https://us7.campaign-archive.com/?e=a9fdc67db9&u=9d011a88d8fe324cae8c084c5&id=f26d0984d8
As mentioned in my recent post from July 20, there are many data points gradually accumulating as to the lack of progress toward the so-called “green” economy. It has long been clear to people who think about it that the energy transition to “net zero” is a fantasy that will not occur. But the question remains of exactly how the mania will come to an end. Will the net zero fantasies of the climate cultists proceed at full speed until they crash into a wall of physical reality (e.g., blackouts)? Or instead will these fantasies gradually retreat as governments respond to voter pressure over costs and convenience, and as investors pull back as it becomes clear that projects cannot succeed financially?
A July 30 piece from John Miltimore of the American Institute for Economic Research supports the second alternative. The title is “Why the ‘Green Economy’ Is Suddenly in Retreat—in EU, US, and on Wall Street.” Meanwhile New York, at least for the moment, remains hell-bent on moving toward a full-on crash.
Miltimore’s piece collects data from multiple sources — notably the recent EU elections, EU regulatory changes, and actions of major U.S. investors. The most significant item in the piece relates to the withdrawal of several of the largest U.S. fund managers from something called Climate Action 100+. Climate Action 100+ describes itself as “an investor-led initiative to ensure the world’s largest corporate greenhouse gas emitters take appropriate action on climate change in order to mitigate financial risk and to maximize the long-term value of assets.” But it seems that in recent months some of the biggest investors have decided to change strategy. J.P. Morgan Chase and State Street have “pulled all funds” from Climate Action 100+ commitments, while their even larger colleague Black Rock “reduced its holdings and scaled back its ties to the group.” Miltimore cites a New York Times article from February quantifying the various withdrawals: “All told, the moves amount to a nearly $14 trillion exit from an organization meant to marshal Wall Street’s clout to expand the climate agenda.” $14 trillion is a big number in anybody’s book.