Duke Energy Bets House on ESG, while grid security gets pittance of mega rate increase!

By Gary Timco | News Analysis

UNITED NATIONS – ESG originated two decades ago with the United Nations Environmental Program Financial Initiative – a way to implement sustainable development goals through principles for ‘responsible investing.’ For investment managers who accepted these principles, it was essential that ESG be characterized not as an Ideology, but rather as a way to manage risk and boost investment returns!?

Now millions of citizens are finding out that ESG is in fact an Ideology based on Climate Change initiatives and Social Engineering. The goal of our White House administration and folks at the UN has been to re-direct $12 trillion of market opportunities, linked to so-called long term social and environmental well being. As it turns out, investment firms like BlackRock – a proponent of ESG governance – have raked in millions of dollars by charging higher fees.

Duke Energy brazenly touts itself as an ESG savior. The electricity behemoth strictly adheres to the UN’s climate agenda mandates. Proof of this can be found on the company’s website (Duke-Energy.com) under the ESG search tab:

“We have mapped our priority issues to the United Nations Sustainable Development goals, which aim to end Poverty, protect the Planet, and to ensure Prosperity for all.”

Clear enough for you? Critics say Duke Energy has no business in implementing this flawed course of action because closing fossil fuel coal plants and substantially reducing methane output in Natural Gas will ultimately lead to higher electricity costs.

This quest is all about following the unworkable mandates of the UN climate agenda. Many of you recently received a notice of a Duke rate increase averaging 17 percent. I and others are wondering why is this necessary? The truth be told that their agenda has nothing to do with climate change and saving the planet.  Duke’s focus to reduce C02 emissions under the guise of being a good steward of the environment is flawed from the start.

Oceans give off the greatest amount of Carbon Dioxide in the world and artificially attempting to further reduce this non-pollutant is folly! For more information on Man’s effect on the climate and the truth, I would refer you to a complete analysis by C. Paul Smith in his book titled “The Climate Change Hoax Argument:  the history and science that expose a major international deception.”

According to the Global Research Firm, by noted economist William Engdahl, we are seeing the price of energy from all sources exploding globally due to the closing of oil pipelines, and the war on fossil fuels, with Russia & China coming out the winner. Russia is now supplying China oil below market rates.  They also have a working relationship to do harm to the Western Economies.

The G in ESG is a well- orchestrated plan to collapse the industrial world economy (which has also been weakened by COVID.) Numerous countries are now facing massive energy shortages, in particular electric utilities, due to the closing of Coal and Nuclear plants. Germany, Ireland, the Netherlands and Sri Lanka are just a few. Fertilizer costs for farmers have made it increasingly difficult to grow food and feed livestock. All this effort through the UN Climate Agenda will cause unprecedented damage.  Decarbonization and other attempts to alter nature’s systems will cause permanent damage for all countries that follow this false science!

Our Coal industry along with Natural Gas, and Nuclear, is responsible for 90 percent of our electricity generation – with the remaining 10 percent in Solar and Wind. The Duke Energy proposed rate increase of 17 percent (approximately $865 million in new revenue) will go to expand a “Clean Energy” transition.

Only a small portion will go to barrier construction of transformers and other infrastructure to prevent damage from arson. In speaking with a Duke representative this past week, I was informed that NOTHING WILL BE SPENT to protect NC Grid System against an Electro-Magnetic Pulse attack.

This is the most serious threat to our Grid System, as explained in my March 9th Compass article. We are literally “Sitting-Ducks.” A singular focus on following a UN Climate agenda (ESG) will endanger our Grid System from a lack of responsible action by corporate leaders. Our resources must now be spent on making certain that our enemies can never gain the upper hand through nefarious acts against our Grid.

According to experts in the field, insulation of key Base Stations and secondary transmission facilities can be done at a reasonable cost. The alternative is doing nothing and watching our way of life vanish. An EMP attack is very possible at this time due to our adversaries making threats against our Grid System. It should be our goal as a State and Nation to provide electricity at a low cost that is reliable in all weather conditions. The intermittent nature, according to a recent Carolina Journal article, of Solar or Wind cannot guarantee us a safe and steady supply. Unreliable battery back-up systems and additional strain on the Electrical Grid System should qualify Solar and Wind as only supplements to future energy needs

 In short, there is no substitute for fossil fuel generationwhether it be coal, nuclear, or natural gas.  Almost every industry in the U.S. requires an oil-based product: military & civilian aircraft, trucks, plastics manufacturing, autos and other applications. To remain a Superpower, it is essential that we unleash all areas of energy exploration from Oil Drilling, Fracking, and Pipelines. As you recall, when Trump was in office, we were for the first time ‘energy independent. In just two years, we are now begging dictators to help with the supply of oil. President Biden has crushed the energy industry as evidenced by high energy costs and resulting high inflation.  China is now building a vast amount of dirty coal plants and even though they signed on to the Paris Climate Accord, they could care less about reducing Co2 and Greenhouse emissions!  They are the biggest polluter of our planet by far.

The USA has the most efficient coal plants that burn Clean Coal with special scrubbers to reduce oxides.  The ESG agenda by Duke Power is like handing the keys to economic strength over to China as well as to Russia — also one of the world’s greatest polluters.

The WOKE agenda and ESG mandates come directly from the World Economic Forum mantra – based upon a Marxist agenda to redistribute capital from the Western Nations to Developing Nations. We can least afford to prop up corrupt governments in the name of saving our planet since our fiscal house is not in order, according to economists such as Larry Kudlow heard on Fox News. Our debt levels are unsustainable and we must be good stewards of our own resources by acting responsibly through a low cost energy plan that does not include implementing massive changes in the direction of Wind and Solar.

We have just been informed that North Carolina Gov. Roy Cooper has approved a Wind Energy Farm off the coast of North Carolina.  Millions of birds and other wildlife will be in jeopardy along with aquatic life forms.  Almost all of the blades and solar panels are manufactured in China.  This form of energy will also create an environmental hazard by our disposing of blades and panels with limited life-spans.

More disposal problems will ensue with batteries that must be part of the process to generate electricity when the sun does not shine or the wind does not blow. Solar and Wind is very expensive and will ultimately lead to even more utility rate increases.  The executives at Duke are not telling us the truth and all this claptrap about reducing and creating reliable energy is a hoax!

There is a glimmer of hope. Recently, 19 Republican Governors signed an Anti ESG Alliance, led by Gov. DeSantis of Florida. These courageous Governors declared their opposition to the use of Environmental (E), Social (S), and Governance (G) factors. They also declared in a joint statement that ESG throughout America is a Direct Threat to the American Economy, individual freedom, and our way of life!  They also believe that putting investment decisions in the hands of the Woke Mob to bypass the ballot box and injecting political ideology into investment decisions corporate governance is wrong. 

Our own State Treasurer, Dale Folwell, has divested from any investments that are predicated on ESG mandates!  He calls ESG “wacktivism.” Lagging performance of ESG investing caused a 22 percent loss in value in 2022, proving that these investment guidelines lead to under-performance.

From a legislative perspective, Governor Cooper, through his “Clean Energy Legislation” is betting the farm on Solar and Wind. In the end, this will lead to higher energy costs for North Carolina residents, unreliable intermittent energy, and will ultimately lead to a non competitive energy solution for our State. Also, reported in last month’s Carolina Journal, that our Governor and his brother will benefit from a solar farm installation on their property, providing land-rental income estimated at $1 million annually.  

I urge you to contact your State Representatives in the North Carolina General Assembly to enact legislation that will cancel the Governor’s Executive Order 271. This way taxpayers can look to the future for reliable low cost energy. Time is of the essence! China, Russia, and North Korea threaten our Electrical Grid System.