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Proof of What ‘Green Finance’ Is Doing

July 26, 2021 (EIRNS)—New reports by S&P on energy sector investment shows that the power of BlackRock, Inc. and the “green finance” oligarchs is being fully exercised against fossil fuel production in the United States. Even though the U.S. Energy Information Agency data show that consumption of energy from oil and natural gas is continuing to rise in the U.S. economy and even coal energy use is level, S&P finds that capital investment in the fossil fuel industries is dropping sharply. Capital expenditures by U.S.-based energy companies have fallen since 2019 and are now (in the first six months of 2021) equal to their lowest level in the 21st century. During that period only 44% of the depreciation of capital assets in the energy industry were being replaced by new capital investment.

While investment in energy assets has been shrinking, investment in funds supposedly focused on environmental, social and governance (ESG) goals has soared since 2019, from $650 billion then to $750 billion one year ago, and $1.6 trillion now (this information from Morningstar Data).

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