Major investors are deserting wind and solar installations, walking away and writing off billions of dollars, as their share prices plummet. The ‘Green Dream’ is morphing into a nightmare of failure and financial loss.
What’s more, electric vehicles are losing value at twice the rate of petrol and diesel, while insurance policies rise at twice the rate. Hertz is hurting over the money it’s losing on its EV fleet and Australia’s Drive magazine writes that more EV sales will actually increase demand for coal, because solar and wind generation is not up to the job of charging these batteries.
Environmental, Social and Governance (ESG) corporate blackmail is hitting resistance. Even Vanguard pulled out of the Net Zero Asset Managers Initiative, citing risk and poor returns.
ESG initiatives rely on government handouts and because of that, our economy is being destroyed for a virtue-signalling initiative that is falling apart before our eyes.
We cannot ignore the signs – it’s time we followed in the investors’ footsteps, cut our losses and start putting Australians first.
Transcript
Madam Acting Deputy President, as a servant to the many different people in our one Queensland community, my second topic tonight is solar and wind energy’s financial failure. The tide is now against out-of-touch elitists whose income insulates them from the hardship their virtue-signalling, feelings based beliefs cause Australians. The recent referendum showed that the good sense of everyday Australians will shine through. Recent polling shows working Australians deserting the Albanese government over the cost of living, housing and immigration—crises due to virtue-signalling, feelings based urban elitist policies.
Look at disasters in recent months engulfing the green dream. Orsted, the huge offshore wind charlatan, booked a US$5.5 billion writedown on the value of its offshore wind installations, and the stock price this year is down 50 per cent. Last week, Norway’s Equinor booked a $300 million writedown on its offshore wind portfolio. Its share price, though, was saved due to its investment in oil and gas. Siemens Energy is down 60 per cent after losses in offshore wind caused a return on investment of minus 17 per cent—negative. Vestas is down a third after announcing losses in its wind division and is now offering a return to investors of minus 11 per cent. This is from the Australian Financial Review:
The Andrew Forrest-led Fortescue terminated approval applications for the Uaroo Renewable Energy Hub last month.
The Daily Express reports that electric vehicles lose value for owners at twice the rate of internal combustion engines. Insurance policies are rising at twice the rate because of EVs’ rising maintenance costs. In America, Hertz announced it is losing money on its EV fleet, and it’s now scaling down purchases. The American Automobile Association tested EVs and found that, with a family of four and their gear on board, the highway cycle range of a family EV was reduced by 25 per cent, whereas petrol cars actually get greater range. American EV dealers now have a hundred days of stock sitting in showrooms. Business Insider reports that EVs have hit a market share plateau. There are only so many rich public servants ready to waste money on virtue-signalling vehicles suited to short city trips. The share price of the United Kingdom’s EV company Arrivals has fallen 96 per cent. Drive magazine says more Australian EV sales will actually increase demand for coal, since solar and wind generation is insufficient to charge these things.
Recent large demonstrations against offshore wind should have caused Minister Bowen to take stock, yet he’s now full steam ahead and damn the torpedoes. Ignorance never ends well. Sydney’s inner-city elites will not have to look at these monstrosities, because the Labor Party are installing huge wind turbines off the workers’ suburbs in Newcastle and Wollongong.
And the ESG corporate blackmail is hitting resistance. In the last week, United Kingdom investors withdrew $1 billion from ESG funds, making it five months in a row of negative inflows. Last year a paper showed that ESG funds do not offer superior returns to those of regular investment funds, which is why Vanguard pulled out of the Net Zero Asset Managers Initiative last December due to poor returns and risk. Last July, the Australian newspaper said:
“Green” investing has hit a crisis. Mounting questions over standards and effectiveness have been building for years. This year, investors voted with their feet and rushed for the exits.
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Whatever way you cut it ESG is a thematic – in creating exclusions it means investors will have more volatile returns than a fund that simply invests for the best return.
Large corporates, superannuation firms and investment funds have a fiduciary duty to investors to operate for the best and safest returns. ESG is not safe and not profitable. ESG initiatives rely on government handouts.
Our economy is being destroyed. The urban elites’ wealth and income can only last so long before feeling the pain they’re now inflicting on everyday Australians. The green dream ends when the government stops propping it up with taypayers’ money, the green dream nightmare ends when the government stops propping it up with taxpayers’ money.
Make the decision today to start putting everyday Australians first. We have one flag; we are one community; we are one nation.
