President Joe Biden intends to ramp up his war against oil and gas companies and the cheap, reliable fossil-fuel energy they provide. In remarks last Wednesday to the International Monetary Fund, Biden’s climate envoy John Kerry announced that the president is readying an executive order that would force companies to report the “risk” their companies face due to climate change.
“President Biden is poised to issue an executive order that will require disclosure” from companies regarding climate risk, Kerry said on Wednesday. He argued that increased risk disclosure and new tax incentives would spark “significant amounts” of capital investment to address climate-related problems.
“Suddenly, people are going to be making evaluations and considering long-term risks to the investment based on the climate crisis,” Kerry argued.
Kerry addressed the issue after IMF chief Kristalina Georgieva announced a new “Climate Change Indicators Dashboard,” which will inform economic policy decisions by bringing together data on greenhouse gas emissions, economic activity, trade in environmental goods, green finance, government policies, and risk.
“We have to make the invisible visible – the transition risks that banks are carrying because they’re investing in high-carbon activities that over time are going to be phased out, and the physical risk, investments in highly vulnerable coastal areas, or in agriculture that could be affected by floods or by droughts,” Georgieva argued.
This IMF move and Biden’s impending executive order represent a tremendous victory for the ESG movement, which uses environmental, social, and governance factors to move companies in a leftward direction, especially on climate issues. Activists have long targeted capital management to force companies in a “woke” direction, and now the federal government will muscle its way into that space.
While claims of a climate change “consensus” are misleading and overblown, and climate alarmist predictions have proven wrong time and time again for 50 years, climate alarmists have become louder and louder in recent years, prophesying impending doom without a care for the actual history of climate doomsayers.
While it stands to reason that some companies may plan for certain natural disasters, the ESG movement and Biden’s climate disclosures operate on false assumptions about the complex science of global climate. The fact of the matter is that while it stands to reason that carbon emissions may impact the climate, scientists have been unable to pin down exactly what these emissions do, so alarmists have turned from “global cooling” to “global warming” to the more nebulous “climate change” in pursuit of a doomsday prophecy to force their agenda as the only solution.
It is all hogwash, as Biden himself repeatedly illustrates by blaming fires, floods, and hurricanes on climate change rather than by addressing the very concrete causes of these natural disasters.
Climate alarmism has effectively become a religion, and the Biden administration seems intent on enlisting itself as the Inquisition. These “risk” assessments are little more than mandated confessions, episodes of browbeating based more on ideology than in science.
Of course, Kerry is right about one thing. Biden’s inquisitorial executive order will most certainly shift capital away from efficient carbon energy sources and toward the climate-industrial complex. It will make some enterprising founder of the next Solyndra very, very happy.