You know that the Great Reset agenda is all about using crises to push for change that fundamentally alters society to fight the World Economic Forum’s (WEF) current bogeyman, climate change.
Throughout the COVID-19 pandemic, the WEF used the pandemic as a reason to push its agenda, and now without missing a beat, its allies on the progressive left are using the war in Ukraine to do the same thing.
Now, they’re doing so by putting pressure on environmental, social, and governance (ESG) funds to exclude natural gas companies. Doing so, they say, will punish Russia and move the West away from the fossil fuels that are used by authoritarians to control the world. Bloomberg’s John Ainger reports:
Asset managers are under renewed pressure to blacklist gas from ESG funds, as activists slam European plans to call the fossil fuel “green” in the middle of a war that has exposed the region’s energy dependence on Russia.
In a letter signed by 92 nonprofit groups including Reclaim Finance, Greenpeace and Urgewald, financial institutions are being asked to “publicly commit” to exclude gas from funds and bond programs that carry an ESG label. The signatories called Europe’s proposal to treat gas as a sustainable asset “unscientific and unjust.”
The European Union is on track to add both gas and nuclear energy to a taxonomy intended to steer environmental, social and governance investing. The EU argues the move is needed to offer member states a bridge as they transition away from coal and over to renewables.
But the plan has drawn harsh criticism from climate activists, investors and even some EU nations. And that criticism has grown louder still since Vladimir Putin’s Feb. 24 invasion of Ukraine exposed a major security hole in the form of Europe’s reliance on Russian gas.
With about 40% of its natural gas coming from Russia, the EU is now racing to reduce that exposure. Climate activists say that excluding the fossil fuel from the bloc’s green taxonomy should be an obvious step.
“The EU’s decision to brand fossil gas as sustainable paves the way for a renewed fossil gas dependency and gives green credentials to its producers,” said Paul Schreiber, a campaigner at Reclaim Finance. “Democratic countries must swiftly reduce their fossil fuel addiction to pull the rug out from under authoritarian fossil fuel producers like Russia.”
Action Line: Some Attorneys General are beginning to question the legality of ESG funds and their monopolization of capital. If ESG funds hadn’t been starving oil and gas companies of capital for the last few years, would Americans be suffering from the spikes in fuel prices they are today? Unless you want your money used to pursue the progressive agenda, you should build a portfolio of individual stocks and bonds, rather than relying on index funds. If you need help, I would love to talk with you. If you would like to get to know me before we talk on the phone, there’s no better way than signing up for my free monthly Survive & Thrive letter. In the letter each month, I encourage and push you to achieve the personal and financial security goals you’ve set for your family. Click here to subscribe. We’ll get to know each other, and get serious about your future success.