Day two of the World Economic Forum’s (WEF) Annual Meeting in Davos, Switzerland, started off on a concerning note.
Some of the chief architects of environmental, social, and governance (ESG) scores met during a session called “Global ESG for Global Resilience,” and have clearly decided to double down on their objective for a new global economic order that transcends national borders and replaces free-market capitalism.
Destroying free-market capitalism in favor of a new “stakeholder” model, in which global elites hold all the power, has been their objective for years. A single ESG system gets them much closer to this goal, and will be significantly more effective at eroding national sovereignty, circumventing democratic processes, coercing companies into compliance, and ultimately restricting individual choice.
Early in the session, Hong Kong Stock Exchange Chairman Laura Cha got right to the point. She revealed, “In order for the [ESG] disclosures to be meaningful, we need to have a harmonized standard. … It would be very good in terms of the work that the ISSB [International Sustainability Standards Board] is doing to bring about some standardized global measures.”
The ISSB is a new standard-setting board developed for the sole purpose of institutionalizing this global framework.
ISSB Chairman Emmanuel Faber confirmed that these efforts have begun: “We just a week ago … we convened the first-ever working group of jurisdictions on sustainability standard alignment …. And there was China, Japan, [the] UK, [the] U.S., and [the] EU. … And that is just the start.”
He had earlier stated, “We can’t stay at the taxonomy levels of any jurisdiction. Because they are linked to a certain political consensus and they might be changing tomorrow. So, if you look at the long-term, you need to go deeper than the taxonomies.”
Reading between the lines, Faber seems to be saying that he intends to institutionalize a top-down system that will infiltrate all national borders and be impervious to political decision-making, which would render the idea of democracy impotent.
Much of the remainder of the conversation was an illuminating look at the ways in which elites will threaten and coerce the world into compliance.
Bank of America Chairman and CEO Brian Moynihan didn’t waste any time, immediately threatening companies to get in line. When asked if he believed that the war in Ukraine and COVID-19 have set efforts to expand ESG back, he responded, “No. … The reality is that operating companies have made commitments, along multiple dimensions … you can’t just say, ‘Oh, it’s inconvenient right now.’” ... Continue reading >>>