Finance Group Fails To Deliver at COP26

Yves here. I’m amazed that anyone would be snookered by the proposition that Big Finance would act to halt or limit climate change. Most models (one can argue incorrectly) show the big economic hits to occur 30+ years out. Once you discount cash flows that far out back to the present, the effect is effectively zero.

But ESG (“environmental, social and governance”) investing is the big new scam….when if one were to try to be a fully compliant investor, there would be nothing to buy. But it’s great for enriching consultants and NGOs, as well as giving no-nothing board members like the ones at CalPERS the appearance of being useful.

By Michael Northrop, director of the Sustainable Development Program at the Rockefeller Brothers Fund. Originally published by Environmental Finance

Carbon Tracker, the London Financial Analytics shop, told us about this financing record in 2019. Maybe because Covid-19 intervened, we didn’t

Keep reading this article on Naked Capitalism (Yves Smith) - Blog.

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