This is a pretty good rundown on the greater energy economic picture...
https://www.zerohedge.com/political/bidens-real-crime-against-economyIt confirms what we've known a long time...much of the green crap people do is ineffectual, meant to appease small minds believing in the climate cult crap...and more importantly for this ESG bullsplatter - provides another opportunity to separate idiots from their money.
Killing the pipeline destroyed jobs throughout more than the energy sector and did nothing for the environment...the enviro-hoax merely through dirt in the air while crony capitalists schemed for more control and more money for themselves...
Follow the Money
The public story is that ExxonMobil was too slow in adapting its business plans to a world of solar and wind power and electric vehicles. The reality is more complicated.
There’s good reason to believe that solar and wind will never provide more than a small percentage of the power needed to run America. ExxonMobil is an oil and gas exploration and distribution company. They should stick to what they do best and let others build windmills. Oil and gas, nuclear and hydro-electric will power the country for decades to come or longer.
So, why did Larry Fink of BlackRock climb on the green train?
It turns out he’s promoting so-called ESG funds (for Environmental, Social and Governance) with higher fees to customers. Fink and others are just promoters using the green banner to make more money at investor expense.
What happened in the board room at ExxonMobil is an example of how private corporate resources are being hijacked by activists and do-gooder institutional investors to pursue social policy goals with little or no scientific evidence to back them up.
Research shows ESG funds and related ETFs do not outperform major index funds.
Fink just needed to bolster his ESG credentials and he did so at ExxonMobil’s expense. Concern about the environment is minimal or incidental. It turns out that Fink and the others are only in it for the money.
That’s the kind of green they really care about.SSDD
