By Jo Nova
Vanguard abandons the UN led Net-Zero Climate Finance monster group
Only a week after Ron de Santis pulled $2 billion in Florida funds from BlackRock, Vanguard, the second biggest asset manager in the world, has abruptly pulled out of GFANZ.
Vanguard has $7 trillion in assets under management, and GFANZ is a conglomerate cabal of bankers insurers and asset managers that has snowballed into a 550 member cabal with a jawdropping, obscene, 150 trillion in assets. Together, for a moment, they almost created the illusion of a One World Government by Bankers. After all, the GDP of the United States of America is only $23 trillion. So when an organization with six times the pulling power tells the world to go Net Zero, which company, which government would say “No”? Well, Ron de Santis did — and 18 other US states are working on it too.
The key weakness to the $150,000 billion dollar GFANZ monster is — as I said last week — that it’s an illusion. They are wielding other people’s money — using their clients own pension funds to indirectly punish their own clients, and the good guys are figuring out how to call their bluff.
Clients (like state pension funds) are figuring out that it might not be the best return to invest in political activist groups rather than in funds dedicated to making money. Who wants to accept a smaller pension in order to save the world — well, almost no one. Otherwise everyone would put their money in the “ethical” and ESG investments category, which they have been free to do for decades, but mostly haven’t.
Florida only pulled out $2 billion, but these asset managers can surely see the writing on the wall and it’s an avalanche they don’t want to trigger.
Vanguard Quits Net-Zero Climate Group, Marking Biggest Defection Yet
Vanguard Group Inc. is walking out of the world’s largest climate-finance alliance, marking the coalition’s biggest defection to date as U.S. Republicans step up their threats against firms deemed hostile toward the fossil-fuel industry.
GOP politicians have made clear that they plan to ratchet up their attacks on firms suspected of being anti-oil, or “woke.” House Republicans are set to hold congressional hearings on the subject, while a number of anti-ESG bills will soon be introduced in states across the country.
GFANZ looks, acts and smells like a cartel — an illegal group conspiring to rig the market
As well as clients abandoning them, there is also a growing legal threat. The banker club, after all, openly admits they aim to punish fossil fuel corporations that are acting legally. It reeks of antitrust.
“The Sherman Antitrust Act broadly prohibits 1) anticompetitive agreements and 2) unilateral conduct that monopolizes or attempts to monopolize the relevant market.”
It all threatens to pop the GFANZ bubble, and any other cartel that tries to form, and the whole project may yet unravel if sensible politicians grow enough spines to keep turning the screws.
Earlier this year, it emerged that two pension firms and an investment consultant dropped out of GFANZ.
That coincided with reports that JPMorgan Chase & Co., Bank of America Corp. and Morgan Stanley were mulling defection after a requirement “to phase down and out unabated fossil fuels, including coal” was introduced by Race to Zero, the UN-backed entity that underpins GFANZ. A swift clarification followed to soften that language, ostensibly in an effort to appease members.
Vanguard pointedly said it was pulling out “so that we can provide the clarity our investors desire.”
Indeed. Investors desire funds that make them money now, not funds that lecture them on how sinful they are and raise their electricity bill in a fantasy quest to stop storms a hundred years from now.
Logo from the Vanguard Group: By https://vanguard.com
Cash photo by Andrew McGill
LOL. Martin Armstrong (Armstrong Economics) advised his audience to get out of Blackrock Funds Management Investment Funds. Florida is taking out 2 Billion Dollars of Taxpayer money and others are doing the same. The Big Wheels are turning and things are starting to look up for us normal people.
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Yup, and there’s around $60T in pension funds globally as part of that, all going bye-bye while the masses watch home reno shows…
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HALLELUJAH1
At last some cracks are appearing.
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Good morning Jo,
Here here Murray – or perhaps – even more hearty … Hallelujah, Praise the Lord!!
Who was it? I’m sure someone will help out! That classic line out of Appoclypse Now “I love the smell of nepalm in the morning!” (Possibly Robert Duvall, but I might be wrong.)
O. M. G.
This certainly isn’t the end, but this (along with the narrow mid-term win/generated almost exclusively by Florida & New York/see Manhattan Contrarian re the latter) is very clearly the beginning of the end.
I think all people in the hierarchy of Australia’s financial institutions, esp. the “big 4” banks, should start paying a little more attention to common sense, and a little less to attention to social media bullys.
(Needless to say, all the grubs in green/red/teal disguised masks will only be dragged kicking & screaming over to the right/correct side of the ledger – take many months/years yet.)
Warm regards, reformed warmist of Logan.
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I’ve discussed the madness of fighting the weather with Michael M’Cormack and David Littleproud and they both said that “we know it’s bullshit but we have to go along with it because the people want it.”
Littleproud also said that they have been threatened with an extra 3% interest on money that we borrow unless we go along.
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What the devil does that mean, exactly?
+3% for any National Party borrowing? I’m very sceptical of that.
+3% for any personal borrowing? Nonsense.
Who madethe threat? The banks? They wouldn’t be that stupid.
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WE,as in Australia. Maybe you could ring Littleproud and get it straight from the horses mouth.
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“We” as Australia, surely.
This would explain why the Nationals let Morrison roll over on the AGW scam.
And it wouldn’t have happened if they hadn’t sidelined Barnaby Joyce first.
This blog shows that had they held out for one more year they could have been the leaders.
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Oh, I see!
They’re idiots.
So, the Nationals think that Australia has no come back to such threats? Have the National been so poorly educated that they’ve never heard of J Paul Getty:
“If you owe the bank $100 that’s your problem. If you owe the bank $100 million, that’s the bank’s problem.”
No. It’s a weak excuse for meekly doing what they international green/left cabal want them to do. The current flock of Nationals are like lambs to the slaughter. Good-night nurse. The Nationals, in their current mode, are dead meat.
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Which just goes to prove, most Leftist threats and schemes are just based on bluff.
If conservatives and fellow rational thinkers remain silent the Left always get their way.
Stand up to them like DeSantis and science and reason wins.
Leftists are only getting away with destroying our civilisation because no one stands up to them.
Well done Govenor DeSantis.
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Back in August Texas Republican Comptroller Glenn Hegar released a list of 10 companies and 348 investment funds that will be barred from doing business with the state because they “boycott energy companies.” E
Now he needs to get to work on the S and G
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Unlike DeSantis, in Australia, all our leaders are utterly unworthy and try to outdo each other in demonstrating which one has the most fanatical commitment to the anthropogenic global warming fraud.
Incidentally, DeSantis didn’t follow the “approved narrative” on covid either.
How refreshing it must be to have a leader who is willing and able to think.
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It’s a race to see who can circle the plughole the lowest.
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How’s your leader Dan Andrews going?
It is important that everyone across our State knows about the works of the Prophet Mohammed, Peace be Upon Him”
https://twitter.com/i/status/1600563142953926656
Hey! I’ve gotta pic of Mohammed here somewhere. Rummage, rummage…😆
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Not my ******* leader.
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Or mine.
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Ahhhh the religion for socialists the world over. A common thread..YOU MUST SUBMIT!
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Good they still have genuine ESG motives.
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The way Australia is going with Albo and Bowen’s obsession with ruinables, take out your superannuation now before it’s to late.
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Union owned industry super funds are the ones to watch, Cbus Super one example and former Labor Treasurer Wayne Swan is involved, he recently commented about investing to help Albanese Federal Labor to build public housing, but that’s a State area of responsibility (and Local Government) including approval of development applications.
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The Trustees of these Superannuation Funds need to be very careful and to take note of their Fiduciary Duty to the Members of the Fund. If not, then they will be in Big Trouble. It is not their money – it is the Member’s money.
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Most people don’t know what their super is doing. Very little improvement I reckon. Unlike politicians who can claim their super when they leave parliament the majority have to grin and bear it. It should not be compulsory in order for it to be robbed by unions.
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What a breath of fresh air to see some states start to WAKE UP to these con merchants and fraudsters.
Let’s hope the Feds also follow up and the Federal House Republicans also put pressure on these treasonous companies that surrender their countries’ sovereignty to the UN, China, Russia and Iran etc.
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BTW 2 billion $ ( or 2000 million $) is a start, but a Trillion $ is 1000 billion $, so still a long way to go.
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Granted, but it’s like Jo says, they don’t want to start a trickle. A trickle eventually leads to a flood and they know it. These kinds of bullying tactics only work as long as everyone stays onboard, fearing the consequences (bullies rule by fear and perceptions as you should know). The moment the first ones walk and it becomes clear nothing will really happen to them (and heaven forbid their returns outperform the bullies), the the game is over.
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The Blackrock Funds can be very illiquid. They have Real Estate Funds and they are now limiting fund withdrawals to $US125 million only at a time. This is all going to get very interesting. Ever heard of a Run on the Bank?
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Even if the withdrawal limit is $125million the fact that there is any withdrawal limit actually makes investors very nervous and sends a signal that you better withdraw your funds before we reduce the limit. Things can spiral downwards very quickly.
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The people with money in this particular fund — real estate — know or should have known of the restrictions.
The fund managers can’t give a person 50 ha (or acres) of forest or 10 units of a 200 unit condo. Real estate has to be sold first. If you have ever purchased land or a house, it always seems to take 3x longer than anticipated.
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These links from netzerowatch Twitter seem relevant but I haven’t had a chance to read or check that they are not duplications of info. already posted.
https://thefederalist.com/2022/12/06/exclusive-republicans-launch-antitrust-investigation-into-climate-obsessed-corporate-cartel/
https://www.foxbusiness.com/politics/texas-subpoenas-blackrock-documents-related-esg-push
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It already exists in Australia. The big four banks have decided (allegedly independently ha ha) to cut off finance to coal projects. Yet, coal makes record profits AND pays record royalties to the various governments.
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As Australians, I think that is way more important than what Vanguard and Blackrock are doing internationally. But I suspect the sheer leverage of their huge investments has influence in the boardrooms of NAB, CBA, Westpac and ANZ. How did we get to the point where “our” main banks are now refusing to finance any coal projects? For an industry that collects an enormous amount of foreign income for our country. Did they crumble to the few noisy activities investors, protests or were they influenced by government policy? Again, what the hell were the LNP doing when they were in government for 11 years? I have never heard Josh Frydenburg, Scott Morrison, Joe Hockey, Chris Bowen or Wayne Swan ever comment on this subject. I suspect Jim Chalmers never will either. Yet, Ron DeSantis points it out, pure and simple.
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….noisy activist investors ( damn spell check)
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I disagree Ross. The fish rots from the head. What happens to Trump and BlackRock and Vanguard make more difference to us than even our own elections.
Scott Morrison and Josh Frydenberg said Australia got a Net Zero Policy in Nov 2021 — not because the voters wanted it and they thought it would be an election winner — but because big bankers threatened to raise our interest rates by 1.5%.
Australia’s total GDP is only 1.8 trillion US. When BlackRock ($8-$10T) says “get rid of your coal” which they did, how exactly do Australian banks/corporates/politicians stand up to that? There are ways but they have to be smart and brave.
Our best hope is the 19 US State Governments. (Sadly, not our own).
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They might not be able to do anything about it, I agree. (There’s also the wall of public service to penetrate as well). I mean it’s Australia, we’re only 25 m people. But at least our elected representatives should make it a subject for debate. Stand up in a presser and make comments about it. Politicians usually love bank bashing. But that would be fighting the climate/culture wars and for some reason only one side of politics would appear able to do that.
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There are quite a few recent coal mine developments (before the election of Elbow) that have been successfully financed and insured from external consortiums (eg. Indonesian sources). Of course the investment returns and dividends are forwarded overseas after the ATO has its’ smack at them but the tranche of domestic jobs and taxes stays here.
Unhappily, Plibersek as Environment Minister is now trampling over everything she can, including retrospective “review”. End of story. Even if BlackRock et al change weasel course, it won’t matter now. I agree with Jennifer Marohasy – the 2022 Federal election result changed all the fundamentals.
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What is therefore required is a pro coal (call it transition if you are half brave) lobby that has teeth. Find a bank that is sympathetic (or create one) and threaten to transfer the lobby supporters retail savings. Possible or are we all just a tiny minority of winging boomers shooting the breeze?
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All the coal miners, all the oil companies, all the gas companies and all the up-stream and down-stream associated businesses have bank accounts. All the contractors and all the workers have bank accounts.
Sounds like a perfect segment for a group on smart entrepreneurs to get into.
Which bank? The COG bank. It makes the wheels go round and round and round.
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And Glencore have just advised the QLD govt that they won’t go ahead with the development of a new coal mine. That’s 1200 high-paid jobs lost immediately.
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Get woke, go broke.
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A country, like a sports team, must play to its strengths, and our strength is mining.
Our miners are well paid but they work long hard hours and even then only get the money a Sydney rail worker gets [or so I believe]. A deck hand on a tug who never goes out of sight of land prolly gets more.
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Those 1,200 coal jobs are nice but irrelevant. Coal provides way more jobs in the rest of the economy than it ever creates in the coal industry itself.
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Also coal mining and coal fired power stations struggle to buy insurance policies and requested help from the Coalition Federal Government for them to establish an industry specific insurance scheme.
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Well, I expect both insurance and mining can go to a Russian bank and get finance, after all they have their own arrangements now that go around SWIFT etc.
It would be interesting if China offered to bankroll mining in Australia, giving them vertical integration of the coal and metals industry. It seems the only way to wake up the woke.
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and shareholders especially in SMSF.
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To borrow from a historic ” Latham Special” : it could be a very short circular ” Conga Line” of 4 ( or 3 +/-a JV Vehicle):-
https://finty.com/au/research/big-four-ownership/
Brings to mind a famous WWII State Insignia……….[ & the current Big 4 real owner’s forebears probably had a lot to do with that shindig & its outcome too]
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In Australia could people with their money in investment funds sue the funds because they are investing money in unreliables which might be profitable now but which are fundamentally unsustainable and will eventually fail?
And yet they refuse to invest in real coal, gas, real hydro (not SH2) or …gasp… nuclear. (I know nuclear is illegal in the Dumb Country, but the funds could lobby to get it.)
Unreliables are unsustainable simply because the massive subsidies/legalised theft required to make them profitable can’t continue because sooner or later “the other people’s money” runs out.
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I’ll give the U.S. answer: No, so long as the funds disclose their status as woke money-losers up front. “We won’t invest your money in coal” tells investors that they’ll have little to complain about if the fund doesn’t invest in coal, and loses money because of it.
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What about pension funds being invested in unreliables as has happened in Ontario?
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I believe the U. S. government wants employers to put money in such funds via the tax-deferred retirement plans[401(k) and 403(b)] of their employees. The employee may be able to cancel and redirect such funds — if they know and care.
No longer being in that stage of wealth-building 🤣, I do not know what is being done.
Thus, the fund companies have nothing to do with the choice.
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See my comment on the role of the SF Trustees.
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Morning Jo,
This is sort of relevant in that it shows how their ABC “investigates” significant changes. In this case, Twitter.
https://www.abc.net.au/news/science/2022-12-08/covid-misinformation-spiking-on-twitter-elon-musk/101742276
It’s also quite a good example of current academic capability.
But one can get a good wry laugh from some of its assertions.
Cheers
Dave B
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It says “Science in your inbox” subscribe at the bottom of the article. Whenever you hear the terms misinformation etc you are sure to be referring to ABC dopes.
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“Timothy Graham, the misinformation expert at the Queensland University of Technology who ran the analysis.”
Lol!! Joseph Goebbels would be keen to have that position!
Just unbelievable, the ABC, a porridge of lies, misinformation, propaganda and unicorn farts.
“”I think that it would have been specially moderated if the Twitter safety team were still working at Twitter,” Dr Graham said.” Translation- We would have censored any mention of that subject and banned the users”
“Mr Musk’s claim can’t be verified.” but OUR words are God’s words because we use “according to research.” To think that we are forced to pay for this crap!
I look forward to the Left going down in flames! Hopefully the ABC goes down with the Universities, they well deserve each other!
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It’s not likely the Senate would go along with a House simple majority in impeaching the Attorney General for refusing to investigate a cartel rigging the market. In other words don’t expect help from a Federal government that is likely complicit.
Curing this would be predicated on capitalist self interest, that a replace energy scheme that can stand on it’s own isn’t available and trying to prop up a poor substitute causes investment losses (including through significant inflation).
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When you get the biggest bully turning on his heel, lots more tiddlers will follow.
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Be wary of getting your hopes up for any unravelling of climate money monster cabals. The modal auxilary verb may in the headline indicates the chance of occurrence. Any stakeholder who is a danger to the future of the Vanguard climate money master plan will have their financial life-blood drained and transfused into finessing the master plan for better outcomes.
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Indeed St John, I hope this is going to curb the influence of this cabal, but it will not neutralize it. Nothing stops the banker/conglomerate-financial-houses from making quiet deals on their yachts. But GFANZ was a wild over-reach. They were openly able to intimidate and bully and it was bizarre that it went as far as it did.
What an unholy alliance — The UN plus bankers. The action of Florida, Texas and Virginia and others will make it harder, but we’ve barely pulled back from the cliff at a moment before midnight. What if GFANZ+UN could infect all local councils with Oxford style 15 minute lockdowns, and get their digital ID, cashless tracing, and vaccine passports globally? You know they want too…
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Meanwhile, in the Uk, planning permission has just been granted by the government for a new coal mine at Woodside in Cumbria. The pennies are dropping.
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It’s only the on/off coking coal mine agreed before then strategically reviewed and delayed whilst UK hosted COP.
The eco groups are already lawyering up again so it could well be cancelled again, and XR type activists will probably disrupt any attempt to start work.
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Isn’t it Whitehaven?
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On Dec 2nd (last Friday) I spoke with a Vanguard Adviser about other matters, but before hanging up I asked if the company or its adviser services were aware of or promoting ESG funds. He did know of the concept, but his answer was basically ‘no’ and further he knew I didn’t want to go that route.
Then I asked about the number of clients Vanguard had and the average size of their investments. He offered to get that information, but I said “forget it” — “your team has better things to do than respond to my curiosity”.
See my comment on this site from last week:
https://joannenova.com.au/2022/12/the-esg-divestment-grows-florida-takes-2-billion-back-from-blackrock/#comment-2611455
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After decades of scaremongering (with special attention to children), extracting unfathomable amounts of money from the public till, they’re deciding the scheme has played out.
They’re still walking away with the cash.
The political, social, psychological , structural damage will take as long to repair as it took to create.
Even if it all turned around tomorrow, it’s hard to celebrate.
Especially with Climate Change 2.0 … Pandemic.
I don’t know what all they win, but they’ve won.
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What I find impossible to understand is that anyone believes it after 34 years of nothing.
No one has ever proven the tiny increase in the tiny gas CO2 is man made. You would think that would have to be proven first! And it’s not true.
Our tiny CO2 output circulates through the air and oceans in rapid gaseous equilibrium. Less than 3% is man made so if CO2 causes a problem, we did not cause it, cannot control it.
CO2 is 30x more soluble than O2 and imagine if O2 did not enter the water rapidly? The oceans would be dead because the fish would drown. And if the CO2 did not escape quickly, they would suffocate.
But behind it all is the UN, the world government, 40,000 full time people trying to run the planet and another 40,000 on loan and all the failed old politicians who have found a comfortable home, all expenses paid. And they all want more money to save the planet. Of course.
Why doesn’t Australia stand up and say it’s a lie? Why don’t the universities say anything? Is it fear or corruption or both? Why doesn’t any government ask for proof?
It’s a tragic state of affairs where no one stands up and no one even asks. And the post modernists all talk about ‘truth telling’ except no one does. The only consistency is that facts are irrelevant to truth telling.
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Writing the same thing 50 different ways doesn’t make it correct.
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They’re still expecting it will! The IPCC will bring out yet another new report writing exactly the same crap after the next COP meeting and announce even more restrictions needed on our life, yet ignoring the total lack of warming seen.
We’ve seen more and more examples of politicians lying through their teeth yet brazening it out when discovered, it seems public condemnation no longer has any effect on these political/bureaucratic behemoths. The chance of any WEF country standing up and saying its all BS is zero. The future belongs to those outside the West.
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“Writing the same thing 50 different ways doesn’t make it correct.”
You are talking about human CO2 caused “climate change” and its many variants.. right !
And you really should think about how your comment reflect on your own comments… before posting. !
A bit of introspection needed on your behalf.
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Groupthink and the Madness of Crowds deliberately induced by International Organisations using the works of Irving Janis & Gustave Le Bon. The backstory to how it was used for “Global Warming, a case study in groupthink” by Christopher Booker. The backstory of how it was used for Covid “The Real Anthony Fauci, Bill Gates, Big Pharma, and the Global War on Democracy and Public Health” by Robert F. Kennedy Jr. (1) Why doesn’t Australia stand up and say it’s a lie? Answer – Ignorance. (2) Why don’t the Universities say anything? Answer – University Administrators are more powerful than their Professors of Atmospheric Physics, who like French weather forecasters, fear being sacked for disagreeing with Greta. (3) Is it fear or corruption or both? Answer – The scientists fear the University Administrators, unless they have retired. The Universities are under pressure to be corrupt from those who fund them as well as environmental activists. (4) Why doesn’t any government ask for proof? Answer – Trump was told it was a Hoax because results from an Atmospheric Chamber show no difference between (80% Nitrogen, 20% Oxygen) & (100% Carbon Dioxide) content. In fact the “truth” is that the simplest way of proving that Carbon Dioxide does not cause warming by radiative forcing, but by molar mass is the fact that the average temperature at the one bar pressure points on each of the planets, is the same, adjusted for distance from the Sun, despite the different main gases, Nitrogen for the Earth & Titan, Hydrogen for Jupiter, Neptune, Saturn & Uranus and CARBON DIOXIDE FOR VENUS.
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Texas subpoenas BlackRock to discover how much taxpayer money has been ‘wasted in woke ESG funds’ – as activist investor calls for CEO to resign over ‘greenwashing’
https://www.dailymail.co.uk/news/article-11513409/Texas-subpoenas-BlackRock-documents-ESG-strategy.html
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Jordan Peterson’s, ‘Back Off Oh Global Masters!’ is potent. It needs to be seen by as many people as possible. He put it out a few months ago.
Perhaps he’s having an impact.
https://www.youtube.com/watch?v=–QS_UyW2SY&t=1s
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My apologies to Jordan Peterson and to readers here. The correct title of his talk is ‘Back Off, Oh Masters of the Universe’.
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“RE: ESG …
Funds linked to environmental, social and governance principles are by definition supposed to minimize risks tied to those three factors. In 2022, the approach did little to help protect investors from the brutal slide in the financial markets.
The 10 largest ESG funds by assets have all posted double-digit losses, with eight of them falling even more than the S&P 500’s 14.8% decline. The laggards include BlackRock Inc.’s $20.7 billion iShares ESG Aware MSCI USA exchange-traded fund (ESGU) and Vanguard Group’s $5.9 billion ESG US Stock ETF (ESGV).
https://www.bloomberg.com/news/articles/2022-12-07/big-esg-funds-are-doing-worse-than-the-s-p-500-green-insight ”
Via Chiefio
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Was not aware that Vanguard was ever on DeSantis’s list or anyone’s list. Was it added later? Just looked. Again did not find it listed.
Vanguard is often attacked because it has lots of money. Most doing the attacking have their own funds they want you to join.
Vanguard is made of mom and pop money. Normally they involve themselves in no politics unless it’s one of their social conscious funds, which you know because its called such.
Vanguard does not exercise their shares the way these other funds like Black Rock, State Street and others do.
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I didn’t suggest Vanguard was on the list. The point is that all the companies on the GFANZ list were going to be in a similar boat and that De Santis was asking questions that Vanguard could see were going to be hard for it to answer.
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Meanwhile, its good that Vanguard is stepping away as they realize that these woke companies bring little to no value to their share holders and are fraught with political peril.
Meanwhile something that may of flew under the radar. The Bidenese released an EO that muddied the waters on investment companies having a fiduciary responsibility to their share holders where it concerns ESG investing.
https://external-content.duckduckgo.com/ip3/www.asppa-net.org.icohttps://www.asppa-net.org › news › browse-topics › bidens-eo-directs-reconsideration-esg-factors-erisa-plans
Biden’s EO Directs Reconsideration of ESG Factors in ERISA Plans
May 21, 2021May 21, 2021 President Biden has issued an Executive Order that, among other things, directs the Labor Secretary to reconsider rules that would have barred consideration of ESG factors in investment decisions.
https://external-content.duckduckgo.com/ip3/riabiz.com.icohttps://riabiz.com › a › 2022 › 11 › 23 › the-labor-dept-will-publish-the-proposed-biden-dol-fiduciary-rule-likely-next-week-it-says-but-today-it-de-fanged-the-trump-esg-prohibitions
The Labor Dept. will publish the proposed ‘Biden’ DOL Fiduciary Rule …
Nov 23, 2022Two years after President Biden took office, the federal agency is ready to unleash a centrist DOL rule that eviscerates Trump’s influence but stops short of Obama’s stringent proposal. Two years after President Biden took office, the federal agency is ready to unleash a centrist DOL rule that eviscerates Trump’s influence but stops short of …
Finds it refreshing that Vanguard still puts their share holders first, despite the muddy water and political cover this EO provided.
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GFANZ: my first thought was Get F-ed Australia and New Zealand. Our problem is they’ll just be the first, before the whole world is F-ed … last countries standing will be those who looked out for themselves and theirs.
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Apologies Jo, Sees you did not say that. I read too fast. Attacks on Vanguard have been in vouge for sometime now. I must be over sensitized to them.
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Perhaps they found somebody who could do simple arithmetic.
Coal power station: 50 year life, 2000 MW capacity, 80% utilisation. The asset produces 700,800,000 MWh of energy over its life.
Windmill: 15 year life, 2.5 MW, 20% utilisation. The asset produces 65,700 MWh of energy over its life.
Number of windmill assets required to replace a single coal power station in terms of total energy output: 700,800,000 / 65,700 = 10,667
Feel free to plug in your own numbers.
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It can be rather scary listening to these zealots. 🤷 It’s worth scrolling this hour on Financing NetZero from Davos in June to just the parts where Mark Carney is talking. He’s been appointed for or since COP26 last year by both the UN & the British Government to make GFANZ happen.
The confident speed and the jargon might make it harder to really appreciate what’s coming
https://m.youtube.com/watch?v=QsCxgpKesMk&t=320
There’s a rather more ponderous selection of the highlights by Neil McCoy-Ward here.
https://m.youtube.com/watch?v=GE1nlU2_xnc&t=328
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