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by Jo Nova Banks suddenly threaten to abandon the Glasgow GFANZ “climate action” group
It was the massive miracle-funding coalition of Glasgow but it is already starting to unravel as the banks figure out that conspiring to force “climate action” puts them at risk of antitrust suits.
A month ago I wrote that 19 US States were pointing out that it’s not OK for asset managers like BlackRock and co to join together in cartels to block investment in fossil fuels. These corporations bragged about belonging to groups like GFANZ (the Glasgow Financial Alliance for Net Zero) as if it made them into saintly environmentalists. But belonging to the group meant they are also effectively restraining trade, reducing competition and acting against the interests of their clients and against the wishes of voters.
Don’t underestimate how important this is or how ugly these monster cartels are: GFANZ has attracted some 500 members which control $130 trillion in assets. But the carbon targets they are told to aim for are set by the UN through something called the Race-To-Zero campaign. So this is a quasi World Government in cahoots with world bankers. Like a Great White Shark meets a pod […]
Finally 19 US States are hitting back at BlackRock the financial behemoth, and not a day too soon.
A light in the tunnel…
Americasroof
By a pure dollar reckoning, BlackRock is the third largest “foreign entity” in the world, after the USA and China, but its core business, its reason for existing is a contradiction: it claims to be an asset manager but acts like a political power. With neither citizens, land nor an army, it’s a kind of toxic financial bubble on a roll — part illusion, but still swallowing economies, minds and electricity grids.
BlackRock is supposedly investing funds on behalf of its customers while using those same funds to promote Woke political agendas that its management may like, but that its own customers may disagree with. It’s a totalitarian force that consumes democratic choices by force of money. Finally some state legislators are calling out the contradiction. Does BlackRock serve its customers or “the management of BlackRock”?
BlackRock is enormous, but it’s not untouchable, and if retirees and State pension plans pulled their money and filed writs for breaches of law, the activist-agency could vanish overnight. BlackRock has $10 trillion in assets to wield […]
Hopefully Elon Musk will give him a job.
Stuart Kirk, head of “responsible investing” for HSBC let rip at the doommongers of finance with a speech called “Why investors need not worry about climate risk”. He was speaking at A Moral Money Europe Summit, held by the Financial Times and is clearly fed up with listening to hyperbole and being told to analyze and worry about trivial long term future events. “Last night Target fell 25% — twentyfive!” … but I’m being told to worry about something coming 20 – 30 years down the track.” Other speakers were unceremoniously dispatched. He complained climate risk has become so hyperbolic no one knows how to outdo it. “Sharon [a speaker from Deloittes] said “we’re not going to survive!” But no one even looked up and ran from the room.”
Dangerously (for him) he also explained how the central banker models bury massive GDP and interest rate shocks in their economic forecasts of climate risk, otherwise they can’t generate bad news and headlines. Apparently, it’s all in the fine print that nobody mentions. They’re sounding more and more like climate models all the time.
That was last week. This week he’s been suspended.
[…]
So much for stranded assets then.
Is there any better proof that “believing” in climate action is just a fashion statement? For all the talk of the end of fossil fuels, the biggest and most powerful funds in the world sign up for their “Net Zero” clubs but pour money into oil, gas and coal, hither thither, anyway.
The 30 biggest funds in the world manage €42.5 trillion in assets. These funds are so big, they can move markets if they want too…
Soak in that hypocrisy
Larry Fink starred at Davos and other events pontification for years on the importance of “tackling climate change”, how it’s an investment risk, and on how “climate change will upend” the way we do business, and how we need to do “long termism“. But he’s the CEO of BlackRock, the largest asset management fund in the world and they don’t mind at all they profit from all the fossil fuels. They joined the Net Zero Asset Manager Alliance, but do almost nothing. Indeed, vocalizing about what bad investments fossil fuels are while investing in them, is like a reverse pump and dump. They’re just scaring off the competition.
In 2020 BlackRock virtuously promised […]
Hands Up: It’s Net Zero now or a 1.5% interest rate hike?
So Australia is adopting Net Zero because the Global Financiers, who only want to save the world, would have refused to lend us money without jacking up our interest rates by 1.5%. The banker punishment would have meant a “17% investor exodus”. Fancy a stock market collapse?
This remarkable admission comes in the modeling released today by the Morrison government. No one is even trying to hide it.
At least we can stop pretending this has anything to do with science or the voters. Just cut out the IPCC and go straight for the BlackRock Temperature Tax, eh?
Note the “penalties” are imposed by global financiers:
Modelling shows real cost of no net-zero carbon emissions
Greg Brown and Geoff Chambers, The Australian
Businesses and households would have faced interest rate hikes of up to 1.5 per cent under expected penalties imposed by global financiers if the government had failed to adopt net zero emissions by 2050, modelling for the Glasgow climate package shows.
The penalty regime would have sparked a 17 per cent investment collapse by the middle of the […]
By Joanne Nova
Shut down Australia and save 0.01 degrees.
Scott Morrison will spend $120 billion of our money on technology because it might solve a problem that a foreign unelected, unaudited committee says we need to solve. So we’ll spent $120 billion on a plan to change the weather on Planet Earth. But we won’t spend one thousandth of that to independently check what the committee says. Almost all the climate scientists who support the IPCC decision are ones whose income increases if they find a crisis.
All the people finding flaws are volunteers, or about-to-be volunteers involuntarily.
Scott Morrison’s $120bn new-tech plunge to hit net zero
The Australian
Scott Morrison has unveiled a “middle path” for Australia to reach net-zero emissions by 2050 which promises dramatic carbon reductions across the electricity and transport sectors and a massive investment of up to $120bn for emerging technologies to help achieve the Glasgow target.
The Prime Minister on Tuesday announced the government’s 126-page plan, promising it would not cause massive job losses and disruption to the regions and that Australians would be better off by $2000 on average by 2050 compared to taking […]
Hello Nuclear Subs means Hello Net Zero Targets?
HMS Ambush
As I suspected, the whole Net Zero witchcraft push is being driven by our defense partners, and has nothing much to do with Australian voters. That explains why the government that won The Climate Election with a skeptical stance are now pushing blindly for “Net Zero targets”. It also explains why the public debate has shifted since the AUKUS deal just in time for Glasgow and has no content, apart from the insistence that we don’t want to be “left behind” in some global fashion race to wreck our electricity infrastructure faster than everyone else. Kudos to The Nationals who are still trying to respond to both The Voters, and the Science. Send them your support.
With this admission from inside Cabinet, we see that the AUKUS sub deal was probably quietly loaded with a climate deal too. If you want our subs, and our protection, you need to obey the carbon cult. Translated — “the Western Alliance” means nuclear subs from the US and UK. The veil is pulled back on the illusion of Democracy.
So now it’s “Build solar farms, and windmills, sign up for carbon […]
Who voted for Superannuation funds to decide energy policy?
And you thought we elected a government to manage our National energy policy?
Businesses must adopt Paris emissions targets even if the government fails to do so, big investors say.
The Guardian
So even if voters don’t want “climate action”, by default, it’s sneaking in the back door, unless they pay attention.
The “big investors” in this case being a small team of activists running a club that some Superannuation corporates have joined, though it’s not clear why. Perhaps they joined to “look Woke” or perhaps they are feeding the crocodile for fear of being targeted?
The Australian Council of Superannuation Investors (ACSI) is not trying to persuade funds or investors to go Green with reason, instead they seem to operate by Cancel Culture principles on a corporate scale. Their aim, apparently, is to bully Directors of your Superfund into themselves bullying the companies they invest in. In a Saul Alinsky fashion they effectively threaten Directors that they might be personally isolated and targeted if they are not seen to be supportive enough of the Woke religion (ie, climate, slavery, femo-glass-ceiling stuff). Somehow ACSI may “recommend members […]
Because Big Bankers really want to save the Earth, right?
BlackRock, the 10 trillion dollar “global investment fund” is urging the Australian company AGL to shut Bayswater and Loy B Yang Coal Plants much sooner than planned. BlackRock is a NY based and as wikipedia says “Due to its power, and the sheer size and scope of its financial assets and activities, BlackRock has been called the world’s largest shadow bank.”
The move only got 20% support from investors. Australian investors largely said “no thanks”. Where are The Greens in exposing multinational powers that want to influence Australia — they’re part of the Big Banker Promotion Team.
BlackRock turns up the heat on AGL’s coal exit plans
Nick Toscano, Sydney Morning Herald
AGL faced an investor revolt on Wednesday, as more than 20 per cent of the company’s shareholders backed a resolution for the board to align the retirement of the Loy Yang A power plant in Victoria and its Bayswater station in New South Wales with a strategy to limit global warming to 1.5 degrees.
This would mean shutting Loy Yang A, the largest brown coal fired power plant in Victoria, […]
Is that the dark smell of desperation?
Green energy is so essential and profitable that when the chips are down, investors ran a mile.
IEA: COVID-19 crisis causing the biggest fall in global energy investment in history 31 May 2020
The COVID-19 pandemic has set in motion the largest drop in global energy investment in history, with spending expected to plunge in every major sector this year—from fossil fuels to renewables and efficiency—the International Energy Agency said in a new report.
The unparalleled decline is staggering in both its scale and swiftness, with serious potential implications for energy security and clean energy transitions.
global investment is now expected to plummet by 20%, or almost $400 billion, compared with last year, according to the IEA’s World Energy Investment 2020 report.
Not only has the money gone, but renewables have been out-competed at the thing they are supposed to do best.
The Global Pandemic is the world’s greatest carbon reduction program since the Black Plague:
Those short-term benefits [of the Coronavirus] have been substantial. Consumption for jet fuel and gasoline, for example, declined by 50 and 30 percent, respectively, from early March to June […]
Just when you think banks are only in it for the money, along comes Goldman Sachs to advise us on the planetary atmosphere:
“Goldman Sachs released a 34-page analysis of the impact of climate change. And the results are terrifying.”
All these nice banks want to save Earth too.
Yusef Kahn, Business Insider, Sept 2019
For some reason (what could it be?) a few months ago the Goldman Sachs investment bank was gripped with a sudden urge to repackage the IPCC report. Perhaps they were afraid their clients didn’t watch CNN, the BBC, or, pick-any-channel, maybe they couldn’t afford a television?
A Goldman Sachs report on the impact of climate change on cities across the world makes for grim reading. The bank warned that “consequences of a warming world may well play out over several decades to come, even if efforts to limit greenhouse gas emissions are successful today.” Rising temperatures would lead to changing disease patterns, more intense and longer-lasting heatwaves, more destructive weather events, and pressure on the availability and quality of water for drinking and agriculture.
“Despite the uncertainty around the timing and scale of the impact, it may be prudent […]
It’s being hailed as a “soaring investment” but it’s just the fake fiat carbon scheme that has been fiddled back to life. The EU ETS market had too many credits and crashed down to 5 Euro or less by 2013. On deaths door, the EU decided to cull a quarter of the credits for the EU ETS every year starting in 2019 and the price predictably went back up. The big success of this unnecessary unfree market is that it has added a tariff to cheap coal to make it just as expensive as gas, and pushed up electricity prices in the EU.
Any illusion of generating economic wealth, or energy efficiency is purely coincidental. There’s no supply and no demand, no extra products or productivity — and without government force, no market at all for imaginary carbon penances. It draws money from every consumer and hands it to gas, and renewables giants, as well as bankers, crooks and VAT Tax cheats. And if this market goes global it’s potentially a $7 Trillion dollar money-making racket for bankers. No wonder HSBC, Deutche Bank, Goldman Sachs, BBVA and Citigroup want to “save the world”.
Back to 2008:
Government decisions largely […]
Imagine there was a $300 billion dollar industry that depended almost entirely on a pagan belief that cars cause storms, and coal caused floods. Imagine this industry produced nothing that consumers would voluntarily buy unless the government banned cheaper options. Now imagine how much money these investors might be willing to donate to lobby groups, Superpacs, and activists in koala suits. Purely hypothetically…
Global clean energy investment[1] totaled $332.1 billion in 2018, down 8% on 2017. Last year was the fifth in a row in which investment exceeded the $300 billion mark, according to authoritative figures from research company BloombergNEF (BNEF).
Global investment in renewable energy, 2018 | Bloomberg.
With 100% of their income at risk of evaporating if the voters pick the wrong person, or if public faith in the pagan religion starts to wane, these investors have a reason to create a PR campaign that called anyone who questioned the faith an idiot denier, funded by fossil fuels, out of touch, old, white and unfashionable.
Fossil Fuels, on the other hand, wouldn’t need to worry. They’ve tried the solar and wind research already. They know how uncompetitive they are and how people will be using […]
There’s a new Christmas fantasy list for Climate-worriers. It’s a New York Times bestselling book (aren’t they all) and people are gushing …because it lists the same old solutions we’ve heard 100 times before, like using wind, solar, go vegetarian, walk to work, and (wait) educate your girls.
The PR material glows like the Sun. Wear your sunglasses and hazmat suit when reading:
Project Drawdown is the most comprehensive plan ever proposed to reverse global warming.We did not make or devise the plan—the plan exists and is being implemented worldwide. It has been difficult to envision this possibility because the focus is overwhelmingly on the impacts of climate change. We gathered a qualified and diverse group of researchers from around the world to identify, research, and model the 100 most substantive, existing solutions to address climate change. What was uncovered is a path forward that can roll back global greenhouse gas emissions within thirty years. The research revealed that humanity has the means and techniques at hand. Nothing new needs to be invented…
Project Drawdown’s ranked list of 100 climate change solutions has priced the whole planet-fixing kit at a cool $29,609 billion dollars (of other people’s money). […]
“Paris” is rock solid and on the brink simultaneously
In a kind of Schrodinger’s-Agreement Paris means everything and nothing all at once. The Grand Emissions-Mouth says every country on Earth has signed up except the US. The Giant Money-Mouth says it’s unravelling, an emergency and on the brink.
How can that be? Spot the pea. This strange superposition can exist because the emissions agreement is vaporware: 200 countries signed up but almost none of them are going to meet their agreement and no one cares. On the money side though, almost no one is going to give or get what they expected, and it’s a complete bunfight down to the last comma.
It was and always is, about The Money
No one gives a toss about the CO2:
The Paris climate change agreement has started to unravel as a dispute over a $US100 billion-a-year climate fund prompts new demands that developing countries be given greater freedoms to increase their emissions.
Environment groups have claimed the Paris deal was “on the brink” after an emergency meeting in Bangkok at the weekend failed to reach consensus on crucial details on how the agreement would be managed.
The […]
In one of the more pointless and inane “scientific” publications of the year, Brulle et al has added up climate lobbying dollars across the years and sectors, but missed the two largest sectors and blended friend and foe unto homogenised pap. Even Brulle admits that gas companies lobby for climate legislation, while coal companies lobby against it, yet Brulle still lumps them all into the archetypal ogre called “Fossil Fuels”. Let’s perpetuate a mindless stereotype, eh?
Was that an accident or an aim?
Thus and verily do “fossil fuels” predictably outspend environmental organisations:
“Unsurprisingly, sectors that could be negatively affected by bills limiting carbon emissions, such as the electrical utilities sector, fossil fuel companies and transportation corporations had the deepest pockets. Their lobbying efforts dwarfed those of environmental organizations, the renewable energy industry and volunteer groups.”
Fossil fuels didn’t just outspend enviromentalists, they might as well have been them. Shell leaned on World Bank to nobble the competition. It begged for Big-Green subsidies to sequester carbon and lobbied for carbon trading. BP committed to a low carbon world, and went so far as to join Greenpeace and lobby the BBC itself.
Gas companies benefit from climate change […]
What would China do if it wanted competitors to keep shackling themselves to an industry-crippling religious weather-fetish?
mock their economy-killing stupidity openly til they realized it, or nod vigorously and set up a big inflatable strawman idol in the streets of Shanghai? It protects no fields but looks convincing to Greenpeace and good enough for Goldman Sachs…
Notice the size of the carbon markets: The EU’s trading scheme is the largest in the world and “covers” 1.8 gigatons of carbon emissions. China’s power sector (just power) produces 3 gigatons of emissions. The plan is to carefully strap a very mild carbon market on the Chinese power sector starting in 2020 and expand it later to other industries which would then include some 5 gigatons of emissions.
Sounds like a marvelous advert for people trying to sell carbon trading schemes:
Clean-energy advocates trumpeted the creation of the planet’s largest carbon market, which will be nearly twice the size of the European Union’s.
The headline in TechnologyReview, James Temple:
China is creating a huge carbon market—but not a particularly aggressive one
Not aggressive is the phrase — join these dots:
… the government’s goal for now is to reduce the […]
This absolutely definitely is not about profits or money.
Giant Spanish bank announces €100 billion plan to fight climate change
BBVA, the second largest bank in Spain, has launched a major new financing initiative to support sustainable development and combat climate change in the coming years.
Only gas and oil companies are “vested interests” seeking to profiteer from our demise. Banks are charities:
BBVA Group Executive Chairman Francisco González said, “At BBVA, we want to play a key role in mobilizing resources to halt climate change and promote sustainable development. It is an ambitious, long-term goal in line with our purpose of ‘bringing the age of opportunity to everyone.’”
Apparently, the bank’s role is to change Earth’s climate, and “bring the age of opportunity to everyone”.
Do their shareholders know, I wonder?
Can anyone see an elephant?
Warning — Meaningless acronym coming — SBTI:
BBVA has also become the first Spanish bank to commit to the Science Based Targets Initiative. The campaign helps major corporates work out how they have to cut emissions to prevent the impacts of climate change.
The group’s new strategy is called Pledge 2025…
If you wanted […]
UN Green Climate Fund (GCF) — nice rort if you can get it
The UN climate fund was set up in 2010 but has yet to send a single dollar of project money to its star sinking island (which isn’t sinking, but is poor).
The NY Times has a long article describing how billions of dollars is being spent, but somehow it seems to be going to the wrong places. Given the lack of accountability, voters, and elections, who could have seen that coming?
The GCF GONGO is ruled by a Board of 24 people who jetset to Korea, hand out other people’s money, and get applause. In 2012 they were seeking immunity from all laws and taxes. Presumably they succeeded. In 2014, they were caught funding a new coal power station in Indonesia to reduce carbon emissions. I wondered if that was rorting, cronyism, or ‘success’. Greens were not happy. Now we find out that the rest of the money is ending up with the renewables industry, investment bankers, and bureaucrats:
U.N. Climate Fund Promised Billions to Poor Nations. For Some, the Wait Is Long.
Transparency, not so good:
The observers took issue, […]
It takes a really big government to waste money on a scale like this
Carbon capture aims to stuff a harmless fertilizer underground in order to change the weather. With CCS, the hard part is deciding which obstacle is the most stupidly unachievable. One ton of solid coal generates nearly three tons of CO2 in a puffy, fluffy, expanded gas form. It doesn’t take a genius to know it won’t fit back into the same hole. And even if you get it down there, it may not stay there. The gas has to be compressed, or refrigerated (or both). Underground holes are hot. Not surprisingly, this takes a lot of energy, so that to build a coal plant with the capability to “store CO2” we must spend 60% more dollars, and then throw away 40% of the electricity as well.
You, I, global business, practically no one would spend their own money on it. The geniuses planning it thought the carbon price would rise from 30 euros to 100 euros which would make it a goer. Instead the carbon credit price feel to seven. (And that’s only after the EU propped it up.)
EUObserver spotted this CCS bonfire. I read […]
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