Commentary
The new global environmental, social and governance (ESG) accounting standard that is about to be implemented in Canada may well prove fatal to all but the biggest of businesses. According to Dr. Tammy Nemeth, the new carbon emission standards and policies are designed to strangle the hydrocarbon industry by “disqualifying it from financing, insurance and investment dollars.”
Green Priorities
Those funds that would typically be invested into the traditional energy firms will instead be diverted to financing “green industries,” particularly wind projects. In her recent analysis of the new global ESG accounting standard found in her report, “Counting Carbon Molecules,” Nemeth concludes that the new standards only make sense if viewed from a point of view that disregards economic viability and energy security….