Technocracy: According to Forbes,
“The story of ESG investing began in January 2004 when former UN Secretary General Kofi Annan wrote to over 50 CEOs of major financial institutions, inviting them to participate in a joint initiative under the auspices of the UN Global Compact and with the support of the International Finance Corporation (IFC) and the Swiss Government. The goal of the initiative was to find ways to integrate ESG into capital markets.”
One year later (2005), an environmental policy wonk, Ivo Knoepfel, wrote a a major paper, Who Cares Wins: Connecting Financial Markets to a Changing World. This 58 page report contained “recommendations by the financial industry to better integrate environmental, social and governance issues in analysis, asset management and securities brokerage.”
The corporate collaborators, far from real people like ordinary citizens, included all the big names one might suspect: World Bank Group, Morgan Stanley, HSBC, Goldman Sachs, Deutsche Bank, UBS, Mitsui Sumitomo Insurance, Citigroup and others.
And just like that, ESG was born.
The report summarizes ten innocuous and subjective principles that read much like the UN’s Sustainable Development Goals (SDGs):
U.N. Global Compact Principles
Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights within their sphere of influence; and
Principle 2: make sure that they are not complicit in human rights abuses.
Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;
Principle 4: the elimination of all forms of forced and compulsory labour;
Principle 5: the effective abolition of child labour; and
Principle 6: eliminate discrimination in respect of employment and occupation.
Principle 7: Businesses should support a precautionary approach to environmental challenges;
Principle 8: undertake initiatives to promote greater environmental responsibility; and
Principle 9: encourage the development and diffusion of environmentally friendly technologies.
Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.*
Opinion: In our post on April 5, 2021, we added the ESG to a growing list of authoritarian controls:
- Social Credit Score (SSC)
- Environment Social Governance Score (ESG)
- Global tax based on ESG score
- Shut down oil exploration
- Government run health care
- Cashless society/Central bank digital currency
- Vaccine passports
- Universal Basic Income
The shale oil revolution that combined hydraulic fracking and horizontal drilling enabling the United States to become an energy independent exporter free of Middle East pressure, was given a fatal blow by executive order on Joe Biden’s first day in office.
On June 9, 2021, Biden cancelled the Keystone Pipeline to the detriment of Canada and the US, and on July 23, 2021 supported the Nord Stream II pipeline to the benefit of Russia.
On January 18, 2022 Biden pulled support for the EastMed pipeline to the detriment of Israel and Europe, further strengthening Russia’s energy stranglehold on the West.
When he arrives on the world stage, a compliant and hobbled West will be ready for him.
“So they worshiped the dragon who gave authority to the beast; and they worshiped the beast, saying, “Who is like the beast? Who is able to make war with him?” Revelation 13:4