Net Zero Asset Owner Alliance: The UN Corporatist Adventure
Jim Willis on NGL Pipelines
Editor & Publisher, Marcellus Drilling News (MDN)
[Editor’s Note: The United Nation’s Net Zero Asset Owner Alliance illustrates the corruption of the UN and the entire corporatist adventure that is the global warming scam.]
The Net Zero Asset Owner Alliance (NZAOA) is a group formed under the umbrella of the United Nations. It is a “member-led initiative” of institutional investors committed to transitioning their investment portfolios to mythical net-zero greenhouse gas emissions by 2050. The group’s members (some of the biggest banks and investment firms in the world) have some $11 TRILLION of assets under management. It’s mind-bogglingly huge. NZAOA issued an edict last week to its members: No new direct investments in upstream oil and gas infrastructure projects for new fields. Period.
The edict is part of a “roadmap” for the “global economy” to wean itself off oil and gas. Yes, the UN and its agencies are attempting to force banks and investors to cut off funding for oil and gas companies. No new development. Reuters tells the story:
The Net Zero Asset Owner Alliance (NZAOA) said on Wednesday it expects members to make no new direct investments in upstream oil and gas infrastructure projects for new fields, as part of efforts to rein in global warming.
The group, whose members control $11 trillion in assets, said the requirements are its most stringent yet and reflect a scientific consensus that plans to transition the global economy away from fossil fuels must accelerate.
The requirements form part of a position paper laying out expectations for members, companies, investors and policymakers on everything from stewardship to carbon pricing, providing a roadmap for the global economy to wean itself off oil and gas.
The Alliance is also calling on companies in the oil and gas sector, as well companies that use the fuels, to set science-based targets to reduce their carbon emissions and to implement transition plans, as the world strives to limit global warming to no more than 1.5 degrees Celsius above pre-industrial levels.
The targets should cover not only a company’s direct emissions, such as a diesel generator on an offshore platform, but also those related to its own energy use and those related to its customers’ use of its products.
Despite that, climate-focused non-profit organisations including Reclaim Finance, Global Optimism and WWF said the guidelines were not ambitious enough.
“This position should have gone further in explicitly setting expectations for companies that are as clear as the expectations for investors… no investment in new oil and gas fields or other carbon-intensive infrastructure,” said Christiana Figueres, founding partner of Global Optimism and a strategic advisor to the Alliance.
Reclaim Finance said there was no room for investment in new oil and gas fields in a 1.5 degree scenario and called the proposal “a giant leap backward”.
The world’s top oil and gas companies have so far set varying targets to reduce greenhouse gas emissions from their operations and the use of the products they sell.
“What the paper is really doing is not placing the blame on one stakeholder but pointing to the whole ecosystem and all the actors that need to be moving in parallel in order to raise ambition and get us on track for 1.5 degrees,” said Patrick Peura, ESG engagement manager, Allianz Investment Management and co-lead of the Alliance engagement track.
You can see a list of the members of NZAOA here. We encourage you to stop doing business with any company in the list, immediately.
We are somewhat stumped as to why Marcellus/Utica companies like Williams, EQT, and EOG Resources are participating in another (related) UN initiative, the United Nations’ Climate and Clean Air Coalition’s Oil & Gas Methane Partnership, or OGMP 2.0 (see our stories here). The UN is actively attempting to eliminate the oil and gas industry! And yet our companies are supporting it. Why?
Editor’s Note: Do what Jim suggests and review the list of Net Zero Asset Owner Alliance members. What you’ll find are investors in the global warming scam; grifters looking to strangle oil and gas so they can rake in ratepayer and taxpayer and further enrich themselves. Many are insurance companies who are eager to earn money insuring what are essentially government guaranteed income streams. Others are known corporatists such as the David Rockefeller Fund. Still others are public employee pension funds such as California’s CALPERS, that are being increasingly politicized. Even the Church of England is involved, all being conned into political correctness for the sake of access to semi-public money to complement the direct subsidies of climate mitigation schemes.
Jim is also correct in calling out companies who have adopted the “feed the crocodile” strategy in vain hopes of being eaten last. This has been the industry strategy over the last two decades and it has gotten it precisely nothing in tangible results, although some suggest the big players are only too happy to have opponents to create shortages, which drive up the price of oil and gas and swell profits. That strategy, of course, doesn’t work for smaller companies, only the handful of giants. It is also another example of the corporatism that has replaced honest capitalism. Almost nothing big, certainly not Big Government, Big Tech, Big Green and Big Business can be trusted today because, sadly, we live in a world of moral relativism. And, the UN is a cruel joke on all of us.
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