The IEA has allowed itself to be used as a tool for climate policy extremism.
Two years ago, efforts by climate activists and Environmental, Social, and Governance (ESG) investors to block investment in oil and gas production by Western companies appeared to have received a seal of approval from no less an authority than the International Energy Agency (IEA), when it published Net Zero by 2050: A Roadmap for the Global Energy Sector. As a result, attempts to achieve net zero carbon emissions (NZE) by 2050 became central to the âEâ in ESG and the IEAâs net zero roadmap has come to define the NZE baseline for energy companies.
For this reason, the RealClear Foundation asked the Energy Policy Research Foundation, Inc. (EPRINC) to conduct a forensic analysis of the IEAâs major reports on net zero and assess the likely economic impact of a cessation of investment in new oil and gas fields. EPRINCâs analysis conclusively demonstrates that the IEAâs assumptions are unrealistic, internally inconsistent, and often support the case for increased hydrocarbon fuel production. In reality, the IEAâs net zero roadmap is a green mirage that will dramatically increase energy costs, devastate Western economies, and increase human suffering. As such, investment managers and banks that use other peopleâs money to advance this anti-investment agenda are violating their fiduciary obligation to maximize returns for retirees, investors, and shareholders.
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