Extra causes for cautious optimism in regards to the demise of the inexperienced vitality fantasy – do you agree?

From the MANHATTAN CONTRARIAN

Francis Menton

In my post on Saturday I gave an important reason for optimism that the green energy fantasy is coming to an end: The first country, Germany, has apparently started to hit the green energy “wall”. Although Germany has never consistently generated 50% of its electricity production from wind and solar, its ability to pursue its green energy dreams has stalled: electricity prices have skyrocketed, the manufacturing sector has been seriously weakened, the economy is in trouble is in a recession, etc. Recently the government that advocates for the environment fell. His failed example is now visible to others and can be avoided.

And as I look at developments since the election, I see a number of other reasons that reinforce my cautious optimism. Maybe it's because the political environment has changed, and maybe it's because some people are starting to realize that you can't override the laws of physics; and maybe it's a bit of both. Here are examples:

Banks and investment firms leave net-zero “alliances”

In Saturday's post, commentator William Bell asked: “Who exactly is preventing Third World residents from using wood, charcoal, coal, petroleum derivatives and/or natural gas as fuel, and by what means?” Apparently Mr. Bell agrees and perhaps so does Many others are unaware of the many “alliances” of banks and investors that aim to strip fossil fuels of their investment capital and thus prevent third world countries (and everyone else) from continuing to use them. Most of these groups are somehow managed and monitored by the United Nations. Examples of these groups include the Net Zero Banking Alliance (“bank-led, UN-convened”), the Net Zero Asset Managers Initiative and Climate Action 100+. I'm sure I don't have them all. The members are or were the who's who of all the largest banks and investment firms in the world.

Center Square reports here on December 20th that two fairly significant banks, Goldman Sachs and Wells Fargo, have just exited the NZBA:

Shortly after the general election and within two weeks, two major financial institutions left the United Nations' Net Zero Banking Alliance (NZBA). This comes after they joined the company three years ago and committed to requiring environmental and social governance (ESG) standards across all platforms, products and systems.

The House Judiciary Committee releases a report accusing major asset managers of running a “climate cartel.”

On December 13, the House Judiciary Committee released a report titled “Sustainability Shakedown: How a Climate Cartel of Money Managers Collaborated to Take Over the Board of America’s Largest Energy Company.” The report documents the process through which the Climate Action 100+ alliance , “encouraged” by the Biden/Harris administration’s encouragement, in May 2021 staged the replacement of three Exxon board members described as a “cartel” that clearly violates antitrust laws.

Red State AGs are suing investment firms for antitrust violations over agreements on “climate” issues

Perhaps it is a coincidence, but shortly before the release of the Judiciary Committee report, an antitrust lawsuit was filed on November 27 by eleven red state AGs led by Ken Paxton of Texas, accusing investment industry participants of collusive behavior in enforcing “climate protection “were accused. and other “ESG” objectives. The defendants in the case include the three largest asset managers Vanguard, BlackRock and State Street. From Bloomberg Law, November 27:

BlackRock Inc., Vanguard Group Inc. and State Street Corp. have been sued by a group of states led by Texas for allegedly violating antitrust laws by driving up electricity prices through their investments. It was the highest-profile lawsuit to date against the beleaguered ESG industry. Texas Attorney General Ken Paxton and 10 other states allege that money managers combined their market power and membership in climate groups to pressure coal producers to cut production as part of their green agenda.

TotalEnergies pauses large wind farm in the waters off New York and New Jersey

Also on November 27, French energy giant TotalEnergies announced that it was “pausing” its large Attentive Energy offshore wind project in the Atlantic Ocean off New York and New Jersey. In his announcement of the “pause,” Total’s chairman specifically attributed the action to the expected policies of the new Trump administration. From Offshore, November 27:

TotalEnergies has reportedly paused development of the planned Attentive Energy wind farm off the coast of New York and New Jersey, CEO Patrick Pouyanne said Tuesday at an energy industry conference in London. “I have decided to put the project on hold,” TotalEnergies CEO Patrick Pouyanne said at the Energy Intelligence Forum, according to reports from Bloomberg and Reuters. The decision is one of the first tangible signs of a freeze on investment in renewable energy sources due to expected policies of the new Trump administration. Trump has vowed to stop offshore wind development “on day one” of his next term, starting in January 2025.

The new Trump administration is still almost a month away from taking office, but the anticipation of its arrival is already having the positive effect of driving some of the parasites underground.

There are many more positive developments like this. I'll see if I can put a few together before the end of the year. I'm now more hopeful than ever that the green energy craze will subside.

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