patterns now they're being told that they have 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 government 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 call and do you think it is hypocritical, that african nations are being asked to transition to green our 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've been through the garbage collection, no one can know much. you getting those will be home. you have to pay for the garbage and it's been edited. that will all be the same but that, but he's never. so out is when he's got to climate change. yes, we might be making live and my name isn't, you know, that's being made globally about the fact remains when these got stuck. i forgot the more stuff. so i think there is no time to ask how much your you are, you know, how much your your percentage is to the contribution of all these clemency defects . it's all about adding together and when visiting words. if we start asking yourself that richard, i have seen him into your only one continental title. these things were whispered

machine was a mission, a laundry one. and now western banks are not financing oil and gas projects anymore because of climate change concerns. those are quite valid concerns, but what do these african nations do without this financing and how can they even develop the truth is it's challenging because that the kind of financing that has kept going for a long time. and then we all love to remember, there is a price to face if you really want things to be met on the of look the other way and say we of practice, responsible business practices are responsible in the social effect to practically . so the truth is, you just come, stand up one day and say we're not finding them anymore. you know, it has to be a gradual process was a, we do that, then we start getting out of that problem even before we solve the problem. so i from what i stand, even locally a, you know, financial institutions,

they are financial institutions and just say a, you guys will find you if you are doing these kind of activities, you have to switch to these other. so boss, molly, i believe it's a good, it's a good move and it's intended to create an good done better results for purposes of making sure that we reduce that. he said to me, am only 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 as vice president has said that no one in the world has been able to industrialize using renewable energies. yet. does he at a point? no. it's a point to con debate. you know, in enjoys it through these kind of renewable energy that really enjoying africa

isn't like more than 2 percent of which is under. if you, rightly we can really developed countries, especially nautica little doyle and gust is true. but in control. because he is what i believe i would tell you there is no country that's been able to develop themselves about electricity on the machine to rally. not always do enough to use them like nowadays i'll tell you the truth. i'm shocked and i'm going down untruth . reach, you know, public's obviously go on night there when i use electric vehicles on low one from one diesel vehicles. and the truth is and understood the other side you see if i was listening to ellen musk the other day when you were saying when we started using these diesel, i'm better off the steam engine slow, fine. and the truth is where we are going. the diesel,

the oil and gas to stop looking funny to us. you can imagine if you came across the steam engine today, i'll that might make you feel the same way. this is gonna end. so to me, i believe that is of those of the past, the truth is we can develop less very much in a very effective and that is young and, 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 i want to be honest with you. the reason why africa, where we are right now is because of the financing. have you been receiving honor tell you what? i'll give you an example in the country. for instance, again, we offer maybe the highest assuming that see if you're going to refine in africa.

so we keep on getting these financing in terms of loans that we can even call them grant. these financing does to us, is the government's stocks for us. it doesn't come with the money, but when the taxes are, is that means of us using bar is reduced inflation, no skyrocket. and these ends up making us band us, or as strong as you really the are a few more than 12 countries right now. again, which are more dependent on in some of the st. louis journal entry with it doesn't matter in the kind of steps that she'll make once you development, but that small on martin's rather than digging our mothers the saying in our language classes. if you find yourself in our home, just stop digging. so the truth is, we have to sit down and ask ourselves how long or how do we utilize which we

have and further develop? what we think we can rather than, you know, think that external financing is de one that is gonna help us build infrastructures that will help us. you, july, the renewable energy. we have 2 steps to more and keep developing and give you know, you are, you noticed it is no, there it is. was in that happened in a day. oh, 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 value chin is teen to a lot. i'm not right now. i believe it's the step even kenya, shelby speaking, we actually are obligate focused on finance. thank you so much for coming on

collins kennedy e as g and stand ability advocate as sustainable square blunder. avia with e s. d programs may be well intentioned, but they are having a significant impact on countries in many places. so it's just a bad. how long is it gonna laugh? well, have my after the break. ah, ah ah .

hitting the road going smoke rolls, killing school with medicine, both, both the models you need to do you know some schools with a with a grain already. a lot of them bought a home for them. boss will grow you beulah gallia, busy wallers, beneath that mystery levy knew that the girl sonya is not a sub with

us. the 1st one that you know with, with a, with water is thrown in the older. but when the snow falls apart or step in wisconsin, taught them last time. so what i feel is when from the, from kaiser hours from them to the really do it in bt dufrane, you could keep the way in the politicians killed that on the ship or with a little bulk them in the crucial chest middle school was leaving us with the

loading is not, but if you still know what you could look well, they need to work with us. we can you video to fix that? will be a gross issue. the missed piece. they need to know something more than you can give us his net, because he thought he is supposed to happen with this material. but even in the survey, you need to locate those slide arabic. you still open it, it doesn't help with me. she go, she returns with your doctor normally square yet, so to do, most of them will shuttle specially choosing a oh well, oh no one?

no, sir, no, no. hon. who a job? no, no. well, go more shrill than what they should end up unit 731 was a unique organization in the history of the world. what they were trying to do was to simply do nothing short and build the most powerful and most deadly biological weapons program. that the world had ever known and grill. oh, you know, to production, it was it said you sure, sure. i did that. they're not killed when you saw new rochelle. he on more more general margaret thought is meant nguyen from all one of our funding and i got the lamb sale. i got ya. i got on monday. i wish to know about jewelry. whoa, whoa,

knew he didn't. oh gosh, more polished enough, jr. let's i had to put all the sco their mother and all our buddy bill could. you could help us out. nice. oh boy, that's good to go that route on what the on this the wow. she, my and new owner, and all i can send more on all said mom, good student, i don't. the jojo in love on all of them are going to give us together with the welcome back to the cost of everything. where today we are talking about the

cost of the policies around the world. while the goal of the s g movement might have had good intentions, it has now evolved into a marketing mouthpiece, littered with hypocrisy. the costs of implementing the principles are significant. so for most businesses is more beneficial to simply create false impressions about having incorporated su metrics into the business model. this is otherwise known as e s g 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 su 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 fis 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 is the trend is a short term fat,

or do you actually think it is here to stay here? it's something vicious here to stay because it corresponds to deep beliefs of many invest. that's 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 but 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 you say, dubious countries, countries where human rights period respected. and i think these companies have to make an effort to show that then not looking only at profits, but also in take, take into account some of the values which also customers think are important. desi, s t invest. 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, g 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 become 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 is one area where you might be somewhat counterproductive,

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 country for human right. i might actually then increase their own expenditure and investment on exploration and therefore become major producers and also lack off investment. by the way, companies would mean that they will be somewhat less oil available on the market. and therefore, there will be somewhat higher prices for gas or oil and energy in general. and then of course, hits 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 effects almost benefiting the wealthy and being detrimental in creating a larger wealth? got no, i don't think the investment would have an impact. it might have marginally affected energy prices and therefore might have had 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 can see that over the last 2 years, actually since corporate income inequality has been somewhat reduced, and therefore, i think we can look critically at e s g. but these larger faucets, especially post 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? ms. i'm likely to become an overall for the, for the workforce. and this productivity might of course be 2 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 this is better. and since we have seen that the world is full of very unexpected shops to have a more diverse decision making actually good. well, he will make mistakes here and there. but on average, 2 or more diverse trevor, your better bad for a more dangerous world. and that overall, it's

a good thing. our oil and gas company specifically being helped or harmed by the s g movement. oil companies in the short term, had somewhat more difficult financing conditions and that to 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 greater 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 oil and gas company? 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 turn of 2 that's already one step forward. daniel growth. 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, e s 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 effort 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 while 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 the 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 cost of everything. ah ah i when you, when i, when you lift to lift a closer to the, with a

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ah ah, and image of a building destroyed by ukraine is used by the baby see, to illustrate russian strikes in the region. correspondence investigates the side of the incident. i'm standing right next to this building right now was behind me. and i know for a fact that it was destroyed during barbaric antibiotic artillery. shelling of people civilians had done this by ukraine and not rush up. any problem making milestone for the multi poll as well as the saudi crown point. china's president for a key summit i made waning us influence the in the middle class that there was. so i did experiment, bounce out some critiques of tend to the environmental trial in the british.