to a totally “decarbonized” global economy. In fact, selling off holdings in fossil fuel enterprises will not be nearly enough. “The freed-up assets must be redirected to more sustainable businesses.”
At least that is the view of AXA Insurance climate and sustainability director Christian Thimann – who also serves as vice-chair of the international Financial Stability Board’s Task Force on Climate-Related Financial Disclosure. He intends to harness the FSB’s significant power and influence to advance his ideologies and investments – doing so in league with an unbelievable army of like-minded interests, all of whom have enormous political and financial stakes in the outcome of this global policy battle.
Among them are UBS Financial Services and the $5-trillion BlackRock global financial management firm, which now has an index fund for people and organizations that want to divest from companies that BlackRock, AXA and the Cabal have targeted with their anti-carbon campaigns. The tax-exempt anti-carbon pressure group Natural Resources Defense Council has put $70 million into the fund.
Former NYC mayor Michael Bloomberg – having given millions to tax-exempt anti-fossil fuel agitator groups – is now chairman of the FSB’s Climate Financial Disclosure Task Force. Not surprisingly, it is allied with the state attorneys general who spearheaded the nasty campaign to silence and punish energy companies and think tanks that dared to question the “97% consensus” on manmade climate chaos.
Also onboard are state and city comptroller and treasurer offices (CA, CT, NY, PA, RI, VT), various state and city employee pension funds, the Ceres Investor Network on Climate Risk, and numerous radical environmentalist groups like the Rainforest Action Network, Sierra Club, Union of Concerned Scientists and Interfaith Center on Corporate Responsibility, notes E&E Legal senior fellow Chris Horner.
They will all “profit off environmental policies that they advocate with very close friends in government,” while “amassing wealth in large part through government contracts,” Horner observes – adding that his organization will “work aggressively to reveal the unethical actions” of every party involved.
The unethical behavior begins with claims about climate cataclysms that are not happening in the real world. Dangerous, unprecedented, runaway warming is not occurring. Seas are rising at seven inches a century, not 20 feet. Hurricanes and tornadoes, floods and droughts have not increased in frequency or intensity. There is no proof that manmade CO2 drives climate change or that it will be catastrophic.
Equally deceptive are claims that the technologies and business interests advocated by the FSB, Climate Cabal and their political comrades are in any way “sustainable.” As any rational analysis demonstrates, the metals and other raw materials required, human rights affected, cropland, habitat, wildlife and human health impacts involved, and massive taxpayer and consumer subsidies needed for wind and solar power, ethanol, biodiesel, wood pellets, anaerobic digesters and other “renewable” energy schemes make one thing absolutely clear: the entire sustainability concept is politicized, agenda-driven and unsustainable.
All these inconvenient truths notwithstanding, the FSB has announced that it is going to establish protocols that will supposedly improve the financial sector’s ability to “incorporate climate-related issues in financial reporting” and “enable stakeholders to understand concentrations of carbon-related assets in the financial sector and the financial system’s exposures to climate-related risks.”
Translated into plain English, this means the FSB will help pressure groups with a political/financial stake in the outcome to identify, target, stigmatize, harass and intimidate any entities that they deem are too involved in fossil fuels or insufficiently invested in renewable energy and sustainable businesses. It plans to work with the above-identified activists to secure “voluntary disclosures” and other compliance.
In practice, this means relying less on the federal government and more on friendly international, state and local governing bodies, agitator groups, organizations like the Climate Accountability Scorecard, and the so-called “Equator Principles” that financial institutions “should follow” in energy investing. Their primary targets for these “name and shame” campaigns will likely include the World Bank, private banks, insurance providers, institutional investors and their advisors, pension funds and universities.
The California Insurance Commission has helpfully launched a Climate Risk Carbon Initiative, a searchable database that will make it easy for attack groups to develop target hit lists. A primary tactic will be accusing targets of having inadequate “plans on climate change preparedness and sustainability,” to justify efforts to damage stock portfolio values and demand defunding or divestment.
Meanwhile, major financial and debt issues are growing for numerous nations, states and cities. The FSB and Climate Cabal want us to ignore them, focus on climate change – and have the G20 do likewise.
Even though it is already overly complex, the current financial reporting system works. It deals with real, measurable, familiar risks, and helps countries address and overcome those risks. Politicizing the system, and forcing it to refocus on conjectural, exaggerated and fabricated climate and sustainability risks would upend the entire international energy, insurance and financial system. It would bring disastrous results for jobs and families – but no climate, environmental or sustainability benefits. And it would do absolutely nothing about the unreliable energy, health risks, environmental impacts, child labor and other problems embedded in the renewable and sustainable schemes the Cabal promotes so passionately, and deceitfully.
But the rewards of this FSB/Climate Cabal deceit are enormous – incomprehensible to normal people. Says Thimann: “Over the next 15 years, an estimated $93 trillion will be needed for investments in low-carbon infrastructure.” That’s five times the size of the entire 2015 US economy!
Perhaps worst of all, these FSB and other government officials, unelected bureaucrats, industrialists, and tax-exempt pressure groups are colluding to enrich and empower themselves … and fundamentally transform the global economy – to our detriment, and especially the detriment of the world’s poorest families – using our taxpayer, consumer, and investment, retirement, insurance and pension fund money!
Congress, the Trump Administration and responsible state officials need to investigate, terminate and punish this deception, self-dealing, extortion, and incalculable harm to businesses, workers and families that rely on reliable, affordable carbon-based energy (and will for decades to come).
Paul Driessen is senior policy analyst for the Committee For A Constructive Tomorrow (www.CFACT.org), and author of Eco-Imperialism: Green power - Black death and other books on the environment.