This time it is from the USA where melting glaciers in the Rockies have revealed the existence of 7000 year old forests. Similar findings in the Alps show that this was a widespread phenomena.
“Is #ESG and climate hysteria also part of this subversion to attack democractic and capitalist principles? Is ESG just a cloak for a socialist grab on corporations to strangle capitalism from within?”
“For anyone thinking there’s a more community spirited version of capitalism through more state intervention, read Animal Farm by George Orwell again. It’s called collectivism, socialism, marxism, ultimately totalitarianism.”
Desiree Fixler (above quotations) is a voice worth listening to. With her courageous out-of-step views being common sensical, she has an important future in the UK/EU debates over corporate responsibility–and climate change policy in particular. Her large, growing audience attests to her integrity.
“Desiree is a leading expert in the field of sustainable finance and investment banking with over 25 years of experience in innovating and reshaping financial markets,” her bio reads. “Renowned for blowing the whistle on the dark side of ESG, she is a sought-after advisor, media contributor, and keynote speaker.”
Continuing,
Desiree is well-known for her practical, first principles approach to sustainability and helps companies navigate the fractured and often overdemanding world of ESG. She serves as a trusted advisor to corporations, NGOs, and regulators such as the UK’s Financial Conduct Authority and the Monetary Authority of Singapore, and is at the forefront of global efforts to drive greater transparency, practicality and impact in the practice of sustainable finance. [1]
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Enough introduction. I became acquainted with Ms. Fixler with her comment some months ago
If you haven’t read Ayaan Hirsi Ali’s compelling long essay in The Free Press on X, read it now. And then consider this. Is #ESG and climate hysteria also part of this subversion to attack democractic and capitalist principles? Is ESG just a cloak for a socialist grab on corporations to strangle capitalism from within?
Sounds far-fetched. I mean for many in the finance industry, ESG is just a sensible framework to spot commercial opportunities and to assess risk. But is it? Did property insurers just wake up to fire and flood risk when some repurposed PR or consultant guy, new to ESG, sent them a SASB sector disclosure list? Was Denmark’s Orsted wise to quickly transition to an almost fully renewable energy company in light of it’s share price collapse? Are ESG equity investors satisfied earning 11% vs 21% for regular equity funds over the last year (reported today in the FT according to JPM research)?
She then tells her personal journey.
I believe most people, including myself, jumped on to this bandwagon believing that climate action and DEI are win-wins, that ESG is prudent risk management. In 2019, we applauded the Business Roundtable championing stakeholder capitalism. It felt good to soften capitalism to promote the “doing well by doing good” creed. And the money started rolling in because “saving the planet” sells. But so did investment underperformance, regulation and votes for politicians intent on limiting economic growth.
This feel-good initiative got out of control through mis-selling, debilitating regulation, wrong cost/benefit analysis, end of the world hysteria, vulture self-interest groups and bad energy policies, with a disregard to the cost and safety impact on citizens.
Just look at Europe readying to jump off a socialist cliff with its Green Deal and CBDC. By abandoning cost/benefit analysis, the EU is intent on increasing energy costs while ramping up nefarious controls on trade, production, innovation and money, robbing the continent of a decent economic future. And having no impact on overall global emissions.
She ends on a note of realism:
Climate change is real but so is war, geopolitical risk, social unrest, limits on free speech and the cost of living crisis.
For anyone thinking there’s a more community spirited version of capitalism through more state intervention, read Animal Farm by George Orwell again. It’s called collectivism, socialism, marxism, ultimately totalitarianism.
Fossil fueled capitalism is flawed but it’s the best system for growth, social mobility, climate adaptation, energy transition, innovation and civil rights. I really hope folks think things through and consider Ayaan’s poignant essay, especially as we all head to the ballot box.
It’s gradual until it’s sudden.
So much said in the above paragraphs. The future belongs to the courageous and logical. Desiree Fixler is a game changer the the UK/EU, not to mention many other countries, needs to hear.
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[1] Some more history and introduction:
In a defining moment during her tenure as Group Sustainability Officer at Deutsche Bank’s asset manager, DWS, Desiree exposed material greenwashing at the company- huge disparities between public ESG claims and internal statements and actions. When her concerns as well as her job were dismissed by the C-suite and Board, she decided to speak out publicly. Subsequent investigations by US and German authorities resulted in a dramatic series of events, including a federal police raid, the removal of the top executives and the largest SEC greenwashing fine to date.
Desiree’s whistleblowing action sent shockwaves throughout the finance industry, catalyzing efforts to tackle greenwashing. She poignantly shares this cautionary yet inspirational story and goes beyond the call for clearer ESG disclosures to emphasize the power of speaking up to drive meaningful change.
Prior to DWS, she has held senior roles at JP Morgan, Deutsche Bank and Zais Group, where she built and managed ESG investing and structured credit businesses. Desiree has also served as a senior advisor to both BlueOrchard and responsAbility Investments to scale blended finance transactions in the institutional capital markets. Her track record of product innovation includes several award-winning and market transformational products, including the development of the iTraxx and CDX indices, as well as a series of impact securitizations.
Desiree holds a BSc Economics (Hons) from the London School of Economics. She is a member of the World Economic Forum’s Global Future Council on Responsible Investing.
By early Tuesday, January 21st, much of the nation will be in the deep freeze with a large chunk of the Northern US likely below-zero. Temperatures in the big cities along the I-95 corridor can drop all the way into single digits for low temperatures on Tuesday morning. Map courtesy NOAA, weathermodels.com (Dr. Ryan Maue, X)
Overview
An Arctic invasion with a Siberian connection will get underway by the early part of the weekend as bitter cold air from Canada plunges southward through the central states. By Sunday, the Arctic air mass will spread eastward towards the Atlantic seaboard and by the time we get to Monday, Inauguration Day, most of the country will be in a deep freeze including the DC metro where outdoor activities are planned for the swearing-in ceremonies. Temperatures are going to fall to well below-normal levels across much of the nation for the bulk of next week which is quite impressive indeed considering this is right around the time of year with the lowest “normal” temperatures.
The Arctic front at the leading edge of the cold air outbreak will reach the eastern states on Sunday and a wave of low pressure is likely to form right along its boundary zone. This Arctic wave could produce some accumulating snow in the Mid-Atlantic region from later Sunday into Sunday night. Another storm system could develop way down in the Gulf region by the middle of next week potentially bringing snow and ice to parts of the southern and eastern US. Looking ahead, there is even the chance for a third system to form across the southern states by the end of next week.
Some of the air that reaches the Mid-Atlantic region early next week will have its origins from the other side of the North Pole over Siberia. Indeed “backward trajectory” models trace the origin of air parcels that reach the Mid-Atlantic region by Tuesday, January 21st, back to a land mass that is known for its brutally cold air this time of year. Plot courtesy NOAA
Arctic blast arrives early this weekend
The colder-than-normal weather pattern that began earlier this month across the central and eastern US not only looks like it will be extend through the third week of January, but it is going to go to more extreme levels. The upper-level pattern across North America has evolved into one that can produce “cross-polar” flow allowing for Siberian air to cross the North Pole and drop into Canada and the US in coming days. The outbreak of Arctic air will get underway early this weekend over the central states and the bitter cold air mass will plunge southward all the way into the heart of Texas by late Saturday. On Sunday, the Arctic front at the leading edge of the Arctic air mass will slide into the eastern states and its progression will likely slow down across the southeastern states. Energy will rotate through an upper-level trough and this will open the door for an Arctic wave of low pressure to form along the frontal boundary zone. That low pressure system would push northeastward into increasingly colder air and it can produce accumulating snow or rain changing to accumulating snow in the Mid-Atlantic region by later Sunday into Sunday night…perhaps on the order of a few inches.
An Arctic frontal boundary zone will slide into the eastern states on Sunday and energy (circled region) pushing through an upper-level trough can help to generate an Arctic wave of low pressure. This system can then push northeastward later Sunday into an increasingly cold air mass. As such, there is the chance of accumulating snow from later Sunday into Sunday night across portions of the Mid-Atlantic region and Northeast US. Map courtesy Canadian Met Centre, tropicaltidbits.com
Inauguration Day (Monday) weather
By Monday, January 20th, the bitter cold air will be firmly established across much of the nation, and this includes in the DC metro region where outdoor activities are planned for the Inauguration Day ceremonies. Temperatures are likely to be not far from 20 degrees at noontime on Monday in the DC metro area and there will be a biting wind to make it feel even colder than the actual air temperatures. Temperatures on Monday night could drop into single digits along the DC-to-Philly-to-NYC corridor and to below-zero levels over a huge part of the northern US.
It was so cold on January 20th, 1985 that all outdoor activities for Ronald Reagan’s second swearing-in ceremony were cancelled. Temperatures were in single digits at the noon swearing-in time in Washington, D.C. on January 20th during what was an extremely cold Arctic air outbreak. Map courtesy NOAA
The most recent Inauguration Day that was impacted considerably by the weather took place in January of 1985 for Ronald Reagan’s second term. It was so cold on that day in Washington, D.C. with an Arctic outbreak into the eastern states that all outdoor activities were cancelled. The outside temperature at noon on January 20th was only 7°F and wind chills during the afternoon were in the -10 to -20°F range. That particular cold wave in January 1985 happened to follow a major stratospheric warming event that got underway during December of 1984.
On the eve of JFK’s inauguration in 1961, eight inches of snow fell on Washington, D.C. causing the most crippling traffic jam the District had ever seen up to that point of time with hundreds of cars abandoned on the local roadways. By sunrise on the 20th, the snow had ended, and the skies were clearing, but the day remained bitterly cold. An army of men worked all night to clear Pennsylvania Avenue and despite the cold, a large crowd turned out for the swearing-in ceremony and inaugural parade. At noon, the temperature was only 22°F and the wind was blowing from the northwest at 19 mph making it feel like 7°F above zero. (For some excellent information on “Inauguration Day weather” visit this NWS site).
With cold air about to plunge again all the way into the Deep South, there chance for more than an inch of snow is “non-zero” all the way down to the Gulf coast by the end of next week. Map courtesy ECMWF, Weather Bell Analytics
Mid-week and late week storm threats
It’ll remain brutally cold on Tuesday across much of the nation (below-freezing temperatures all the way down to the Gulf coast) and a new wave of energy will head towards the south-central states. Given the expectation of an active southern branch of the jet stream, low pressure may indeed form over the Gulf of Mexico by the middle of next week and this system could then push to the northeast towards the eastern seaboard. With cold air firmly entrenched all the way down to the Gulf coast, this system could produce significant accumulating snow and crippling ice all the way down into the Deep South and potentially farther to the north and east as it pushes towards the east coast. Looking ahead, there may be yet another wave of energy headed towards the south-central states by later next week and this too can help to spin-up a storm system near the Gulf coast by the end of next week.
For some good news…only 25 days until spring training begins.