Just a few years ago, ESG was all the rage in the banking and investing community as globalist governments in the western world focused on a failing attempt to subsidize an energy transition into reality. The strategy was to try to strangle fossil fuel industries by denying them funding for major projects, with major ESG-focused institutional investors like BlackRock and State Street, and big banks like J.P. Morgan and Goldman Sachs leveraging their control of trillions of dollars in capital to lead the cause.
But a funny thing happened on the way to a green Nirvana: It turned out that the chosen rent-seeking industries — wind, solar and electric vehicles — are not the nifty plug-and-play solutions they had been cracked up to be.
Even worse, the advancement of new technologies and increased mining of cryptocurrencies created enormous new demand for electricity, resulting in heavy new demand for finding new sources of fossil fuels to keep the grid running and people moving around in reliable cars.
In other words, reality butted into the green narrative, collapsing the foundations of the ESG movement. The laws of physics, thermodynamics and unanticipated consequences remain laws, not mere suggestions.
Making matters worse for the ESG giants, Texas and other states passed laws disallowing any of these firms who use ESG principles to discriminate against their important oil, gas and coal industries from investing in massive state-governed funds. BlackRock and others were hit with sanctions by Texas in 2023. More recently, Texas and 10 other states sued Blackrock and other big investment houses for allegedly violating anti-trust laws.
As the foundations of the ESG movement collapse, so are some of the institutions that sprang up around it. The United Nations created one such institution, the “Net Zero Asset Managers Initiative,” whose participants maintain pledges to reach net-zero emissions by 2050 and adhere to detailed plans to reach that goal.
The problem with that is there is now a growing consensus that a) the forced march to a green energy transition isn’t working and worse, that it can’t work, and b) the chances of achieving the goal of net-zero by 2050 are basically net zero. There is also a rising consensus among energy companies of a pressing need to prioritize matters of energy security over nebulous emissions reduction goals that most often constitute poor deployments of capital. Even as the Biden administration has ramped up regulations and subsidies to try to force its transition, big players like ExxonMobil, Chevron, BP, and Shell have all redirected larger percentages of their capital budgets away from investments in carbon reduction projects back into their core oil-and-gas businesses.
The result of this confluence of factors and events has been a recent rush by big U.S. banks and investment houses away from this UN-run alliance. In just the last two weeks, the parade away from net zero was led by major banks like Goldman Sachs, Morgan Stanley, Citigroup, Bank of America, Wells Fargo, and, most recently, JP Morgan. On Thursday, the New York Post reported that both BlackRock and State Street, a pair of investment firms who control trillions of investor dollars (BlackRock alone controls more than $10 trillion) are on the brink of joining the flood away from this increasingly toxic philosophy.
In June, 2023, BlackRock CEO Larry Fink made big news when told an audience at the Aspen Ideas Festival in Aspen, Colorado that he is “ashamed of being part of this [ESG] conversation.” He almost immediately backed away from that comment, restating his dedication to what he called “conscientious capitalism.” The takeaway for most observers was that Fink might stop using the term ESG in his internal and external communications but would keep right on engaging in his discriminatory practices while using a different narrative to talk about it.
But this week’s news about BlackRock and the other big firms feels different. Much has taken place in the energy space over the last 18 months, none of it positive for the energy transition or the net-zero fantasy. Perhaps all these big banks and investment funds are awakening to the reality that it will take far more than devising a new way of talking about the same old nonsense concepts to repair the damage that has already been done to the world’s energy system.
David Blackmon is a contributor to The Daily Caller News Foundation, an energy writer, and consultant based in Texas. He spent 40 years in the oil and gas business, where he specialized in public policy and communications.
Vaccines may not be the most spectacular of all the miracles of modern medicine, but they are arguably the most beneficial. They have virtually eliminated the infectious diseases of childhood, including measles, diphtheria, mumps, rubella, smallpox, and polio that were once the sources of unimaginable worry and grief for parents everywhere.
Vaccines are estimated to have saved over 150 million lives in the last five decades, cutting infant mortality by 40% globally and over 50% in Africa. Closer to home, of all babies born in the U.S. in 2001 alone, a 2005 study showed that vaccines prevented 33,000 deaths and 14 million illnesses. Vaccines are also the most cost effective of all medical interventions, easily yielding the greatest amount of benefit received per dollar spent.
Like all medical treatments, vaccinations have side effects and risks, but they are rare and mostly insignificant, like a sore shoulder. There was for some time a concern that vaccines or the mercury in them caused autism, understandably so because autism was becoming much more frequently diagnosed just as vaccine use was expanding worldwide.
The scientific community took the threat seriously. Today, many exhaustive studies involving hundreds of thousands of children have all shown the same thing: vaccines don’t cause autism.
Yet in spite of the record of success and all the lives and dollars saved, experiences with COVID have led Americans to become less trusting of vaccines. Before COVID, America was a world leader in vaccination rates with 95% coverage. Since 2020, though, the percentage of children receiving the recommended vaccines has declined by 2% or about 70,000 children.
The result has been a resurgence of childhood diseases once considered vestiges of the past. Measles was considered to be entirely eliminated in 2020, yet last year multiple outbreaks sickened hundreds of children. Cases of chickenpox, whooping cough, and pneumonia are all on the rise. Trend lines don’t look good.
Clearly, millions of Americans have become skeptical of medical authority, especially that coming from government. What happened to cause Americans to adopt behaviors that re-introduced these diseases into the population and caused needless suffering?
The answer is that our public health establishment became politicized, shilling for approved government policy rather than acting as honest, reasonably humble stewards of the public good. The bonds of trust were broken because we were often manipulated rather than informed. We were proselytized rather than respected. Vaccines were rushed to market and their benefits oversold.
Fairly or not, the bulk of criticism has centered on Dr. Anthony Fauci, the Chief Medical Adviser to the President on COVID. Dr. Fauci was a respected, competent public health physician until he became a celebrity. Signature prayer candles, action figures, and other trappings apparently caused him to lose his way.
For example, Dr. Fauci early on warned against dependence on mask wearing, citing “unintended consequences” and noting that they didn’t provide much protection. Yet he later repeatedly overstated the known benefits of masks and never disavowed his previous declarations, leading many to conclude that his counsel seemed rooted more in shifting public perceptions than actual evidence.
Fauci also had the exasperating habit of changing his estimate regarding the percentage of the population needing to be vaccinated to achieve herd immunity, the point at which protection effectively extends to all, vaccinated or not. He finally admitted that he changed his statements based only on his assessment of what the public was ready to hear.
He recommended mandating six feet of distance from others in public, although he later admitted it was nothing more than a personal guesstimate. He initially was an enthusiastic supporter of gain-of-function research in China’s Wuhan lab, but later evaded questions and denied involvement when the consequences of the catastrophic lab leak became known.
What Fauci left unsaid was equally harmful. He neglected to point out that participating in a George Floyd riot was as unhealthy as mingling in any other crowd in 2020 and that there was no evidence supporting school shutdowns.
Fauci indignantly informed his critics that “I am the science.” But the days of authority-based science are past. Fauci’s self-serving deceptions broke the trust relationship with the American people. We may be reaping the consequences for years to come.
Dr. Thomas Patterson, former Chairman of the Goldwater Institute, is a retired emergency physician. He served as an Arizona State senator for 10 years in the 1990s, and as Majority Leader from 93-96. He is the author of Arizona’s original charter schools bill.
With the new year here and the 2025 legislative session officially underway, Democrats are already proving they can’t learn a lesson. Led by Governor Katie Hobbs, one of their primary targets is once again…you guessed it…Arizona’s Empowerment Scholarship Account (ESA) program. Stop us if you’ve heard this before.
You would think that Democrats would find a different target after getting trounced in an election where teachers’ unions and other anti-school choice groups made it a referendum on school choice. But no. After 2 ½ years and multiplefailures trying to overturn school choice, they’d rather double down on their same tired and out-of-touch policies.
This time, Hobbs and the Dems say they want to roll back ESAs because of all the supposed “fraud” in the program. Never mind the fact that the rate of waste, fraud, and abuse in the ESA program is extremely low. Never mind the fact that ESAs have proven to be far more financially accountable than other government programs. Democrats don’t care about facts. Instead, they want to regulate this popular program while Arizona’s Democrat Attorney General Kris Mayes asks for more funding to investigate ESA fraud.
But here’s a message for Hobbs, Mayes, and the rest of the Democrats:
If you care so much about fraud, why not investigate Arizona’s public school districts?
They could start with Isaac Elementary School District (IESD)…
Shortly before his death in 2006, I had the privilege of interviewing Milton Friedman over dinner in San Francisco. The last question I asked him was: What are the three things we had to do to make America more prosperous?
His answer I have never forgotten: “First, allow universal school choice; second, expand free trade; third and most importantly, cut government spending.” That was long before Presidents Barack Obama and Joe Biden came along.
There are not too many problems in America that cannot be traced back to the growth of big and incompetent government.
It is notable that the two big bursts of inflation during modern times both occurred when government spending exploded. The first was the gigantic expansion of the LBJ “war on poverty” welfare state in the 1970s with prices nearly doubling, and then the post-COVID era spending blitz in the last year of Trump and then the Biden $6 trillion spending spree with the CPI sprinting from 1.5% to 9.1%.
Coincidence? Maybe. But I doubt it.
The connection between government flab and the decline in the purchasing power of the dollar is obvious. In both cases the Washington spending blitz was funded by Federal Reserve money printing. The helicopter money caused prices to surge. (I still find it laughable that 11 Nobel prize-winning economists wrote in the New York Times in 2021: Don’t worry, the Biden multi-trillion-dollar spending spree won’t cause inflation.)
The avalanche of federal spending hasn’t stopped even though COVID ended more than three years ago. We are three months into the 2025 fiscal year and on pace to spend an all-time high $7 trillion and borrow $2 trillion. If we stay on this course, the federal budget could reach $10 trillion over the next decade.
This road to financial perdition cannot stand. It risks blowing up the Trump presidency.
Upon entering office, Trump should on day one call for a package of up to $500 billion of rescissions — money that the last Congress appropriated but has not been spent yet. Cancelling the green energy subsidies alone could save nearly $100 billion. Why are we still spending money on COVID?
We could save tens of billions by ending corporate welfare programs — such as the wheel barrels full of tax dollars thrown at companies like Intel in the CHIPS Act. The Elon Musk Department of Government Efficiency is already identifying low hanging fruit that needs to be cut from the tree.
Along with extending the Trump tax cut of 2017, this erasure of bloated federal spending is critical for economic revival and for reversing the income losses to the middle class under Biden.
This is especially urgent because the curse of inflation is NOT over. Since the Fed started cutting interest rates in October, commodity prices are up nearly 5% and the mortgage rates have again hit 7% — in part because the combination of cheap money and government expansion is a toxic economic brew — as history teaches us.
Nothing could suck the oxygen and excitement out of the new Trump presidency more than a resumption of inflation at the grocery store and the gas pump. Trump’s record-high approval rating will sink overnight if the cost of everything starts rising again.
Cutting spending won’t be easy. The resistance won’t just come from Bernie Sanders Democrats. Trump will have to convince lawmakers in his own party — many of whom are already defending green-new-deal pork projects in their districts.
This is why Trump should make the case in his inaugural address that downsizing government is the moral equivalent of war. Borrow a line from Nancy Reagan: just say no — to runaway government spending. Say yes to what Friedman titled his famous book: “Capitalism and Freedom.”
Stephen Moore is a contributor to The Daily Caller News Foundation and a visiting fellow at the Heritage Foundation. His new book, coauthored with Arthur Laffer, is “The Trump Economic Miracle.”
President-elect Donald Trump has a big job ahead of him in restoring common sense and sanity to federal energy policy when he takes office on January 20. The last four years in this realm can more accurately be characterized as a series of ill-considered, irrational scams than as any sort of coherent, productive set of policies. It has been four years of bad policies — largely based on crass crony capitalism principles — that has done severe damage to America’s level of energy security.
There is no doubt that cleaning up this mess left behind by President Joe Biden and his appointees will take the full four years of Trump’s second term. But the new president will be able to take some fast actions to jump-start the process as part of his first 100 days agenda.
With respect, here is a list of 10 quick common-sense actions Trump can take to begin to restore America’s energy security:
1 — Rescind Biden’s ridiculous permitting “pause” on LNG export infrastructure. Of all the Biden energy policy scams, this was perhaps the most heinous and unjustified of all. Terminate it immediately and get this American growth industry back on track.
2 — Terminate U.S. participation in the Paris Climate Agreement and in any future annual COP conferences sponsored by the United Nations. Halt the spending of federal dollars related to any and all goals and commitments related to either of these wasteful processes.
3 — Terminate the office of Senior Advisor to the President for International Climate Policy, aka “the Climate Envoy,” currently occupied by John Podesta and eliminate its budget.
4 — Turnabout being fair play, Trump should invoke a “pause” of his own related to permits and subsidies going to Biden’s pet offshore wind boondoggle. The pause would be justified by the need to conduct a truly thorough study on the potential impacts of those massive developments on marine mammals, seabirds, and the commercial fishing industry. Invoke the “precautionary principle” that has been ignored by Biden regulators related to these costly and possibly deadly projects.
5 — Order the Interior Department to immediately and aggressively restart the moribund oil-and-gas leasing program on federal lands and waters. Direct the Interior Department Inspector General to investigate the Biden-era manipulations of these programs for potential criminal violations.
6 — Form an interagency task force to recommend ways the executive branch of government can act to streamline permitting processes for energy projects that do not require congressional action. Congress has proven several times now that it is incapable of passing legislation in this arena.
7 — Place an immediate hold on all green energy subsidies pending a full compliance review. This should include any and all subsidy programs that were part of the IRA or the 2021 Infrastructure law. This review should also include suggested reforms to qualification requirements for these subsidy programs in light of the high percentage of bankruptcy filings by unsustainable companies that have benefited from these subsidies.
8 — In light of the Supreme Court’s recent recission of the Chevron Deference, order the Environmental Protection Agency to review the rationale for regulating atmospheric carbon dioxide, aka “plant food,” as a pollutant under the provisions of the Clean Air Act.
9 — Order an interagency review of the U.S. power grid and transmission infrastructure as they relate to national security concerns. Include a special focus on the current, growing trend of major tech firms locking up power generation assets for their own specific needs (AI, data centers, etc.) which might deny generation capacity that would otherwise be dedicated to the public grid.
10 — In light of recent reports of Biden regulators steering billions of dollars of IRA and other green energy funds to NGOs to provide funding for anti-fossil fuel propaganda, lawfare, and other abuses of the legal system, order an immediate freeze on all such spending pending a formal review.
In reality, this list could consist of hundreds of high priority items for the new administration to undertake. Such is the level of damage that has been wrought on American energy security by the outgoing administration.
But executing these ten items in the early days of his second term would represent a good start and place the country on a path to recovery. We wish Trump and his appointees the best of luck in restoring U.S. energy security.
David Blackmon is a contributor to The Daily Caller News Foundation, an energy writer, and consultant based in Texas. He spent 40 years in the oil and gas business, where he specialized in public policy and communications.
Arizona’s 2023 Abortion Report, released late last month, uncovers a dark truth: abortion in our state disproportionately targets minority communities. The data reveals that Hispanic and Black women are overrepresented in the number of abortions performed, far exceeding their share of Arizona’s population.
According to the report, Hispanic people accounted for 47% of all surgical abortions in 2023, while U.S. Census data shows they make up only 32% of the state’s population. Black people represented 11% of surgical abortions despite only being 6% of the population. Meanwhile, white people, who make up 53% of Arizona’s population, accounted for 30% of surgical abortions. These numbers reflect a decade-long trend: Hispanic and Black women consistently make up a higher percentage of abortions than their population percentages would suggest. This raises serious concerns about whether the abortion industry is disproportionately targeting minority communities.
The numbers aren’t just statistics. They tell a story of communities being disproportionately affected by abortion. Historically, the abortion industry has faced criticism for its roots in eugenics and its targeting of minority neighborhoods. Arizona law (ARS 13-3603.02) prohibits abortions based on race or sex, but these statistics make it clear that the impact of abortion on minorities remains profoundly unequal. This is not freedom of choice—it’s exploitation.
The sheer volume of abortions performed is heartbreaking. In 2023, Arizona celebrated 77,881 live births. At the same time, 12,705 babies were surgically aborted, not including chemical abortions. This means 14% of the babies who should have been part of our communities last year never had the chance to live. That’s not just a statistic; it’s a profound loss of human potential and a tragic reminder of the lives slaughtered by abortion.
Adding to this tragedy, Governor Katie Hobbs has called for an end to the Arizona Abortion Report, calling it “an attack on our freedom” and claiming it should not exist. But this report is not about attacking freedom—it’s about transparency and accountability. Eliminating it would obscure the truth, making it harder to see how abortion disproportionately impacts minority communities in our state.
The abortion industry’s targeting of Hispanic and Black women is not an accident—it’s a calculated strategy rooted in exploitation and profit. The 2023 Abortion Report doesn’t just expose chilling statistics; it exposes a system that sacrifices the most vulnerable—both mothers and their unborn children—for financial gain. This isn’t freedom, and it isn’t healthcare. It’s a disturbing reminder that the abortion industry thrives by exploiting the very communities it claims to serve. How much longer will we allow this silent genocide to continue before we confront the racism at its core?
Katarina White serves as Board Member for Arizona Right to Life. To get involved and stay informed, visit the Arizona Right to Life website.
