ESG Whistleblowers Challenge the Climate Narrative (With Desiree Fixler Involved)—Excited about this?

from masterresource

Author: Robert Bradley Jr.

“Are #ESG and climate hysteria also part of a subversive campaign that attacks democracy and the principles of capitalism? Is ESG just a front for socialism to seize corporations and kill capitalism from within?

“If anyone thinks a more community-spirited version of capitalism can be produced through more state intervention, please read animal farm George Orwell writes again. This is what is called collectivism, socialism, Marxism, and ultimately totalitarianism.

Desiree Fixler (quoted above) is a voice worth listening to. Because her bold, unconventional views are common sense, she has an important future in the UK/EU debate on corporate responsibility, and climate change policy in particular. Her large and growing audience is a testament to her integrity.

“Desiree is a leading expert in sustainable finance and investment banking with more than 25 years of experience in innovating and reshaping financial markets,” her resume reads. “She is known for exposing the dark side of ESG and is a sought-after consultant, media contributor and keynote speaker.”

continue,

Desiree is known for her practical, first-principles approach to sustainability, helping companies navigate a fragmented and demanding ESG world. She is a trusted advisor to businesses, NGOs and regulators, including the UK Financial Conduct Authority and the Monetary Authority of Singapore, and is at the forefront of global efforts to drive the transparency, practicality and impact of sustainable finance practices. [1]

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Enough introduction. I met Ms. Fixler through her comments a few months ago

If you haven't read Ayaan Hirsi Ali's long and fascinating article about X in The Free Press, please do so now. Then consider this. Are #ESG and climate hysteria also part of this subversive attack on democratic and capitalist principles? Is ESG just a cover for socialism to seize business and kill capitalism from within?

It sounds far-fetched. I mean, for many in the financial industry, ESG is just a sensible framework for identifying business opportunities and assessing risks. But is it really so? Are property insurance companies just becoming aware of fire and flood risks when some new PR or consultant who is new to ESG sends them the SASB Industry Disclosure Checklist? Is it wise for Denmark's Åstedt to quickly transform itself into an almost entirely renewable energy company, given its plummeting share price? Are ESG equity investors happy with last year's 11% gain compared with the 21% gain for regular equity funds (the Financial Times reports today, based on research from JPMorgan)?

She then recounted her personal experience.

I believe most people, myself included, have jumped on the bandwagon and believe that climate action and DEI are a win-win and that ESG is prudent risk management. In 2019, we applauded the Business Roundtable for championing stakeholder capitalism. It feels good to soften capitalism to promote the mantra of “get rich by doing good.” Due to the huge sales of “Save the Planet”, funds began to pour in. But so do investments that underperform, regulations and votes from politicians intent on limiting economic growth.

This feel-good initiative spiraled out of control due to mis-selling, weakened regulation, faulty cost/benefit analysis, apocalyptic hysteria, greedy self-interested groups, and poor energy policy that disregarded the cost and safety implications for citizens.

Just look at Europe preparing to jump off the socialist cliff with the Green Deal and CBDC. By abandoning cost/benefit analysis, the EU is hell-bent on increasing energy costs while tightening its sinister controls on trade, production, innovation and finance, depriving the continent of a bright economic future. And it has no impact on overall global emissions.

She ends on a realistic note:

Climate change is real, but so are wars, geopolitical risks, social unrest, restrictions on free speech and cost-of-living crises.

If anyone thinks a more community-spirited version of capitalism could emerge with more state intervention, read on animal farm George Orwell writes again. It has been called collectivism, socialism, Marxism, and ultimately totalitarianism.

Fossil fuel capitalism is flawed, but it is the best system for growth, social mobility, climate adaptation, energy transition, innovation and civil rights. I really hope people will think hard and consider Ayaan’s poignant article, especially as we all head to the ballot box.

It's gradual until it suddenly happens.

So much has been said in the above paragraphs. The future belongs to the brave and logical. Desiree Fixler is the game changer the UK/EU (not to mention many other countries) needs to hear.

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[1] More history and introduction:

At a defining moment in her tenure as Group Sustainability Chief at Deutsche Bank Asset Management DWS, Desiree exposed gross greenwashing at the company – a huge gap between public ESG statements and internal statements and actions. When top management and the board dismissed her concerns and her job, she decided to speak out. Subsequent investigations by U.S. and German authorities led to a series of dramatic events, including federal police raids, the removal of executives and the U.S. Securities and Exchange Commission's largest greenwashing fine to date.

Desiree's whistleblower campaign sent shockwaves throughout the financial industry, spurring efforts to combat greenwashing. She poignantly shares this cautionary and inspiring story, which, in addition to calling for clearer ESG disclosures, highlights the power of speaking out to drive meaningful change.

Prior to joining DWS, she held senior roles at JPMorgan Chase, Deutsche Bank and Zais Group, where she was responsible for building and managing ESG investing and structured credit businesses. Desiree also serves as a senior advisor to BlueOrchard and responsesAbility Investments to scale hybrid finance transactions in institutional capital markets. Her track record of product innovation includes multiple award-winning market transformation products, including the development of iTraxx and CDX indices, as well as a range of impact securitizations.

Desiree holds a BSc (Hons) Economics from the London School of Economics. She is a member of the World Economic Forum’s Global Future Council on Responsible Investment.

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