It’s telling that at recent legislative hearings in the U.S. Legal firms have in turn advised their financial clients that pursuing ESG’s green energy component needs to be anchored in the best available science - the subtext being that the UN’s IPCC climate reports likely won’t stand up in court. It turns out there is a trade-off between prioritizing eco justice and earning a high return on investment. states have put big financial institutions on notice that in adopting “environmental, social and governance” (ESG) investment criteria to structure their portfolios they are running afoul of their fiduciary obligations to investors to maximize returns. Green visions of interstate power lines networked to link wind and solar farms to the grid or new mines and processing plants to counter China’s stranglehold on the minerals indispensable for batteries today belong in the realm of wishful thinking. In the U.S., federal and state regulatory quagmires, ironically often the result of decades of environmentalist lobbying, are making the build-out of the green energy economy difficult, if not impossible. More recently however, these green policies have run into legal and political roadblocks.
Globally, one billion tons/year of new coal mine capacity is under development and over 1,000 state-of-the-art coal-fired electricity plants are at various stages from planning to completion. production.ĭemand growth throughout the Indo-Pacific and Africa, homes to 85 per cent of the world’s population, anchors hydrocarbons as the indispensable, dominant energy source well beyond 2050. The International Energy Agency projects a 50 per cent increase in global energy demand by 2050, while OPEC recently increased its global oil forecast for 2030 from 100 to 108 million barrels a day, with its market share expanding because of politically constrained Canadian and U.S. But the shift to energy security also includes growing government and private-sector commitments to nuclear power, particularly “small nuclear reactor” technology, on an accelerated schedule. The crisis has revealed surprising global hydrocarbon demand, in particular an accelerating transition to coal. This advertisement has not loaded yet, but your article continues below.
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