Watch: Glenn Beck on new climate financial rules: ‘This is the end of capitalism’ – Rips ESG or Environmental, Social, & Governance
Big-name American banks are all in on the plan to give you a "climate credit score". And if you think anyone will be excluded from this, just take a look at EVERYTHING that will be affected. pic.twitter.com/8kOvnup28I
— Glenn Beck (@glennbeck) March 5, 2021
Heartland Institutes’s Justin Haskins: “There’s a huge movement of these left-wing investors that want to keep companies that are not woke, that don’t have high ESG scores off of stock exchanges and in the long run that’s absolutely a core part of this that’s an easy regulatory change to make for the SEC to say ‘oh well we’re only going to have you know these high esg good companies.'”
Glenn Beck: “This is a public movement all of these companies are in it. When you’ve got Exxon — announced this week they’re part of this. When you got companies like Exxon you would say to yourself ‘why would they do something that would hurt them why would they do something to get involved where they’re changing capitalism?'”
Beck: “There’s no teeth to it yet this came out in 2018. Merrill Lynch put this in and it’s all the framework. It just needs the teeth to be turned on and all that is is right now they’re saying look you’ve got a score of 4.7 that’s because you’re not looking at companies to see the whole stakeholder idea where these companies have a responsibility to do good not just for their shareholders because that kind of capitalism is over. So every company that’s being traded we’ve scored with their ESG which means those companies are required now to come up with all of this paperwork and all this bullcrap so now the cost of overhead is enormous.”
Beck: “So then they can get a score for the stock exchange and Merrill Lynch can say ‘okay that company has an eight.’ Well I want to invest in this company, it’s a gun company oh they’ve got an ESG score of two. Well I don’t care because I believe that’s going to go up. But it doesn’t matter. You’re not doing it for that anymore you’re not doing it to make money, you’re doing it for the overall good of society this is the end of capitalism.”
Beck: “When you put teeth to this you then you have a completely bogus market because you’re looking at a score for how politically correct is this person or this company. If they’re politically correct, the teeth tell all the lower investors you’re going to invest in these companies, not these companies. Because it doesn’t matter that these companies might be worth more we think the investment should go to these companies because they’re socially woke. When that happens, the stock market means nothing, nothing because it is basically at the barrel of a gun the government and the big businesses have decided who’s going to get the money.”
An article published on the WEF website that same month outlined how pivotal green-oriented finance was in bringing about the Great Reset. “Strategic investments in ESG [environmental, social and governance] must represent a fundamental tenet of this framework. In building this ‘reset’, a whole range of stakeholders from investors, corporates, governments, financial institutions and consumers must align to create an ecosystem through which we invest in a cleaner, greener future.”
It was in light of all this that Breitbart’s report noted, “NGFS is the global fusion of Big Green and Big Money, also known as Woke Capital…it’s that same Woke Capital that’s been leading the push for ‘The Great Reset’.”
As spiked contributor and financial journalist Daniel Ben-Ami tells me, green finance is ‘no longer a niche proposition’. ‘Finance is redefining itself as a key institution with which corporations and governments can pursue the agenda of ESG’ (environmental, social and corporate governance policies), the successors to our old friend, corporate social responsibility.
These ESG policies have been adopted by the car industry and many others. They are shaped by the United Nations Sustainable Development Goals and the World Economic Forum. They are tracked by ratings agencies, institutional investors, asset managers, financial institutions and other stakeholders, as well as by Bloomberg, Thomson Reuters and the Dow Jones Sustainability Index. There are also special ESG funds and portfolios offered by BlackRock, BNY Mellon, Fidelity, JP Morgan, Prudential and others. Their structures and their language are impenetrable, but these big names confirm that green finance is no longer the tail wagging the dog of mainstream finance: it is the dog.
What these big banks really know about the tugging, durability, insurance and disposal of offshore wind turbines, for instance, is anybody’s guess. But it’s the same with all the global great and the good. The EU now seems to consider sustainable finance on a par with consumer finance, while at the prestigious OECD, the Centre on Green Finance and Investment boasts countless green-finance initiatives.
From green bonds to feed-in tariffs for consumers, from capping, taxing and trading CO2 to offsetting it – you name it, green bean-counters will want a percentage of it. Green finance is also running amok with dubious financial instruments such as derivatives – remember those from the 2008 crash? There are even specialist ESG-friendly derivatives. Green finance is also ‘making tracks into the wonky world of foreign-exchange markets, highlighting the lengths Wall Street will go to broadcast an environmental angle on investments’, writes the Wall Street Journal.