Biden's Climate Financing Plan Won't Help Climate, But Will Push Country To Totalitarianism: Experts | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

Biden's Climate Financing Plan Won't Help Climate, But Will Push Country To Totalitarianism: Experts

Biden’s plan, sketched out in a recent “roadmap” White House report, would infuse projections on climate change into decisions across the financial industry (pdf). Applying for a mortgage or other loans? The bank would consider the “climate risk” of underwriting it. Taking out an insurance? “Climate risk” would play into your premium. Putting money into a pension or investment fund? The fund managers would be free to consider “climate risk” in deciding where to invest your money. Buying stocks on your own? Public companies would need to divert part of their attention to explaining “climate risks” they face. Applying for a government contract? Prepare to justify your carbon footprint.

In some areas, the administration combines climate change with a lineup of other issues. The Labor Department, for example, plans to allow pension fund fiduciaries to consider “ESG”—environmental, social, and governance—criteria in investment decisions. Aside from “climate-related financial risk,” such criteria would also include “racial and economic justice considerations” and “sustainability.”

The Biden plan received praise from progressive environmental groups.

“The strategy released by the White House today lays critical groundwork for fulfilling President Biden’s promise to tackle the threats that climate change poses to our economy,” Sierra Club fossil-free finance campaign manager Ben Cushing said in an Oct. 15 statement.

Yet, estimating what changes in climate will or won’t cost to a particular business years into the future is far from exact science, the experts warned.

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