November 26, 2022 - ESG Investing Hurts the Poor and Empowers Tyrants

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November 26, 2022

ESG Investing Hurts the Poor and Empowers Tyrants by John Murante
Appeared in the National Review on November 21, 2022

Gina's Thoughts

The author describes the current situation in the US (and Canada) where "unelected investment managers and other financial institutions make decisions based on their own political agendas with the investments, savings, and pensions of millions of Americans (and Canadians)." What is that political agenda? Divestment with ESG and Net Zero as the justification. "This means an increasing reluctance (and sometimes outright refusal) to invest in fossil fuels, an industry which has improved the lives of so many around the world. Indeed, affordable and reliable energy is a critical factor in enabling an economy to grow, prosper, and help the poor. When the production of affordable energy in the US and investment in developing countries is prevented by divestment, it empowers countries like China." Energy security and energy poverty issues are looming over us right now and divestment will only exacerbate these problems.

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