The economic and geopolitical poverty of ESG
The world scrambles for oil, gas, and coal. With inflation, prices soar. Consumers struggle to keep up. Hydrocarbon energy firms, meanwhile, enjoy giant bumps in profits and stock market value.
If you took the advice of the world’s largest financial firm, however, you were ill-prepared for these events. Over the last half-decade, BlackRock, the index fund behemoth, told nations, firms, and investors to pursue so-called green energy and shun hydrocarbons. Now, the nations, firms, and investors who took (submitted to) BlackRock’s advice (diktats) are worse off. They suffer with unreliable and expensive energy mixes, are stuck with bad green investments, and lose out on profitable hydrocarbon investments.
This is environmental, social, and governance investing, or ESG. Read more . . .
