More reasons to be cautiously optimistic about the demise of the green energy fantasy — and what does Watt think about it?

From Manhattan Contrarian

Francis Menton

My post on Saturday pointed out a big reason for optimism that the green energy fantasy is coming to an end: The first country, Germany, has apparently begun to hit the green energy “wall.” While Germany has never consistently reached 50% of its electricity generation from wind and solar, its ability to continue its green energy dream has stalled: electricity prices have soared, manufacturing has been severely disrupted, the economy has fallen into recession and, most recently, its green-minded government has collapsed . It's an example of failure that now deserves to be seen and avoided by others.

As I look at developments since the election, I see many other reasons to reinforce my cautious optimism. Maybe the political environment changed, maybe some people began to realize that the laws of physics cannot be overcome; maybe a combination of both. Here are examples:

Banks and investment firms withdraw from net zero 'coalition'

In a post on Saturday, commenter William Bell asked “Who is preventing third world residents from using wood, charcoal, coal, petroleum derivatives and/or natural gas as fuel? And by what means?” Apparently Mr. Bell, and perhaps many others, are not aware of the many “coalitions” of banks and investors trying to starve fossil fuels of investment capital, thus preventing third world countries (and everyone else) from continuing to use them. Most of these groups are directed and supervised by the United Nations in some way. Examples of these groups include the Net Zero Banking Alliance (“The banks lead, the United Nations convenes”), Net Zero Asset Manager Initiatives and Climate Action 100+. I'm sure I haven't gotten them all. The members are or have been a who's who of the world's largest banks and investment firms.

Center Square reported on December 20 that two influential banks, Goldman Sachs and Wells Fargo, had just exited the NZBA:

Shortly after the election, within two weeks, two major financial institutions withdrew from the United Nations Net Zero Banking Alliance (NZBA). They joined three years ago with a commitment to require environmental social governance (ESG) standards across their platforms, products and systems.

House Judiciary Committee releases report accusing big fund managers of running 'climate cartel'

On December 13, the House Judiciary Committee released a report titled “Restructuring for Sustainability: How the Climate Cartel of Money Managers Conspired to Take Over the Boards of the Largest U.S. Energy Companies.” The report documents the process by which the Climate Action 100+ coalition orchestrated the replacement of three ExxonMobil board members in May 2021, with encouragement from the Biden/Harris administration. Described as a “cartel” that clearly violates antitrust laws.

Hongzhou Co., Ltd. sues investment companies for conspiring to violate antitrust laws on “climate” issues

Maybe it's a coincidence, but shortly before the Judiciary Committee report was released, 11 red-state attorneys general, led by Ken Paxton of Texas, filed an antitrust lawsuit on Nov. 27 alleging that investment industry players were There is collusion on the “climate” front. Defendants in the case include three major fund management companies: Vanguard Group, BlackRock Inc. and State Street Bank. From Bloomberg Law, November 27:

BlackRock Inc., Vanguard Group Inc. and State Street Corp. were sued by states, including Texas, accusing them of driving up electricity prices through investments. Violating antitrust laws, it is the highest-profile lawsuit to date against the embattled ESG industry. Texas Attorney General Ken Paxton and 10 other states allege that money managers are combining their market influence and climate group memberships to pressure coal producers as part of their green agenda. Ask it to cut production.

TotalEnergies suspends large wind farms in waters off New York and New Jersey

Also on November 27, French energy giant TotalEnergies announced the “pause” of its large-scale Atttive Energy offshore wind power project in the Atlantic Ocean near New York and New Jersey. In announcing the “pause,” Total's chairman specifically attributed the action to anticipated policies of the incoming Trump administration. November 27 From the sea:

TotalEnergies has reportedly paused development of Attentive Energy wind farms it planned to build off the coast of New York and New Jersey, Chief Executive Patrick Pouyanne told an energy industry conference in London on Tuesday. “I have decided to pause the project,” TotalEnergies CEO Patrick Pouyanne said at the Energy Intelligence Forum, according to Bloomberg and Reuters. The decision is the first to halt investment in renewable energy due to anticipated policies from the incoming Trump administration. One of the obvious signs. Trump has vowed to halt offshore wind energy development on “Day One” of his next term, which begins in January 2025.

There is still nearly a month until the new Trump administration takes office, but the anticipation of its arrival is already having a positive impact, driving some parasites into hiding.

There are many such positive developments. I'll see if I can put some more together before the end of the year. In the meantime, I'm hopeful as ever that the green energy craze is fading.

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