From the MANHATTAN CONTRARIAN

Francis Menton

My post on Saturday noted one big reason for optimism that the green energy fantasy is coming to the end of its run: the first country, Germany, has apparently begun to hit the green energy “wall.” Although Germany has never consistently reached even 50% of its electricity production from wind and solar, its ability to continue its green energy dreams has stalled: its electricity prices have soared, its manufacturing sector has been seriously undermined, its economy is in recession, and recently its green-promoting government has fallen. Its failed example now stands for others to see and avoid.

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

Banks and investment firms quitting net zero “alliances”

On Saturday’s post, commenter William Bell asked “Who, exactly, is preventing third-world inhabitants from using wood, charcoal, coal, petroleum derivatives, and/or natural gas for fuel and by what means?” Apparently Mr. Bell, and maybe many others, is unaware of the many “alliances” of banks and investors seeking to starve fossil fuels of investment capital, and thus prevent third-world countries (and everybody else) from continuing to use them. Most of these groups are somehow directed and overseen by the UN. 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 that I have not got them all. The members are, or have been, a who’s who of all the biggest banks and investment firms in the world.

The Center Square reports here on December 20 that two rather significant banks, Goldman Sachs and Wells Fargo, have just quit the NZBA:

Not soon after the general election, and within two weeks of each other, two major financial institutions have left a United Nations Net Zero Banking Alliance (NZBA). This is after they joined three years ago, pledging to require environmental social governance standards (ESG) across their platforms, products and systems. 

House Judiciary Committee issues report accusing large money managers of running a “climate cartel”

On December 13, the House Judiciary Committee issued a Report titled “Sustainability Shakedown: How a Climate Cartel of Money Managers Colluded to Take Over the Board of America’s Largest Energy Company.” The Report documents the process by which the Climate Action 100+ alliance, “emboldened” by encouragement from the Biden/Harris administration, orchestrated replacement of three board members of Exxon in May 2021. The collusive actions of the largest investment firms and proxy advisors are described as a “cartel” clearly violative of the antitrust laws.

Red state AGs sue investment firms for antitrust violations for colluding on “climate” issues

Maybe it’s coincidence, but shortly before the issuance of the Judiciary Committee Report, an antitrust suit was brought on November 27 by eleven red state AGs, led by Ken Paxton of Texas, accusing participants in the investment industry of collusive conduct in enforcing “climate” and other “ESG” goals. The defendants in the case include the three largest money managers, Vanguard, BlackRock and State Street. From Bloomberg Law, November 27:

BlackRock Inc., Vanguard Group Inc. and State Street Corp. were sued by a group of states led by Texas for allegedly breaking antitrust law by boosting electricity prices through their investments, in the highest-profile lawsuit yet against the beleaguered ESG industry. Texas Attorney General Ken Paxton and 10 other states claim the money managers, as part of their green agenda, combined their market clout and membership in climate groups to pressure coal producers to cut output.

TotalEnergies pauses major 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 major Attentive Energy off-shore 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 anticipated policies of the incoming Trump administration. From Offshore, November 27:

TotalEnergies has reportedly paused development of the Attentive Energy wind farm it planned to build 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 pause,” 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 halt in investment in renewable power sources due to the anticipated policies of the incoming Trump administration. Trump has vowed to stop offshore wind energy 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 already the anticipation of its arrival is having the positive effect of driving some of the parasites into hiding.

There are many more such positive developments out there. I’ll see if I can assemble a few more before year’s end. Meanwhile, I’m as hopeful as I’ve ever been that the green energy mania is fading.

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