Go woke and go broke

All the talk from the energy and finance reporters in The Australian sounds like PR for unreliable energy and woke investment decisions in the boardrooms of the nation. Not to mention the talk from industry bodies like the Business Council and the Australian Industry Group and the usual suspects – the ACTU and trend leaders like BHP, Rio, Telstra.

This is in the face of clear signs of concern in the RE industry. Some players have fallen over and others are struggling to get facilities connected to the grid. Look forward to more stranded assets!

So it is not surprising to find a study that casts doubt on the vitality of firms that score high on ESG (environmental, social and governance) indicators.

Looking beyond the initial crash in March, the researchers found that ESG factors were negatively associated with returns during the recovery in the second quarter, while investments in innovation-related assets continued to positively impact performance. “Not only did more socially responsible firms not exhibit the alleged greater share price resilience during the highly unexpected Covid-induced market decline, but they actually performed significantly less well when the overall market recovered,” they wrote.

Including the 2008 financial crisis, the authors determined that liquidity and intangible assets were the best predictors of returns during crisis periods, rather than ESG factors.

Liberty Quote – The state schools deprived working-class parents of the power to withdraw their children from the worst. The private school parents know that their power to move is the source of their influence on their schools. The power of low-income people to withdraw their children from poor schools, in practice or by intention, was taken from them by the state.  — Arthur Seldon

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13 Responses to Go woke and go broke

  1. Bruce of Newcastle

    It’s been amusing that the green-as-grass AEMO has been forced to require solar and wind generators to disconnect in order to safeguard the grid.

    Nine more solar farms could have output cut to zero due to system strength issues (27 Jul)

    Another nine large-scale solar farms in north Queensland with a total capacity of more than 712MW have been warned that their output could be cut to zero in certain circumstances due to emerging “system strength” issues in that part of the state.

    The warning was made in a market notice issued by the Australian Energy Market Operator on Monday and comes on top of a previous warning that affected two solar farms and one wind farm earlier this year.

    And as for ‘environmental, social and governance’ how exactly is the massacring of millions of birds and bats by wind turbines “environmental”? Or the subsidizing of this practice using involuntarily extracted taxpayer money “social and governance”? Poor pensioners are dying because they cannot afford heating in winter and airconditioning in summer.

    Thanks pollies, your answers to a non-problem are killing exactly the people you say you want to protect – the poor and the vulnerable.

  2. John snowy Bowyer

    Surely the Jolly Green Giants will be suing AEMO? You apply for planning permission so they must have to apply to attach to the grid? Then AEMO must say welcome after appraising the generator?
    The problems when a politician appoints a lawyer to run a utility but what else has gone wrong?
    If only we had a media that was unbiased and employed people of good sense and intelligence rather than their girlfriends and inclusives we might see some questions if not answers.

  3. yarpos

    “Including the 2008 financial crisis, the authors determined that liquidity and intangible assets were the best predictors of returns during crisis periods, rather than ESG factors.”

    One group will find that counter intuitive, the other group will find it mind numbingly obvious.

  4. Fair Shake

    No Teacher will be left behind.

  5. NoFixedAddress

    Permanent Nuclear Power Generation plants located over The Great Barrier Reef now!

    Imagine the veritable flood of tourists to come to see how Australia created a pristine Nuclear Energy environment in a pristine Coral Reef environment.

  6. egg_

    Go woke and go broke

    In a similar vein on Chanel No. Nein*:

    SUNDAY: 60 Minutes Special hatchet job on Cruise Lines
    TUESDAY: A Current Affair promo about Travel Companies going broke.

    *How’s their Travel shows/advertising revenue going?
    Yartz disconnected from reality, much?

    Meanwhile re CAGW: Uber Leftoid Architecture Lecturer on Aunty’s Yartz program The Mix saying that COVID is a “distraction” from CAGW.
    Really?

  7. NoFixedAddress

    Will someone kindly get in here and provide the scientific data that show the direct correlation between coal, oil and gas use and temperatures, sea levels, and storm activity?

  8. NoFixedAddress

    Australia – your standing in it!

    California Apocalypto By Victor Davis Hanson

    https://www.nationalreview.com/2020/08/california-apocalypto/#slide-1

  9. egg_

    60 Minutes Special hatchet job on Cruise Lines

    The Cruise Lines ought to buy out block advertising during 60 Minutes, as Ford? did when they canned them decades ago.

  10. Top Ender

    Is this the new Open Forum as the old one is busted?

  11. Bruce of Newcastle:
    They were warned this would happen – because there is no spinning reserve to even out the output fluctuations from the renewable energy sources, they grid would become unstable.
    …and here we are, proving that government and beaucracies are the only form of life with a million bellies and no brain.

  12. Archivist

    The refrain is “Get woke, go broke.”

    It was coined by Glenn Reynolds, the instapundit.

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