The Texas Senate Committee on State Affairs learned this week that Wall Street banks are denying loans to companies unless they agree to tweet about the dangers of global warming. If you’ve wondered how and why so many companies turn “woke” and act against their own interests, this is it.
The hearing was about environmental, social, and governance (ESG) investing. This is a type of investing in which the banks give a score to companies based on their support for leftist, woke policies and movements like Black Lives Matter and the Joe Biden/World Economic Forum’s anti-civilizational Build Back Better. The higher a company’s ESG score is, the more likely they are to secure favorable loan terms.
A small handful of states, such as Florida, have begun pulling state pension funds out of investments that require the obviously partisan ESG score for securing loans. The hearing in Texas is based on that movement that red states are just beginning to wake up to.
The problem with this ESG score scam is that it has destroyed nations by causing runaway inflation and rendering their power grids unstable or even inoperable. Sri Lanka had achieved an ESG score of 99.5 last summer when the government entirely collapsed, and it was plunged into chaos.
One of the global warming tenets of ESG is that farms can’t use fertilizer. Energy companies have to switch to “renewables” like solar panels and windmills, which don’t actually work well enough to provide power for an entire nation. This results in food shortages and then pretty soon, no one can afford what little food is left. Sri Lanka’s leaders had to flee, and looters ransacked the presidential power. But at least they have a near-perfect ESG score!
Bud Brigham is the chairman of a mining company called Brigham Minerals, and he testified before the Texas Senate this week. He provided proof that Credit Suisse denied his company a loan, with the sole reason being that his company works in the oil and gas industry – and therefore has a low ESG score.
A bank representative sent Mr. Brigham a snotty email claiming, “Climate change is real and it’s not debatable.” Credit Suisse then offered to cut a deal with Brigham Minerals if the company would send out pointless tweets about how global warming is a serious threat that’s going to kill us all in ten years (or however long the latest doomsday prediction from the weather cultists is going to let us survive this time).
“How about if I can get you some bullets to tweet?” asked the snotty bank loan officer. “If you can tweet this out, I think there’s a good chance we can do this deal.”
Brigham then received a list of global warming talking points that he was supposed to tweet about if he wanted to get a loan. Fortunately, Brigham Minerals had already secured a loan from another bank, so the chairman didn’t have to compromise his moral and political principles by caving to the global warming agenda.
Mr. Brigham also noted that solar panel companies in China that rely on slave labor have better ESG scores than his company because he works with the oil and gas industry. Playing along with the ESG scam is now the “price of doing business” in Western countries. Companies receive favorable loan terms and financing, so long as they commit to publicly blathering about leftwing talking points.
The good news is that Texas and other states are wising up to the ESG scam. It looks likely that Texas will be pulling its state pensions and other funds from firms that demand ESG compliance this year. That’s a good thing, because the higher a country or state’s ESG score is, the less food and electricity they have. If you want to have a functional state with food and power, you need oil and gas.