04 Nov 2021

Financial Coalition Puts $130 Trillion Behind Green-Energy Transition

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The Week:

A global coalition of financial institutions announced Wednesday that more than 450 firms controlling $130 trillion in assets have committed to shifting the global economy to cleaner energy. On Day 3 of the United Nations’ COP26 climate summit, the Glasgow Financial Alliance for Net Zero said these banks, investors, and insurers have vowed that the companies and projects they invest in will reach net-zero emissions by 2050. This will mean “every financial decision takes climate change into account,” said former Bank of England chief Mark Carney, who leads the coalition with billionaire former New York Mayor Michael Bloomberg.

This, of course, represents nothing but an enormous economic distortion and malallocation of capital on the basis of junk science catastrophist superstition. This will be a staggering-scale tax on the economies of the trans-Atlantic democracies which will very significantly reduce growth and cause the standard of living of the unfortunate citizens of all these participating countries in future to be far lower than otherwise might have been the case. Stupidity, bad leadership, and bad ideas exact a terrible cost on societies.

If we all had the tax rates, the monetary policies, and the kind of sensible leadership that Britain and the United States had in the late Victorian — eariy Edwardian eras, we’d already have those flying cars and have been vacationing on Mars long since.

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7 Feedbacks on "Financial Coalition Puts $130 Trillion Behind Green-Energy Transition"

OneGuy

Every time I read or hear something about this issue I hear the music from the movie The Sting”. This is a grift, the biggest grift in the history of the world. I am simply amazed at how easy it is to convince people to choose to give you all their wealth and power. Most of the civilized world seems intent on doing exactly that. Perhaps our Western culture does not deserve to survive after all.



Mike-SMO

Proves that people still believe in magic.



mid joe

The Edwardian era!?



Hairless Joe

You can’t vacation on Mars today, it’s true, but you can always vacation in Antarctica. You won’t even have to wear a spacesuit or worry about getting cancer from the radiation. But you should bring a good parka and some mittens.



T. Shaw

Don’t make me cut/paste my list of 50 years of climate science experts’ climate Armageddon.

Repeat after me: “Massive misallocations of resources.”

This will not end well.

Point of information for climate alarmists and Democrats – lower IQs than Greta Thunberg: When it’s Summer in America, it’s Winter in Antarctica.

This 2020-2021 Antarctic Winter was the coldest in recorded History (last record cold was 1969).



McChuck

So, the bankers of the world just declared war against electricity and the internal combustion engine. You know, the two things that underpin all of modern life.

Therefore, the bankers have declared war on civilization. Act accordingly.



OtisD

it amazes me that those who’ve waged war on civilization are the least likely to survive its destruction.



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