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Gov. Ron DeSantis drops the hammer on ESG funds

Florida Gov. Ron DeSantis announced new restrictions limiting the State Board of Administration from considering political factors — Environmental, Social, and Governance (ESG) — when investing the state’s money:

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Ka-boom:

Gov. DeSantis is so far ahead of anyone else in the GOP right now it’s scary:

Watch here:

And this move comes at a time when the whole ESG (scam) is beginning to unravel:

Elon Musk has often criticized ESG. . .

. . .and how it’s been “weaponized by phony social justice warriors”:

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Boy, it’s funny how one cold winter will upend years of ESG compliance!

And there are real-world implications to ESG implementation, especially in the shipping industry. From gCaptain:

In summary, shipping companies need to slow down their fleets to meet ESG targets but what this does is create a “massive reduction in fleet capacity”:

While older ships can be retrofitted with devices to lower emissions and meet EEXI requirements, analysts say the fix most ship owners will take is just to go slower, with a 10% drop in cruising speeds slashing fuel usage by almost 30%, according to marine sector lender Danish Ship Finance.

“They’re basically being told to either improve the ship or slow down,” said Jan Dieleman, president of Cargill Ocean Transportation, the freight division of commodities trading house Cargill, which leases more than 600 vessels to ferry mainly food and energy products around the world.

This strategy also reduces the amount of wear and tear on the vessel, which can help extend the life of the ship. But there is one ancillary effect: a potentially massive reduction in fleet capacity.

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And an unnecessary reduction in capacity could make the current food and energy crisis worse:

While the Index is designed to motivate shipowners and operators to invest in energy efficiency measures, it comes with unintended consequences. Most notably, slowing down ships to improve their energy efficiency could worsen the global food and energy crisis. The IMO and Poseidon Principles signatories should carefully reconsider their allowance for slow steaming and take into account humanitarian food and energy concerns when calculating ESG scores.

There is still time to avoid exacerbating the current food and energy crisis – it may even be possible to avoid famine and reduce carbon emissions – but it will require either the temporary abandonment of decarbonization goals – which would be a hard pill for the industry to swallow – or brave leadership from someone like Gary Vogel and the inclusion of humanitarian, food, and energy concerns in an already complicated set of ESG indexes and Poseidon Principles.

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