oh, of course, when you switch up a block with a voicemail, but i, you know, soon they do go to school. she's new. i use them with the situation is up when we do tulsa with have you heard of yesterday? it stands for environmental, social, and corporate governance. lots of buzzwords which are essentially interchangeable, with sustainable investing sorts, fully responsible investing or mission related investing. it's really nothing. no, it's the same concept being re branded over and over again into a pretty new package and a fancy new acronym. millennials are now the driving force behind

e s g. so what happens when these objectives of e s g lead to poverty? will be answering these questions and a lot more. i'm christy i and you are watching the cost of everything we're today. we're going to be taking a deeper look at this e. s g investing trends e s t has become a major driving force and in no other place has been more influential and destructive than the african country of gonna the central bank of gonna and the gonna association of bankers launched the country sustainable banking principles and sector guidelines in november 2019. furthermore, in may of 2021. the securities and exchange commission signed an agreement with the international finance corporation to help develop green bonds in gonna gonna ahead

of se score of 97.7 as the result of embracing a push for organic fertilizer and renewable energy. but the problems gonna appear to be facing includes a lack of consistent energy and food shortages. and it's not just in gonna africa. $54.00 countries are responsible for 2 to 3 percent of cumulative, carbon emissions from energy and industrial sources. these countries have missed the fossil fuel and industrial revolution. and while they have contributed virtually nothing to the current climate crisis, they will be the most affected by the changing weather patterns. now they're being told that they've missed the boat because these countries are being forced to not use their own fossil fuel. in an effort to promote a green western agenda. western governments and private banks and all the s t investors are denying them the opportunity to use fossil fuel and instead telling them that they should rely on solar and wind, but without helping them to pay for setting up the infrastructure. but what about

kenya? the new canyon president william rudo has made a promise to switch from fossil fuel to clean energy. so how can you implement the environmental, social and governments criteria for this we bring in collins kanadi, e s g and sustainability advocate as sustainable square. so collin, do you think it is hypocritical, that african nations are being asked to transition to greener energy even though they are not really the problem here? or i guess you could say they are a smaller problem when it comes to climate change. yeah, i'll take you buffy already did when you been for the garbage collection, no one can, don't much. you getting those will be home. you have to pay for the garbage and then the editor that we have with them. but he's never so out says when he's got to climate change, yes,

we might be making live and to force him to come when the machine you know, that are being made globally by the fact remains. when these got stuck. i forgot the more stuff that i think there is no time to ask how much your you are, you know, how much your your percentage is on these chemistry. and it's all about coming together and doing be that i got, i think most of the restaurant, i think immunity are only one device will be the most efficient. no. andre. and now western banks are not financing oil and gas projects anymore because of climate change concerns. those are quite valid concerns. but what did these african nations do without this financing? and how can they even develop into these instead in she was that the kind of financing that i've kept going for very long time. but then we all have to remember

there is a price to waive. you really want things to be better on the look. the other we feel we off was important business practices are responsible and socially you've got to practice. and so the to these we just done stand up one day until you're not finding them anymore. you know, it has to be a gradual process was if we do that, then we start getting another problem even before we solve the problem. so i from where i stand, even locally a, you know, financial institutions, they are financial institutions and you're saying a, you guys will, of what i found you. if you are doing these kind of activities, you have to switch to these other. so personally, i believe it's a good, it's a good move and that it's intended to create an good done that are results for purposes of making sure that you reduce that effect you in when you're creating an

environment. but i think it, it has to be done in a systematic on strategic way in that it doesn't end up creating a crisis even before we try to solve the one that of retina. and that, that's what i believe. yes. and nigeria is a huge oil producer, and it's vice president has said that no one in the world has been able to industrialize using renewable energy. yet. does he at a point? no, it's a point to con debate. you know, in enjoys it through these the kind of renewable energy that really enjoy africa isn't like more than 90 percent of which is under. if you likely we can really developed countries, especially in africa, isn't oil and gust just through oxygen can. sure. because he is what i believe i would tell you there is no country that's been able to develop themselves without

electricity, not all on the machine to around. in other words, don't have to use them less nowadays, i'll tell you the truth. i'm shocked. like i'm going down untruth which, you know, publics obviously go night there when i use electric vehicles on the low one from one diesel vehicles. and the truth is and understood the other side you see if i was using to ellen musk the other day when you sing when we started using these diesel, i'm better off the steam engine, so fine. and the truth is, well, we're going the diesel oil and gas has to, puking, funny to see if you can imagine if you came across the steam engine today, i'll just like make you feel the same way. this is gonna end. so to me, i believe that is, i don't of the past. the truth is you can develop with us very much in a very effective and that is when you read and now without help and financing from

devout nations. how will african countries able to build out their renewable energy infrastructure and how much costly or is it to build that infrastructure versus that for traditional fossil fuel? this is one area, one of the one is to do the reason why africa. we oh, well, yeah, right now it's because of the financing of the been shooting. gonna tell you what i'll give you an example in the country, for instance, again, we offer maybe the highest assuming dempsey or you're gonna find in africa. so we keep on getting these financing in terms of loans that we can even call them grants and build these financing does to us, is the government's stocks for us and i'm gonna pay the money. but when the taxes are, is that means of us using bodies, reduced inflation, now skyrocket. and these ends up making us bend us or us young

as you really. there are a few more than 12 countries. i know, and can we just not dependent on any of them young descended let's journal entry with it doesn't matter. you own the kind of steps that you'll make once you development, but that small one might us rather than digging our mothers sing along with the says, if you find yourself in our home, just stop thinking that the truth is we have to sit down and ask ourselves, well, how long? or how do we utilize to bowie hug and further develop? what do you think we can rather than, you know, think that external financing is de one that is gonna help us build infrastructures that will help you g, like the renewable energy. we have to start somewhere and keep developing and give you know, you are, you noticed it is no guarantees. was that happening again?

you know, i think there are lessons you are learning from other countries that really proves if you manage what you have effectively and use smart strategies, you know, create value across you while you chin. enjoy. not right now. i believe it's the step even. can you tell the staking we asked really. i was a flex. dunham. thank you so much for coming on. collins cannot e s g and stand ability advocate at sustainable square glenda. you know, i'm here with e. s. d programs may be well intentioned, but they are having a significant impact on countries and many places. so it's just a bad. how long is it gonna last? well, have my after the break. ah. a

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killer one. the initial be 1 o'clock a day or 2, but he also was a, i believe, says to subdue, i see the new student both. there's no rule you. mcglatian says do small to do both. what we've got to do is identify the threats that we have. it's crazy confrontation, let it be an arms. race is often very dramatic. development. only personally, i'm going to resist. i don't see how that strategy will be successful. very difficult arm time to sit down and talk

ah, welcome back to the cost of everything. where today we are talking about the cost of iasd policies around the world. while the goal of yes g movement might have had good intentions, it has now evolved into a marketing mouthpiece, littered with hypocrisy. the costs of implementing e s. d. principals are significant. so for most businesses, it is more beneficial to simply create false impressions about having incorporated e s t metrics into the business model. this is otherwise known as e s. j color washing. when companies claim to promote sustainability goals, social progress, equality, and diversity. while in reality, they are merely sugar coating the status quo in order to win over consumers and investors who want to support

e. s. u. principals. now to understand how this game is being played, you have to understand that the u. s. capital markets are dominated by passive investment funds like black rock state street and others. these funds on, on their clients behalf about a 5th of each s and p $500.00 member. that's quite a significant chunk of company stock. now imagine if you are one of these companies, you have to rely on these funds in order to stay afloat as they are your core shareholders that you have to make happy. and since the trend is now e s g, these funds now all require their holdings to be e s g compliant and be active participants in social change in order to get their investments. so as a company, you really have no choice but to adapt. and as we, as to the fund managers wishes, if you want to be included in his portfolio, this kind of top down enforcement creates an environment filled with hypocrisy as now. e s d becomes just a basic requirement on a checklist, not

a movement. that means anything for more or less bring in daniel grove, who is the director of the center for european policy studies in brussels to help us break it down. daniel, do you think this e s t trend is a short term fat, or do you actually think it is here to stay? here is something vicious here to stay because it corresponds to deep beliefs of many investments. perhaps more in europe in the united states. but there's a bottom up demand for e s g products and financial institutions, they deliver it. and therefore it's going to stay around for quite some time. and her company peak out on social issues. if you're a business that just makes widgets, should you be forced to take us down on anything, environmental or social, or is it enough to just produce good quality widget and give people good job with good wages? why can't companies just stay in their lane anymore?

i think most company would like to stay in the lane and just use their products. and i think for many of them that is actually possible over their fuel, which are more exposed perhaps in the energy sector. companies which have saw thing from a dubious countries, countries where human rights are not period respected. and i think these companies have to make an effort to show that then not looking only a profits, but also in take, take into account some of their values, which also the customers think are able desi, s, t and ross. they actually make a difference. our company is really beholden now to a higher standard or does the entire system still lack proper checks,

verification and accountability? yes, she is not really mature. i think granted stop it. it's about the big companies. where anyway, going along these lines. companies which anyway, wanted to follow the ears chica area. but now it's becoming more serious, becoming more serious because people are actually checking what companies are doing . and more and more, investors have discovered an interest in g type investing. and therefore, i think it will have an impact going forward. although so far the impact might be limited with one exception. i think they already have been some the impact on the oil and gas industry. we had last exploration because of history,

then we would otherwise have had and now you mentioned the possibility of the fall of the oil and gas industry. do you think these kinds of social pushes could change what companies and products are marketed and become successful? yes, there one here. yeah. where yes, she might be somewhat contract protective even in the sense that if the company is in the breast, at least spend less on oil and gas exploration. and even less than coal exploration that has to conflict ramp is, 1st of all countries which do not care about is g countries with poor human right. i might actually then increase their own expenditure and investment on exploration and therefore become major producer and also lack off investment. by the way, companies would mean that they will be somewhat less loyal,

available on the market. and therefore, there will be somewhat higher prices for gas or oil and energy in general. and then of course, it's the poorest the strongest. well, there are some tension there between the ecology and the social side. and now do you see s a investments and it's ripple of past almost benefiting the wealthy and being detrimental in creating a larger wealth? scott? no, i don't think the investment will have an impact. it might have marginally affected energy prices and therefore might have had a negative impact on on the distribution of income. but i don't think this is large enough compared to the bigger trends which we have seen in the, in the u. s. for example, over the last 20 years. but you must also see that over the last 2 years,

actually since corporate income inequality has been somewhat reduced. and therefore i think we can grow critically at e s g. but these larger forces, especially cost, post programs, are much more important. i was striving for equality and workplace diversity are great in principle. is there such a thing as too much woke notice in the workplace today where millennials are placing too much values in these qualities and that's harming the overall workforce? i miss, i'm likely to become an overall for the, for the workforce in this productivity. there might be few instances where the bulk never goes too far. but we did at the very beginning and many research, i find that at somewhat more diverse decision making make and isn't. it's better.

and since we have seen that the world is full of area unexpected chops, to have a more diverse decision making is actually good. well, you will make mistakes here and there. but on average, if you are more diverse, you're trevor. you're better bad for a more dangerous world and that overall, i would think our oil and gas company specifically being helped or harmed by the s g movement. and oil companies in the short term, had somewhat more difficult financial conditions. and that the time them. but now the situation is very different because the prices are so much higher and also people realize that we need some energy. and even if it's not cold, then we have gas, which is much cleaner than coal. and therefore,

i think companies which are the gaps business actually for the time being has nothing to fear from yesterday. and now our e s. t investments being directed into oil and gas companies simply as a desire to boost the bottom line return for funds. or how are these principles aligning with that of traditional whirl and gas companies. there's of course of all at more emphasis on the way the oil or the gas being produced. because even there, there are ways to have more or less emissions. and more importantly, for gas, it is now clear that much better to use gas than coal. and therefore, to some extent, it can claim that at least it is less than the alternative that's already one step forward. daniel graham, thank you so much for being here. now on this show,

each week we talk about winners and losers. today i'm focusing on the losers. the losers are the consumers who actually care. there are many people who really sincerely care about the planet about advancing social causes. but when all that gets twisted into a meaningless marketing phrase, yes, g investing becomes something that does more harm than good. it becomes the opposite of solving problems and instead just sugar coats the problem by re packaging it. as famously depicted in h b o silicon valley, every company wants to make the world a better place, which then just becomes a meaningless catch phrase. today's e s p efforts is like giving week grass to a cancer patient. there are misaligned incentives and the industry is just filled with hypocrisy every which way the public persona is that of the cigarette industry

in the 1970s which externally boasted about caring for their customers. * were simultaneously killing them. so in the end, what started out as truth becomes a last message, as companies try to capitalize on the hot new trend. the question is, will the real cost of e s p b in the countries and people it's a surprise while doing nothing to save a planet to care about. thanks for watching. i'm 50 i and i'll see you next time as we continue to break down the costs of everything. the ah, a deal

law exposure to you guys do you along with the project? with school? no, but other than the money don't love the schooling with what? i did with them. i look forward to talking to you

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a squad. so to handle most of the normal shuttle specially to with this, so there's up to engine you took. are you doing piecemeal? mm ah, the b, b c tried to pass off a photo of a don. yes. bill being destroyed by ukrainian forces for one hit by rush and strike our correspondence, investigate the site. i'm standing right next to this building right now was behind me. and i know for a fact that it was this, or if you're a barbara again, can you artic artillery shelling of peaceful civilians? it done. that's why you grade and not russia and epic making milestone. that's how china described the upcoming summit between beijing involved states as washington warrens middle eastern country.