Gov. <a href="http://dailywire.com/topic/gavin-newsom" target="_blank" rel="noopener">Gavin Newsom</a> (D-CA) signed a bill on Tuesday that prohibits <a href="http://dailywire.com/topic/oil-and-gas" target="_blank" rel="noopener">oil</a> companies from “price gouging,” contending that the new law would protect the state’s <a href="http://dailywire.com/topic/climate" target="_blank" rel="noopener">climate</a> and lower <a href="http://dailywire.com/topic/inflation" target="_blank" rel="noopener">prices</a>.
The legislation, introduced by State Sen. Nancy Skinner (D-CA) at the end of last year, forces oil companies to <a href="https://www.dailywire.com/news/newsom-moves-to-limit-oil-company-profits-in-energy-strapped-california" target="_blank" rel="noopener">reduce</a> their profits in order to avoid a civil penalty from the California Energy Commission. Newsom endorsed the bill with the support of various climate groups and activists.
“With this legislation, we’re ending the oil industry’s days of operating in the shadows. California took on Big Oil and won,” Newsom said in a <a href="https://www.gov.ca.gov/2023/03/28/governor-newsom-signs-gas-price-gouging-law-california-took-on-big-oil-and-won/" target="_blank" rel="noopener">statement</a>. “We’re not only protecting families, we’re also loosening the vice grip Big Oil has had on our politics.”
The new law will <a href="https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202320241SB2" target="_blank" rel="noopener">permit</a> the State Energy Resources Conservation and Development Commission to create a maximum gross gasoline refining margin and establish a penalty for any refineries in the state which exceed the margin.
The average gas price in the state of California is presently $4.83 per gallon, according to <a href="https://gasprices.aaa.com/?state=US" target="_blank" rel="noopener">data</a> from AAA, which is 40% higher than the national average gas price of $3.46 per gallon.
Newsom immediately faced criticism from the oil and gas sector after he signed the legislation. “Price caps, taxes, and tax-like penalties do not increase supply or reduce prices, but instead can have the opposite effect: less investment, less gasoline supply, and ultimately higher costs for Californians,” Western States Petroleum Association CEO Catherine Reheis-Boyd said in a <a href="https://www.wspa.org/resource/wspa-president-ceo-responds-to-passage-of-sb-x1-2/" target="_blank" rel="noopener">statement</a>. “With this politicized process behind us, it’s time for serious discussion about what it will take to ensure an affordable, reliable and safe fuel supply for the years ahead.”
California also has the highest gas taxes in the United States: residents can expect to pay nearly $1.00 in state taxes and fees beyond the federal excise tax of $0.24 cents per gallon, according to <a href="https://www.api.org/-/media/Files/Statistics/State-Motor-Fuel-Taxes-Charts-january-2022.pdf" target="_blank" rel="noopener">data</a> from the American Petroleum Institute. Newsom has previously dismissed the notion that high taxes are partially responsible for elevated fuel costs in his state.
“When gas prices started skyrocketing in August and September, our gas tax and fees hadn’t changed a single cent,” he remarked in a <a href="https://www.dailywire.com/news/this-is-code-for-a-tax-increase-gavin-newsom-revamps-call-for-oil-industry-price-gouging-penalties" target="_blank" rel="noopener">video</a> meant to promote the legislation. “Our proposal includes some of the nation’s most aggressive transparency measures as well, so we can get answers and prevent it from happening again.”
Assembly Minority Leader James Gallagher (R-CA), who labeled the price gouging policy “code for a tax increase,” <a href="https://twitter.com/J_GallagherAD3/status/1640913266661801992" target="_blank" rel="noopener">called</a> the bill “one of the greatest ripoffs” in the state’s history. “The state collects the lion&#8217;s share of the money from the high gas prices and he just allowed it to collect even more,” he asserted. “We keep paying the price for his failed policies.”
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Congressional Democrats have also claimed that rising energy costs are attributable to price gouging. Former House Speaker Nancy Pelosi (D-CA) voiced <a href="https://www.dailywire.com/news/pelosi-pushes-democratic-bill-that-would-give-biden-power-to-control-gas-prices" target="_blank" rel="noopener">support</a> last year for a bill that would allow President Joe Biden to declare an “energy emergency,” providing him the authority to regulate costs by prohibiting fuel companies from selling their products at rates deemed to be “unconscionably excessive” and “exploiting” such an emergency.
Gas prices have increased 45% since the $2.38 per gallon charted when the Biden administration assumed power in January 2021, according to <a href="https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&amp;s=emm_epm0_pte_nus_dpg&amp;f=m" target="_blank" rel="noopener">data</a> from the Energy Information Administration. Costs reached heights of $5.00 per gallon in June 2022.

Newsom Oil

Newsom Signs Bill Banning Oil Company ‘Price Gouging’

Newsom Signs New Law Banning Oil Companies From 'Price Gouging'

California

Climate Change

Gavin Newsom

Inflation

Oil and Gas

U.S.

Mankind’s hope for survival depends on the <a href="https://www.dailywire.com/topic/united-nations" target="_blank" rel="noopener">United Nations</a>’ efforts to find new ways to manage the world’s water supply, according to U.N. Secretary-General <a href="https://www.dailywire.com/news/world-leaders-gather-to-condemn-fossil-fuel-addiction-as-planet-faces-energy-crisis" target="_blank" rel="noopener">Antonio Guterres</a>. 
Guterres joined leaders from developing countries at a conference on global water resources earlier this week, warning nations about water shortages and sanitation and advocating for &#8220;a new course&#8221; of action. 
“All of humanity’s hopes for the future depend, in some way, on charting a new course to sustainably manage and conserve water,” Guterres said in his final remarks for the conference on Friday, <a href="https://apnews.com/article/united-nation-world-water-c69420149134954e6648531425cc0637" target="_blank" rel="noopener">according</a> to the Associated Press. The U.N. chief added that water “needs to be at the center of the global political agenda.”
Prior to the conference, Guterres <a href="https://sdgs.un.org/conferences/water2023" target="_blank" rel="noopener">remarked</a> that this year’s gathering, which was hosted by Tajikistan and the Netherlands, “must result in a bold Water Action Agenda that gives our world&#8217;s lifeblood the commitment it deserves.”
The U.N. is pushing for universal access to clean drinking water, sanitation, and hygiene by 2030, a goal it calls “SDG6.” The U.N. blames climate change and underinvestment in water for the water problems faced by poorer countries. 
To push for more control of the world’s water systems, SDG6 <a href="https://www.un.org/sustainabledevelopment/water-and-sanitation/#:~:text=Goal%206%3A%20Ensure%20access%20to,in%202030%20unless%20progress%20quadruples.">outlines</a> six targets for the world to hit by 2030, the last of which seeks to “expand international cooperation and capacity-building support to developing countries in water- and sanitation-related activities and programs, including water harvesting, desalination, water efficiency, wastewater treatment, recycling and reuse technologies.” 
A <a href="https://www.youtube.com/watch?v=JsGrGx5rywk&amp;t=12s">video</a> on the U.N.’s 2023 Water Conference website says that “water can be the driver for a green economy, water is essential for food security, water is fundamental to climate resilience, and water can be the dealmaker for peace.” 
“Humanity’s demand for water is growing,” the video continues. “Pressure on water resources is increasing due to overuse, pollution, and climate change. On average, the world needs to work 4x faster to achieve SDG6 by 2030. We can and must do more. We must unite for water.” 
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The 2023 U.N. water conference was a huge success, <a href="https://news.un.org/en/story/2023/03/1135022" target="_blank" rel="noopener">according</a> to Li Junhua, who formerly worked in China’s Foreign Affairs Ministry and is now the U.N.’s under-secretary-general for Economic and Social Affairs.
“At the 2023 UN Water Conference, a determined global community came together to make a difference not only for the future of water but for the future of the world,” Li said.

Antonio Guterres

U.N. Chief Says Humanity’s Survival Depends On ‘Charting New Course’ To Control One Vital Resource

U.N. Chief Says Humanity's Survival Depends On 'Charting New Course' To Control The World's Water

Drinking Water

Environment

United Nations

World

<a href="https://www.dailywire.com/topic/department-of-energy" target="_blank" rel="noopener">Energy</a> Secretary <a href="https://www.dailywire.com/topic/jennifer-granholm" target="_blank" rel="noopener">Jennifer Granholm</a> unveiled new <a href="http://dailywire.com/topic/climate-change" target="_blank" rel="noopener">climate</a> and efficiency restrictions on air conditioners despite widespread criticism the <a href="http://dailywire.com/topic/biden-administration" target="_blank" rel="noopener">Biden administration</a> received after officials recently announced restrictions on gas stoves.
The new energy efficiency standards, which will apply to room air conditioners and portable air cleaners, will enter into effect next year. The Energy Department contended that the new rules will assist with “tackling the climate crisis,” as well as save consumers $25 billion over the next three decades. Room air conditioners are more commonly called window air conditioners.
“Today’s announcement builds on the historic actions President Biden took last year to strengthen outdated energy efficiency standards, which will help save on people’s energy bills and reduce our nation’s carbon footprint,” Granholm said in a <a href="https://www.energy.gov/articles/doe-finalizes-efficiency-rules-room-air-conditioners-and-portable-air-cleaners" target="_blank" rel="noopener">press release</a>. She added that the Energy Department will “continue to engage with our public and private sector partners to finalize additional proposals like today’s that lower household energy costs and deliver the safer, healthier communities that every American deserves.”
The rules are the first federal standards for portable air cleaners. The Energy Department asserted that the regulations mark a consensus among “manufacturers, the manufacturing trade association, efficiency advocates, consumer advocacy groups, states, and utilities.”
The policies come weeks after multiple senior officials in the Biden administration repeatedly backtracked on new energy efficiency standards for gas stoves amid mounting criticism. Controversy over the potential regulations emerged earlier this year when Consumer Product Safety Commission Commissioner Richard Trumka Jr. said in an <a href="https://www.dailywire.com/news/transparently-political-biden-administration-considering-ban-on-gas-stoves" target="_blank" rel="noopener">interview</a> that gas stoves are a “hidden hazard” and declared that “any option is on the table” for a nationwide ban. Consumer Product Safety Commission Chairman Alex Hoehn-Saric later posted a <a href="https://www.dailywire.com/news/regulatory-agency-backs-down-says-there-are-no-plans-to-ban-gas-stoves" target="_blank" rel="noopener">statement</a> asserting that neither he nor the agency planned to outlaw gas stoves.
The Energy Department then <a href="https://www.dailywire.com/news/nearly-50-of-gas-stoves-could-be-removed-from-market-under-potential-new-energy-standard-report" target="_blank" rel="noopener">unveiled</a> forthcoming efficiency standards which would impact approximately “half of the total gas cooking top market.” Proposed <a href="https://www.dailywire.com/news/regulatory-agency-backs-down-says-there-are-no-plans-to-ban-gas-stoves" target="_blank" rel="noopener">regulations</a> would introduce a new “maximum integrated annual energy consumption” standard for gas stoves, marking a change from previous regulations that prohibited constant burning pilot lights in gas stoves, but placed no limits on energy consumption. Officials noted that “products achieving these standard levels are already commercially available for all product classes covered by this proposal” and cited “important and robust” climate benefits in documents justifying the new rules.
Some 38% of households in the United States use gas stoves for cooking, with the figure approaching 70% for states such as California and New Jersey, according to <a href="https://www.eia.gov/todayinenergy/detail.php?id=53439" target="_blank" rel="noopener">data</a> from the Energy Information Administration. Those who use gas stoves often cite the easier temperature control offered by the appliances relative to electric alternatives.
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Granholm <a href="https://www.dailywire.com/news/energy-secretary-granholm-admits-she-has-a-gas-stove-while-justifying-push-to-regulate-appliances" target="_blank" rel="noopener">defended</a> the consideration of new efficiency standards for gas stoves during remarks this week before the House Appropriations Committee. “This does not impact the majority, and it certainly does not say that anybody who has a gas stove would have their gas stove taken away,” she told lawmakers. “There’s no ban on gas stoves. I have a gas stove. It is just about making the existing electric and gas stoves, and all the other appliances, more efficient.”

Joe Biden

Biden Administration Unveils New Restrictions On Air Conditioners Despite Backlash Over Gas Stove Restrictions

Biden Administration Unveils New Restrictions On Air Conditioners

Biden Administration

Department of Energy

Energy

Executive

Jennifer Granholm

<a href="http://dailywire.com/topic/elon-musk" target="_blank" rel="noopener">Elon Musk</a> rebuked the <a href="http://dailywire.com/topic/white-house" target="_blank" rel="noopener">White House</a> for announcing newly protected natural resources and touting efforts to fight <a href="http://dailywire.com/topic/climate-change" target="_blank" rel="noopener">climate change</a> as the nation contends with a <a href="http://dailywire.com/topic/banks" target="_blank" rel="noopener">banking</a> crisis.
President Joe Biden <a href="https://twitter.com/POTUS/status/1638605469433442311" target="_blank" rel="noopener">said</a> on social media Wednesday that he would direct Commerce Secretary Gina Raimondo to consider designating 777,000 square miles of the Pacific Ocean south of Hawaii as a national marine sanctuary. “That’s an area larger than Alaska and Colorado put together and three times the size of Texas,” the commander-in-chief commented.
Biden added that his administration has “made the largest investment to fight climate change” in the history of the nation. “Umm… the banks are melting,” Musk <a href="https://twitter.com/elonmusk/status/1638835092280995840" target="_blank" rel="noopener">replied</a>, earning more than nine times the number of likes and five times the number of retweets as the original post from Biden.
The remarks from Biden about conservation and environmental protection indeed come shortly after the collapse of Silicon Valley Bank, where the Federal Deposit Insurance Corporation was forced to guarantee the funds of account holders with balances surpassing the $250,000 threshold typically insured by the government-backed corporation. Financial authorities such as Treasury Secretary Janet Yellen have since <a href="https://www.dailywire.com/news/yellen-walks-back-implicit-support-for-large-bank-account-holders-prompts-investor-unease" target="_blank" rel="noopener">scrambled</a> to reassure markets that the banking system remains sound and that the Biden administration would meaningfully prevent bank runs.
Silicon Valley Bank fulfilled withdrawal requests by selling a long-term bond portfolio that had declined substantially in value amid Federal Reserve actions to hike interest rates. Monetary policymakers have been forced to risk a <a href="https://www.dailywire.com/news/federal-reserve-hikes-target-interest-rates-by-quarter-point-as-officials-balance-fighting-inflation-and-protecting-banks" target="_blank" rel="noopener">recession</a> with the rate hikes in order to combat the record <a href="https://www.dailywire.com/news/biden-says-economy-will-continue-to-make-progress-after-another-dismal-inflation-report" target="_blank" rel="noopener">inflation</a> witnessed in the two years since Biden assumed office. Assets in the banking system are now $2 trillion lower than their book value as a result of the rollback in monetary stimulus, according to a <a href="https://www.dailywire.com/news/banking-system-is-sound-and-government-will-back-deposits-at-smaller-banks-yellen-promises" target="_blank" rel="noopener">study</a> from analysts at the National Bureau of Economic Research.
Musk, who serves as the chief executive of Tesla, SpaceX, and Twitter, has frequently criticized the Biden administration’s apparent lack of focus on optimal economic performance. He <a href="https://www.dailywire.com/news/musk-rebukes-white-house-over-plans-to-choose-new-federal-reserve-vice-chair-with-diversity-in-mind" target="_blank" rel="noopener">responded</a> to news that the next vice chair of the Federal Reserve would be appointed with diversity factors in mind by warning that the nomination decision “affects the lives of everyone.” He added that “maximum skill with monetary policy is extremely important in this role.”
The Biden administration <a href="https://www.whitehouse.gov/briefing-room/presidential-actions/2023/02/16/executive-order-on-further-advancing-racial-equity-and-support-for-underserved-communities-through-the-federal-government/" target="_blank" rel="noopener">operates</a> under a “whole-of-government approach to racial equity and support for underserved communities” and recently <a href="https://www.dailywire.com/news/turned-government-funded-racism-into-an-art-biden-creates-army-of-equity-bureaucrats-across-the-federal-government-with-latest-executive-order" target="_blank" rel="noopener">mandated</a> that senior officials form “agency equity teams” to ensure federal workforces are sufficiently diverse. Musk and other critics of weighing racial and sexual minority status in hiring processes say the practice causes a decline in overall competence as efforts to merely hire the most qualified candidates are neglected.
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Diversity quotas are frequently adopted by companies that subscribe to the environmental, social, and corporate governance movement, also known as ESG, which contends that businesses have a mandate to pursue societal good apart from simply offering the goods and services which improve the lives of their customers. Musk, the world’s richest man, <a href="https://www.dailywire.com/news/elon-musk-the-s-in-esg-stands-for-satanic" target="_blank" rel="noopener">responded</a> to a social media post detailing the use of ESG criteria among financial managers at the World Economic Forum by quipping that “the S in ESG stands for Satanic.”

Elon Musk Joe Biden

‘Umm, The Banks Are Melting’: Musk Blasts Biden’s Misplaced Priorities As White House Tweets About Climate Change

Musk Notes Biden's Misplaced Priorities As White House Tweets About Climate Change

Banks

Economy

Elon Musk

A Denver suburb voted to ban new <a href="https://www.dailywire.com/topic/gasoline" target="_blank" rel="noopener">gas stations</a> from being built in the name of combatting climate change.
The city council of Louisville, <a href="https://www.dailywire.com/topic/colorado" target="_blank" rel="noopener">Colorado</a>, about 30 minutes north of Denver and 20 minutes East of Boulder, voted unanimously to approve a city ordinance that would cap the number of gas stations allowed in the city at 6, meaning just one more gas station would be allowed. But that new gas station, and any other that are built under the cap must meet strict requirements.
The <a href="https://www.louisvilleco.gov/home/showdocument?id=38007&amp;t=638146512206382035">ordinance</a> limits the number of gas or automobile service stations within the city limits to 6, including existing gas stations and other approved by the city council but not yet built. The cap may increased to 7, but only if a large retail center – like a Sam’s Club or a Costco – builds a store of 80,000 or more square feet that includes a gas station as an accessory.
The ordinance also imposes strict limits on planning approvals. Approvals expire if a building permit is not issued within 36 months. If a gas station closes for 12 months, then a new plan must be submitted that meets current city standards. The city will only review new plans for gas stations if there are less than 6 stations.
Furthermore, any new gas stations must be built further than 1000 feet away from an existing station, though that rule can be waived if the station belongs to a retail center. A newly-built station, or an expansion to an existing one, must include building electric vehicle charging stations; equal to about 20% the total number of gas pumps at the station, but no less than two.
A report accompanying the ordinance said that one of the reasons behind the move was to encourage more electric cars. “Gasoline station bans may also be seen as promoting the use of Electric Vehicles (EVs), thus, reducing vehicle emissions and encouraging low-carbon and cleaner energy options for transportation,” it read. 
But it also admitted that gas cars are still necessary right now. “The proposal for a cap but not a full ban on new gasoline and automobile service stations is in recognition that there will continue to be some demand for gasoline and automobile service stations as more EVs enter the market and gasoline vehicles are transitioned out of the market over time,” the report stated.
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“I don’t think that this is gonna change the world, [and] I don’t think any single action this council or community takes is going to fix climate change,” city council member Maxine Most said during the <a href="https://louisville.ompnetwork.org/embed/sessions/264794/03-21-23-city-council-meeting">comment period</a>.  Tomorrow, we’re not gonna find a solution that’s gonna be like, sweeping, and we’re gonna say, ‘ok, we’re gonna [decarbonize] the city buildings and that’s gonna solve climate change. The majority of climate impact is gonna come from residential and commercial. But I think it’s a really good idea for us to decarbonize because it sends a signal and it sends a message.”
“In 2023, we should not be increasing fossil fuel infrastructure. “It doesn’t make sense,” she continued. “Our state has a plan to be on 100% renewable energy by 2040 … For us to be endorsing investment in technology that we know is at the end of its life doesn’t really make sense … The reason we’re in the climate crisis we’re in is because we have allowed the free market to do what they want.”

Gas pump

Denver Suburb Votes To Ban New Gas Stations From Being Built In The Name Of Combatting Climate Change

Denver Suburb Votes To Put A Cap On Gas Stations In The Name Of Combatting Climate Change

Cars

Colorado

Denver

Electric cars

Gasoline

<a href="https://www.dailywire.com/topic/department-of-energy" target="_blank" rel="noopener">Energy</a> Secretary <a href="https://www.dailywire.com/topic/jennifer-granholm" target="_blank" rel="noopener">Jennifer Granholm</a> admitted that she owns a <a href="http://dailywire.com/topic/oil-and-gas" target="_blank" rel="noopener">gas</a> stove on Thursday while she denied that the <a href="http://dailywire.com/topic/biden-administration" target="_blank" rel="noopener">Biden administration</a> is seeking to prohibit the popular appliances.
A recent <a href="https://www.dailywire.com/news/nearly-50-of-gas-stoves-could-be-removed-from-market-under-potential-new-energy-standard-report" target="_blank" rel="noopener">memo</a> from the Energy Department indicated that roughly “half of the total gas cooking top market” would be impacted by forthcoming efficiency standards. Granholm said in response to questions from Rep. Dan Newhouse (R-WA) about the policy that there has been “an awful lot of misinformation” about the agency’s intentions.
“This does not impact the majority, and it certainly does not say that anybody who has a gas stove would have their gas stove taken away,” she <a href="https://www.youtube.com/watch?v=9ghbIHClYdY&amp;t=3s" target="_blank" rel="noopener">told</a> Newhouse and other members of the House Appropriations Committee. “There&#8217;s no ban on gas stoves. I have a gas stove. It is just about making the existing electric and gas stoves, and all the other appliances, more efficient.”
Granholm also clarified that a recent Energy Department study in which 96% of gas stoves failed to meet compliance levels was an inaccurate representation of how many stoves could truly be impacted by the regulation since researchers tested outcomes for appliances expected to fall short of the standards. &#8220;The full range of gas stoves absolutely is not affected,&#8221; she continued. &#8220;Half of the gas stoves that are on the market right now wouldn&#8217;t even be impacted.&#8221;
The proposed <a href="https://www.dailywire.com/news/regulatory-agency-backs-down-says-there-are-no-plans-to-ban-gas-stoves" target="_blank" rel="noopener">regulations</a> would subject gas stoves to a new “maximum integrated annual energy consumption” standard under the Energy Policy and Conservation Act. The rules, for which the Energy Department is accepting public comment until early April, would mark a change from previous regulations that prohibited constant burning pilot lights in gas stoves but placed no limits on energy consumption. Officials noted that “products achieving these standard levels are already commercially available for all product classes covered by this proposal” and cited “important and robust” climate benefits in documents justifying the new rules.
Some 38% of households in the United States use gas stoves for cooking, with the figure approaching 70% for states such as California and New Jersey, according to <a href="https://www.eia.gov/todayinenergy/detail.php?id=53439" target="_blank" rel="noopener">data</a> from the Energy Information Administration. Those who use gas stoves often cite the easier temperature control offered by the appliances relative to electric alternatives.
Households which utilize natural gas typically see lower energy expenses than those which utilize electricity: the former power source costs $12.09 per British thermal unit, according to more <a href="https://www.federalregister.gov/documents/2022/03/07/2022-04765/energy-conservation-program-for-consumer-products-representative-average-unit-costs-of-energy" target="_blank" rel="noopener">data</a> from the Energy Department, while the latter costs $41.79 per British thermal unit.
Controversy over the potential regulations on gas stoves emerged earlier this year when Consumer Product Safety Commission Commissioner Richard Trumka Jr. said in an <a href="https://www.dailywire.com/news/transparently-political-biden-administration-considering-ban-on-gas-stoves" target="_blank" rel="noopener">interview</a> that gas stoves constitute a “hidden hazard” and declared that “any option is on the table” for a nationwide prohibition. Consumer Product Safety Commission Chairman Alex Hoehn-Saric later posted a <a href="https://www.dailywire.com/news/regulatory-agency-backs-down-says-there-are-no-plans-to-ban-gas-stoves" target="_blank" rel="noopener">statement</a> asserting that neither he nor the agency planned to outlaw gas stoves.
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The attention toward the appliances from the Biden administration follows a <a href="https://www.booker.senate.gov/imo/media/doc/booker_beyer_lead_colleagues_in_urging_cpsc_to_address_dangerous_indoor_air_pollutions_emitted_by_gas_stoves.pdf" target="_blank" rel="noopener">letter</a> written by lawmakers such as Sen. Cory Booker (D-NJ) and Sen. Dianne Feinstein (D-CA) that expressed concern over the “risks posed to consumers” by air pollution, especially among individuals who reside in low-income, African-American, or Hispanic households.

Press Secretary Karine Jean-Pierre Holds Daily White House Briefing

Energy Secretary Granholm Admits She Has A Gas Stove While Justifying Push To Regulate Appliances

Energy Secretary Granholm Admits She Has A Gas Stove Amid Discussions Of Ban

Politics

It would appear the end of the world has been postponed long enough for former child environmental star <a href="https://www.dailywire.com/topic/greta-thunberg" target="_blank" rel="noopener">Greta Thunberg</a> to be awarded an honorary doctorate from the University of Helsinki.
The 20-year-old <del datetime="2023-03-21T21:21:23+00:00">global warming </del><del datetime="2023-03-21T21:21:23+00:00">climate change</del> extreme weather activist will be <a href="https://notthebee.com/article/greta-thunberg-is-being-awarded-an-honorary-doctorate-in-theology-from-helsinki-university" target="_blank" rel="noopener">receiving the prestigious award</a> thanks to the faculty in Helsinki&#8217;s theology department.
It is a bit too on the nose that Greta (she&#8217;s achieved enough of a &#8220;celebrity&#8221; status that she can be known on a first-name basis) will be receiving a theology degree. As observed by many, climate change has become a new secular religion, some would even say it is a cult.
That climate cult comes with its own doomsday predictions and signs of the end times, which always seem to get moved or never materialize — such as failed-presidential candidate Al Gore&#8217;s 2006 prediction, &#8220;Within the decade, there will be no more snows of Kilimanjaro.” 
The &#8220;snows&#8221; are still there and so is Gore hyping up climate change around the globe.
So what has Greta done to earn this degree? Well, she stared down former President Donald Trump that one time at the United Nations:
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WATCH: Teen climate activist Greta Thunberg stares down President Trump as he arrived at the United Nations on Monday <a href="https://t.co/MlERjDDpae">https://t.co/MlERjDDpae</a> <a href="https://t.co/KJ9rD7VPfh">pic.twitter.com/KJ9rD7VPfh</a>
&mdash; CBS News (@CBSNews) <a href="https://twitter.com/CBSNews/status/1176497051829506048?ref_src=twsrc%5Etfw">September 24, 2019</a></blockquote>
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She also dropped out of high school and has been &#8220;arrested&#8221;:
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🤡🌎 Greta Thunberg fakes being “arrested” in a protest <a href="https://t.co/Q6EgUXdqmi">pic.twitter.com/Q6EgUXdqmi</a>
&mdash; Clown World Today 🤡🌎 (@cwt_news) <a href="https://twitter.com/cwt_news/status/1615688177875918849?ref_src=twsrc%5Etfw">January 18, 2023</a></blockquote>
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And in, recent weeks, she had a nice dance party with her friends:
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Greta Thunberg dances with protesters during a demonstration in support of Indigenous rights in Oslo, Norway <a href="https://t.co/X3FvtUKrdl">pic.twitter.com/X3FvtUKrdl</a>
&mdash; Reuters (@Reuters) <a href="https://twitter.com/Reuters/status/1631464406142840833?ref_src=twsrc%5Etfw">March 3, 2023</a></blockquote>
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University Of Helsinki Professor Martti Nissinen told a Finnish newspaper, &#8220;By selecting Greta as an honorary doctor, we are expressing our desire to be as brave and impactful as she is.&#8221;
So next time you call Greta, you might want to watch your manners and call her Dr. Greta. Or just ignore her like most wise people seem to do.
Whatever the case, based on past false prophecies by Greta, Gore, and more, Helsinki&#8217;s class of 2023 can be sure that Greta will be at their 2053 reunion. God knows the planet will still be here, with a new weather apocalypse forecast.
The views expressed in this piece are the author’s own and do not necessarily represent those of The Daily Wire.

PERTH, AUSTRALIA – MARCH 12: Voyces choir performs with Bjork during a special video message from climate activist Greta Thunberg on March 12, 2023 in Perth, Australia.

Climate Change Apocalypse Postponed Long Enough For Greta Thunberg To Earn Honorary Theology Doctorate

Global Warming

Greta Thunberg

<a href="https://www.dailywire.com/topic/republican-party" target="_blank" rel="noopener">Republican</a> state attorneys general rebuked senior <a href="http://dailywire.com/topic/banks" target="_blank" rel="noopener">financial</a> authorities on Tuesday over the role that left-wing regulatory priorities allegedly played in the recent collapse of <a href="http://dailywire.com/topic/silicon-valley-bank" target="_blank" rel="noopener">Silicon Valley Bank</a>.
The financial institution imploded earlier this month as depositors <a href="https://www.dailywire.com/news/regulators-shut-down-major-tech-bank-after-run-on-savings" target="_blank" rel="noopener">rushed</a> to withdraw their funds and the company suffered heavy losses from the liquidation of a long-term bond portfolio. The Federal Deposit Insurance Corporation now directs holdings maintained by Silicon Valley Bank, which California state regulators closed on March 10, as well as Signature Bank in New York, which was closed on March 12.
Sixteen state attorneys general contended in a letter addressed to Federal Reserve Chair Jerome Powell, Treasury Secretary Janet Yellen, and other senior officials that recent emphasis on purported climate-related financial risks from regulators distracted from the focus on risk management that Silicon Valley Bank and other companies should have maintained.
“To put it bluntly, the administration’s zealotry in fighting climate change by unwisely and illegally attempting to convert federal financial regulators into environmental activists is inextricably intertwined with these bank failures and the fallout from them,” said the letter, which was provided to The Daily Wire. “Your warping of the financial regulatory system undermines both the safe and sound operation of financial institutions and the public’s faith in the fairness and efficacy of the regulatory regime.”
The Federal Reserve has recently introduced programs meant to evaluate perceived climate-related financial risks. Policymakers <a href="https://www.dailywire.com/news/federal-reserve-will-evaluate-climate-related-financial-risks-with-help-from-bidens-new-climate-officer" target="_blank" rel="noopener">unveiled</a> an initiative with six of the nation’s largest banks last year to examine various risk scenarios posed by rising worldwide temperatures, although officials said no “capital consequences” would emerge from the exercise.
Policymakers also <a href="https://www.dailywire.com/news/bidens-treasury-advisory-committee-on-racial-equity-to-be-led-by-defund-the-police-advocate-former-philadelphia-mayor" target="_blank" rel="noopener">announced</a> an initiative with the Treasury Department meant to consider the private sector’s approach to climate risk. President Joe Biden signed an <a href="https://www.whitehouse.gov/briefing-room/presidential-actions/2021/05/20/executive-order-on-climate-related-financial-risk/" target="_blank" rel="noopener">executive order</a> at the beginning of his tenure asking all agencies to examine the apparent problem.
“Your forays into environmental regulation undermine faith in financial regulation as a general matter, as they create the perception that the regulatory apparatus is more concerned with political issues than ensuring the integrity of the financial system,” the attorneys general continued. “You should publicly direct banks to pursue profitability, liquidity, and prudent risk management, and note that declining to serve customers for failing to comply with unrealistic climate initiatives like achieving net zero by 2050 is a threat to the financial system.”
Among the signatories of the document were Texas Attorney General Ken Paxton, Ohio Attorney General Dave Yost, and Kentucky Attorney General Daniel Cameron. Utah Attorney General Sean Reyes said in a statement provided to The Daily Wire that the failure of Silicon Valley Bank is a “warning sign that the administration’s environmental activism in its financial regulation not only ignores real financial risk but increases it.”
Republican state officials have condemned asset management companies and the Biden administration in recent months for advancing the environmental, social, and corporate governance movement, also known as ESG. Skeptics of the investment approach note that companies devoted to the movement advance specific left-wing political and social causes, such as decreasing carbon emissions or diversifying company leadership with respect to race or sex, in a manner that compromises or distracts from profitability.
Silicon Valley Bank indeed faced <a href="https://www.dailywire.com/news/failed-svb-criticized-for-hyper-focus-on-woke-dei-initiatives-lgbt-activism" target="_blank" rel="noopener">backlash</a> in the wake of its collapse for an apparent emphasis on diversity, equity, and inclusion. The firm neglected to fill its senior risk management role for most of last year while the executive in charge of risk management in Europe, Africa, and the Middle East described herself as a “queer person of color from a working-class background” and organized LGBTQ initiatives such as a month-long pride campaign.

US-POLITICS-BANKING-BIDEN-POWELL

Woke Regulations Led To Silicon Valley Bank Collapse, Republicans Argue In Letter To Regulators

Republicans Pin Silicon Valley Bank Collapse On Regulatory Wokeness

Republicans

Silicon Valley Bank

Author and podcast host <a href="https://www.dailywire.com/topic/sam-harris" target="_blank" rel="noopener">Sam Harris</a> said author and Daily Wire host Candace Owens &#8220;should not&#8221; have opinions on subjects like the vaccine, climate change, or the war in Ukraine, adding that people should also not listen to her about such matters.
Harris seemed to deem the mother-of-two unworthy of having her own opinions on issues he often speaks about because she&#8217;s not an &#8220;expert.&#8221; Owens recently <a href="https://www.dailywire.com/podcasts/candace/ep-100-sam-harris-and-the-intellectual-dark-meltdown" target="_blank" rel="noopener">called out Harris</a> and other self-described intellectuals for discouraging people from doing their own research and only relying on the so-called experts.
&#8220;We&#8217;re swimming in a sea of misinformation, where you&#8217;ve got people who are moving the opinions of millions of others who should not have an opinion on these topics,&#8221; Harris said. &#8220;There is no scenario in which you should be getting your opinion about vaccine safety, or climate change, or the war in Ukraine, or anything else we might want to talk about, from Candace Owens.&#8221;
&#8220;She&#8217;s not a relevant expert on any of those topics, and what&#8217;s more is that she doesn&#8217;t seem to care,&#8221; he accused. &#8220;And she&#8217;s living in a culture that has amplified that ‘not caring’ into a business model, an effective business model. And there&#8217;s something very Trumpian about all that.&#8221;
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Sam Harris says <a href="https://twitter.com/RealCandaceO?ref_src=twsrc%5Etfw">@RealCandaceO</a> isn&#39;t worthy of having opinions on vaccines or climate change. 
What Sam fails to realize is that Candace arrives at her opinions based on conversations with experts like <a href="https://twitter.com/RWMaloneMD?ref_src=twsrc%5Etfw">@RWMaloneMD</a> and <a href="https://twitter.com/ShellenbergerMD?ref_src=twsrc%5Etfw">@ShellenbergerMD</a> 
Why does Sam feel he deserves an opinion? <a href="https://t.co/OhWWnkBsE0">pic.twitter.com/OhWWnkBsE0</a>
&mdash; Mythinformed (@MythinformedMKE) <a href="https://twitter.com/MythinformedMKE/status/1636014784167440387?ref_src=twsrc%5Etfw">March 15, 2023</a></blockquote>
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Owens shot back at Harris on Wednesday, writing, &#8220;You heard him! Unless you are an &#8216;expert,&#8217; you are not at all entitled to have an opinion about anything. Even the drugs that those who are motivated by profit are telling you to take. Even the manner in which your hard earned money is being spent overseas.&#8221;
&#8220;No opinions, please!&#8221; the BLEXIT founder emphasized.
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You heard him! Unless you are an “expert”you are not at all entitled to have an opinion about anything. Even the drugs that those who are motivated by profit are telling you to take. Even the manner in which your hard earned money is being spent overseas. No opinions, please! <a href="https://t.co/EnQzrNj1OX">https://t.co/EnQzrNj1OX</a>
&mdash; Candace Owens (@RealCandaceO) <a href="https://twitter.com/RealCandaceO/status/1636020134618824705?ref_src=twsrc%5Etfw">March 15, 2023</a></blockquote>
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Owens last month <a href="https://www.dailywire.com/podcasts/candace/ep-100-sam-harris-and-the-intellectual-dark-meltdown" target="_blank" rel="noopener">called out Harris</a> for discouraging people from doing their own research and read a number of quotes from conservative author Thomas Sowell she found applicable, such as the following: “People who have acquired academic degrees, without acquiring many economically meaningful skills, not only face personal disappointment and disaffection with society, but also have often become negative factors in the economy and even sources of danger [&#8230;].&#8221;
This is not the first time Harris has attacked Owens, previously calling the conservative a &#8220;blowhard and ignoramus.&#8221; 
&#8220;[Sam Harris], you called me a &#8216;blowhard and ignoramus&#8217; because of my COVID stance,&#8221; Owens, an early opponent of lockdown measures, responded to Harris last year. &#8220;Turns out you were sorely wrong but too convinced by your education to see what was plainly obvious. Free speech keeps society safe from arrogant pricks.&#8221;
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As a reminder, <a href="https://twitter.com/SamHarrisOrg?ref_src=twsrc%5Etfw">@SamHarrisOrg</a>, you called me a “blowhard and ignoramus” because of my covid stance.
Turns out you were sorely wrong but too convinced by your education to see what was plainly obvious. 
Free speech keeps society safe from arrogant pricks.<a href="https://t.co/deHAXIYNUC">https://t.co/deHAXIYNUC</a>
&mdash; Candace Owens (@RealCandaceO) <a href="https://twitter.com/RealCandaceO/status/1594720994370936834?ref_src=twsrc%5Etfw">November 21, 2022</a></blockquote>
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Harris was a <a href="https://www.dailywire.com/news/malone-interview-owens-reveals-sam-harris-phone-call-as-pair-discuss-godlessness-and-pandemic-panic" target="_blank" rel="noopener">COVID alarmist</a> who <a href="https://www.foxnews.com/media/podcaster-sam-harris-covid-killed-children-f-ing-patience-vaccine-skeptics" target="_blank" rel="noopener">expressed intolerance</a> for people who do not want to get vaccinated against COVID. He famously complained about low vaccine compliance earlier this year, suggesting there could be harsher mandate measures if COVID were more dangerous to children.
&#8220;The patience &#8212; there would&#8217;ve been no f***ing patience for vaccine skepticism, right,&#8221; he said. &#8220;And everyone would&#8217;ve recognized, this is not my body, my choice. This is you&#8217;re not gonna kill my kids with your ignorance.&#8221;
Owens last year, while <a href="https://www.dailywire.com/news/malone-interview-owens-reveals-sam-harris-phone-call-as-pair-discuss-godlessness-and-pandemic-panic" target="_blank" rel="noopener">speaking to Dr. Robert Malone</a>, a vaccine scientist who worked on the development of mRNA technology, said Harris called her at the start of the pandemic in sheer panic.
“I do not say this to knock him at all, it was just something that stuck with me for a very long time,” Owens said, recalling the phone call. “He sounded like he was in a bunker, and was just like, ‘You don’t understand, there’s going to be gurneys in the streets,’ and, ‘I know doctors in Italy, this is what’s going to happen in two weeks in the United States.’”
“He was in a mania,” she continued. “I just sort of listened to him, because, in my head, I wanted to be kind, but I was looking at my husband, thinking, this man needs a therapist. &#8230; He was unstable &#8212; and this is a smart person who got himself into this position.”
“I think it’s probably relevant that he’s an atheist,” Owens later asserted, to which Dr. Malone agreed. Religious people, the scientist said, have a stronger sense of community, which grounds them and makes them less likely to fall into a “psychosis” or panic about an issue, including COVID.
Related: <a href="https://www.dailywire.com/news/malone-interview-owens-reveals-sam-harris-phone-call-as-pair-discuss-godlessness-and-pandemic-panic" target="_blank" rel="noopener">Owens Reveals Sam Harris Phone Call As Pair Discuss Godlessness And Pandemic Panic </a>

“Candace” Hosted By Candace Owens

Sam Harris Suggests Candace Owens Unworthy Of Having Opinions On Vaccine, Climate. Owens Responds.

Candace Owens

COVID

Sam Harris

<a href="http://dailywire.com/topic/blackrock" target="_blank" rel="noopener">BlackRock</a> CEO Larry Fink told investors on Wednesday that the asset management company views <a href="http://dailywire.com/topic/climate-change" target="_blank" rel="noopener">climate change</a> as a risk to portfolio companies.
BlackRock maintains an average 20% stake in every Fortune 500 company alongside rival asset management firms State Street and Vanguard. Fink claimed in his annual <a href="https://www.blackrock.com/corporate/investor-relations/larry-fink-annual-chairmans-letter" target="_blank" rel="noopener">letter</a> to investors that he desires to take a “long-term view of what will impact returns” and contended that firms should seriously account for the impact of climate change.
“For years now, we have viewed climate risk as an investment risk. That’s still the case,” he wrote. “Anyone can see the impact of climate change in the natural disasters in California or Florida, in Pakistan, across Europe and Australia, and in many other places around the world. There’s more flooding, more wildfires, and more intense storms. In fact, it’s hard to find a part of our ecology, or our economy, that’s not affected. Finance is not immune to these changes.”
BlackRock is a leading proponent of the environmental, social, and corporate governance movement, also known as ESG, which critics say mingles political and social causes, such as decreasing carbon emissions and achieving racial diversity in a manner that compromises or distracts from profitability. Fink insisted that BlackRock respects client choices with respect to climate investments, citing proxy <a href="https://www.dailywire.com/news/blackrock-makes-major-change-after-backlash-against-woke-investing" target="_blank" rel="noopener">voting rights</a> the company recently extended to large investors.
He added that the “transition to a low-carbon economy is top of mind for many of our clients” but claimed that “as minority shareholders, it’s not our place to be telling companies what to do.” BlackRock has nevertheless taken “voting action on climate issues” against dozens of portfolio companies, according to an investment stewardship <a href="https://www.blackrock.com/corporate/literature/publication/our-commitment-to-sustainability-full-report.pdf" target="_blank" rel="noopener">report</a>, while one small ESG firm recently <a href="https://www.dailywire.com/news/activist-investors-are-seizing-companies-to-push-social-justice-measures" target="_blank" rel="noopener">gained</a> three board seats at ExxonMobil with the aid of BlackRock, Vanguard, and State Street.
Fink added that BlackRock desires to “provide insights into how a changing climate and the transition may affect portfolios” over time. “These clients track the transition to lower carbon emissions just as they track any other driver of investment risk,” he remarked. “They want our help to understand the likely future paths of carbon emissions, how government policy will impact these paths, and what that means in terms of investment risks and opportunities. It is not the role of an asset manager like BlackRock to engineer a particular outcome in the economy, and we don’t know the ultimate path and timing of the transition.”
BlackRock’s assets under management declined from $10.0 trillion in the fourth quarter of 2021 to $8.6 trillion in the fourth quarter of 2022, according to the firm’s most recent <a href="https://s24.q4cdn.com/856567660/files/doc_financials/2022/Q4/BLK-4Q22-Earnings-Release.pdf" target="_blank" rel="noopener">earnings report</a>. The company, therefore, <a href="https://www.dailywire.com/news/blackrock-introduces-first-mass-layoff-in-years-after-losing-1-5-trillion" target="_blank" rel="noopener">dismissed</a> several hundred workers and paused most new hires.
Skeptics of the ESG movement say the recent <a href="https://www.dailywire.com/news/virtue-signaling-isnt-free-how-woke-investing-fell-apart-once-the-economy-got-bad" target="_blank" rel="noopener">poor performance</a> of ESG funds over the past year discredits the investment approach. Technology stocks, which score highly in ESG ratings due to the underlying companies’ involvement in social issues, have fallen behind outsized profitability from energy stocks, which rank poorly due to worries regarding carbon emissions.
Fink has meanwhile <a href="https://www.dailywire.com/news/blackrocks-larry-fink-says-esg-opponents-are-trying-to-demonize-the-movement-after-elon-musk-calls-it-satanic" target="_blank" rel="noopener">rebuked</a> skepticism toward ESG voiced by some business leaders and conservative lawmakers. “Let’s be clear, the narrative is ugly, the narrative is creating this huge polarization,” he said at the World Economic Forum earlier this year. “We are doing everything we can to change the narrative.”

FRANCE-POLITICS-ENVIRONMENT-CLIMATECHANGE

‘Climate Risk’ Is ‘Investment Risk,’ BlackRock CEO Tells Corporate America

BlackRock CEO: 'Climate Risk' Is 'Investment Risk'

BlackRock

Business

Stock Market

Psychologist and author Dr. Jordan B. Peterson provided a breakdown of today’s environmentalist movement that is almost religious in nature.
Tucker Carlson invited Jordan Peterson to join his show Friday to explain what Carlson observed to be a discrepancy — namely that environmentalism’s purported goal to save the environment actually does more harm to the environment than good. Peterson validated Carlson’s observation by noting how Sri Lanka has become a “wasteland” and how Germany’s energy is more expensive and less reliable all due to “idiot hypothetically environmentalist policies.” He then explained what he believed was behind this.
“But there’s something that’s even deeper lying underneath the surface,” Peterson said, citing <a href="https://www.dailywire.com/episode/dr-karl-friston" target="_blank" rel="noopener">converging evidence</a> from different disciplines. “The structure through which we see the world is essentially a narrative—a story.”
<iframe loading="lazy" title="Jordan Peterson: This is an appalling situation and it will get worse" width="500" height="281" src="https://www.youtube.com/embed/-JDTXzynkrs?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
The question that follows, Peterson asked, is what is that story and what elements does it contain? 
“The environmentalists offer us a story to live by and it’s a pseudo-religious story and it essentially elevates the biosphere, the earth — Gaia, the earth goddess — to the status of primary deity and characterizes her as sort of a waif-like innocent victim, easily taken advantage of and fragile. It casts the entire human endeavor on the social front as a raping and pillaging, patriarchal, monster only interested in power. And, it casts the individual as a devouring mouth riding on the back of that giant, essentially.”
There is some truth to that, the “<a href="https://store.dailywire.com/collections/books/products/12-rules-for-life-an-antidote-to-chaos?_pos=1&amp;_fid=b9fb42232&amp;_ss=c" target="_blank" rel="noopener">12 Rules For Life: An Antidote to Chaos</a>” author granted, explaining how humans are capable of destroying the environment. However, that story is “very incomplete,” and as a result, human beings are “demonized,” which is “extraordinarily dangerous.”
Environmentalism’s giveaway that it is religious in nature instead of a way of dealing with the realities of the world is that it has “odd features.” Peterson provided the environmentalists’ radical opposition to nuclear power and natural gas as prime examples of those odd features.
“It’s clearly the case that there’s nothing that reduces carbon production more effectively than nuclear power,” Peterson said. “It’s also clearly the case that if we were careful with nuclear power … that we could be providing extremely lost-cost energy to people, especially poor people throughout the world, but we’re not going to do that. In fact, we have an anti-energy policy in place, especially in any places that are ruled essentially by the left.”
Starvation has increased globally over the past few years as a result of environmentalist policies, Peterson noted, put in place by “hypothetically well-meaning deluded pseudo-religious environmental worshippers of the apocalypse.” He called the situation “appalling,” and that it’s “likely to get worse before it gets better.”

Jordan Peterson Sydney Portrait Shoot

‘A Pseudo-Religious Story’: Jordan Peterson Gets To The Core Of Today’s Environmentalism On Tucker

Jordan Peterson Explains The Deeper Meaning Of Modern Environmentalism To Tucker Carlson

Jordan Peterson

Media

Tucker Carlson

<a href="https://www.dailywire.com/topic/treasury-department" target="_blank" rel="noopener">Treasury</a> Secretary <a href="http://dailywire.com/topic/janet-yellen" target="_blank" rel="noopener">Janet Yellen</a> contended on Tuesday that <a href="http://dailywire.com/topic/climate-change" target="_blank" rel="noopener">climate change</a> may lead to “declines in asset values” and warned that a “delayed and disorderly transition” to renewable energy sources could harm the <a href="http://dailywire.com/topic/economy" target="_blank" rel="noopener">financial</a> system.
Yellen delivered the comments at the first meeting of the Climate-Related Financial Risk Advisory Committee, a body created to “understand and mitigate the risks that climate change poses” to economic stability. The economist’s remarks correspond to assertions from other Biden administration officials who have claimed that carbon emissions may impact the economy.
“As climate change intensifies, natural disasters and warming temperatures can lead to declines in asset values that could cascade through the financial system,” Yellen said in prepared remarks obtained by The Daily Wire. “And a delayed and disorderly transition to a net-zero economy can lead to shocks to the financial system as well. These impacts are not hypothetical. They are already playing out.”
Yellen cited storms and wildfires in California, Florida, and Louisiana as evidence that climate change is posing economic harm, even as scientists <a href="https://www.dailywire.com/news/after-newsom-others-tie-california-weather-to-climate-change-experts-say-not-so-fast" target="_blank" rel="noopener">reject</a> the notion that there is a proven link between individual weather phenomena and a warming climate. “Taking climate change into account is prudent risk management,” Yellen nevertheless continued. “Our work builds on the scientific consensus regarding the projected effects of climate change and is based on a widely accepted understanding of how the financial system works.”
Members of the Climate-Related Financial Risk Advisory Committee include Catherine Ansell, the executive director of climate risk at investment bank JPMorgan Chase, as well as Cecilia Martinez, the principal advisor for resilience and communities at the Bezos Earth Fund. Several academics also sit on the body, which was established by the Financial Risk Advisory Committee last year, according to a <a href="https://home.treasury.gov/news/press-releases/jy0987" target="_blank" rel="noopener">press release</a> from the Treasury Department.
“Some of you have very specialized expertise in modeling climate risks and working with climate data,” Yellen said. “Others have experience helping financial institutions respond to and manage their own climate risks. And others have experience advancing environmental justice. I’m excited for this group to begin meeting, and for us to benefit from your expertise.”
The first meeting of the Climate-Related Financial Risk Advisory Committee occurs after the Labor Department introduced a <a href="https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/final-rule-on-prudence-and-loyalty-in-selecting-plan-investments-and-exercising-shareholder-rights" target="_blank" rel="noopener">final rule</a> that would allow retirement fiduciaries to weigh “the economic effects of climate change and other ESG considerations” as long as such concerns are relevant to a risk-and-return analysis. The new rule, which <a href="https://www.dailywire.com/news/trump-barred-retirement-plans-from-mixing-wokeness-with-profits-biden-is-reversing-that-rule" target="_blank" rel="noopener">reverses</a> a prohibition formerly created under former President Donald Trump, would “safeguard the financial security of America&#8217;s families, businesses and workers from climate-related financial risk that may threaten the life savings and pensions of America&#8217;s workers and families.”
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Republican members of the House and Senate, as well as a handful of Democrats, overturned the final rule last week. President Joe Biden is <a href="https://www.dailywire.com/news/house-and-senate-send-rebuke-of-bidens-esg-agenda-to-his-desk" target="_blank" rel="noopener">expected</a> to veto the lawmakers’ resolution.
Critics of the environmental, social, and corporate governance movement, often abbreviated as ESG, assert that the investment philosophy mingles political and social causes, such as reducing carbon emissions and achieving racial diversity, in a manner that compromises or distracts from profitability. The previous <a href="https://www.dol.gov/newsroom/releases/ebsa/ebsa20201030" target="_blank" rel="noopener">rule</a> established by the Trump administration barred retirement fund managers from “selecting investments based on non-pecuniary considerations” and required them to “base investment decisions on financial factors” alone.

Treasury Secretary Yellen And Fed Chair Powell Testify Before House Financial Committee On Coronavirus And CARES Act

Treasury Secretary Janet Yellen Claims Effects Of Climate Change Could ‘Cascade Through The Financial System’

Yellen: Climate Change Could ‘Cascade Through The Financial System’

Janet Yellen

Treasury Department

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