Asset Managers Are Ignoring Climate “Science” and Continuing to Fund Fossil Fuels! – Watts Up With That?

Guest “You can’t fix stupid” by David Middleton

ESG AND GREEN BUSINESS
Giant global asset managers have $82 billion in coal projects, $468 billion in oil and gas
PUBLISHED WED, APR 20 2022

Catherine Clifford

Giant global asset managers are still dumping tens of billions of dollars into new coal projects and hundreds of billions of dollars into major oil and gas companies.

That’s according to a report out Wednesday from Reclaim Finance, an organization disclosing financial sector investments in fossil fuels.

The report, titled “The Asset Managers Fueling Climate Chaos,” found that collectively 30 asset managers have $82 billion in companies developing new coal projects and $468 billion in 12 major oil and gas companies.

“Is the asset management industry changing its investment practices in line with climate science, reducing investments in coal, oil, or gas expansion? Unfortunately, the answer is an emphatic ‘no,’” Lara Cuvelier of Reclaim Finance said in a statement released alongside the report. “Leading asset managers are kicking the can down the road without even asking companies to stop worsening the climate crisis.”

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CNBC

This bit is priceless…

“Is the asset management industry changing its investment practices in line with climate science, reducing investments in coal, oil, or gas expansion? Unfortunately, the answer is an emphatic ‘no,’” Lara Cuvelier of Reclaim Finance said in a statement released alongside the report. “Leading asset managers are kicking the can down the road without even asking companies to stop worsening the climate crisis.”

CNBC

How does someone get so stupid that they think asset management decisions should be based on climate “science”?

Reality isn’t based on climate “science”

The EIA’s 2021 International Energy Outlook is also ignoring the climate “science”…

OCTOBER 6, 2021
EIA projects accelerating renewable consumption and steady liquid fuels growth to 2050

Today we released our International Energy Outlook 2021 (IEO2021). In the IEO2021 Reference case, which assumes current laws and regulations, we project that strong economic growth and growing populations will drive increases in global energy-related carbon dioxide emissions and energy consumption through 2050. Much of the increase in energy consumption will be met with liquid fuels and renewable energy sources. Natural gas- and coal-fired generation technologies as well as the emerging use of batteries will also prompt increased consumption.

Some key findings of IEO2021 include:

If current policy and technology trends continue, global energy consumption and energy-related carbon dioxide emissions will increase through 2050 as a result of population and economic growth.
The industrial and transportation sectors will largely drive the increase in energy consumption. Electric vehicle sales will grow through 2050, causing the internal combustion engine fleet to peak in 2023 for countries that are members of the Organization for Economic Cooperation and Development (OECD) and in 2038 globally. Despite this projected growth in electric vehicle sales, the continued growth in energy consumption will cause global energy-related carbon dioxide emissions to rise through 2050 according to our IEO2021 Reference case.

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Main contributor: michelle bowman

EIA

As an “added bonus” EIA now forecasts that coal consumption for energy will exceed its alleged 2014 peak by 2043…

The also forecast that fossil fuels will continue to be the world’s dominant source of primary energy for many decades to come…

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