AUGUST 21 — I have written this elsewhere in some details and do not want to sound like a broken record. As Elon Musk would have put it, it is satanic, quote “Elon Musk says “ESG (environmental, social and governance) is the devil” with tobacco firms trouncing Tesla in social responsibility ratings”. This is not me saying it, it’s a headline from Yahoo Finance.
Why then is Bursa Malaysia and Bank Negara parroting this satanic ideology that is promoted by the western oligarchy interest through their institutions such as WEF and the IMF. Do we Malaysian not have our own individual moulds and intellect? Were we not the very nation that went our own way from the IMF consensus in 1998, to the point that we beat the oligarchical greed of one George Soros?
Eighty-eight per cent of companies in the S&P 500 on the New York Stock Exchange is currently controlled by just three investment funds, BlackRock, Vanguard and State Street. All pushing these ESG agenda and ideology as baits for their investment. The total asset of the three funds amounts to more than US$18 trillion (RM83 trillion). Only two nations on earth, the USA and China, has a GDP bigger than that. This is a monopoly of power and neo-colonialism of global capitalism unprecedented in history, first in their countries than the world. #Larry Fink, the CEO of BlackRock (with an asset fund of US$9 trillion), is the emperor of the world, more powerful than the President of the United States.
Should Malaysia bow and prostrate to this god of the ESG religion and the satanic western oligarchs that wield such powers through the IMF, WEF with the Soros and the Larry Finks of this world in Davos? Should we in Malaysia, our government, our Bursa Malaysia and Bank Negara lick their boots and be beggars to their absolutions and have our banks, institutions and corporations be slaves to their tenets and rules in order to receive their satanic monies? Is that what we have become, unashamed slaves to our new colonial masters? It’s time to stop this nonsense that is killing our national economic growth.
What has ESG achieved ever since its promotion? All that our entrepreneurs and business community has seen are increases in costs without corresponding productivity or revenue. We have seen increasing unproductive administrative costs and higher energy costs including the subsidising of unproductive industries such as renewable energy at the expense of taxpayer funds through government grants and subsidies.
Worse still, the implementation of ESG initiatives has practically destroyed the ability of our oil and gas businesses to raise funds from domestic banks and investors; the very industry that provide the cheapest form of energy and the leading natural resource and engine of growth for the Nation. How stupid can our authorities get by curtailing the growth of the largest natural resource that can be exploited safely to make Malaysia a huge gas economy? This is also not to mention the very healthy resource of our palm oil industry that has been villainise by the ESG ideologues.
Has there not been a prioritising of good governance in our businesses from the day Bursa Malaysia (or Malaysian Stock Exchange, as it was formerly known) was formed? Then why is there this need of such redundancy in ESG? The answer is simple, it helps to camouflage the so called “environmental” and “social” agenda of the hegemony of western liberal neo-colonialist capitalists.
Malaysia, our government, Bank Negara and Bursa Malaysia must make a strong and coordinated stand against this hegemony of these western capitalist imperialism. We have an abundance of gas that can be exploited at low cost to spur our whole economy by a national gas initiative. Why are we not doing it? Why do we need to pray at the altar of this ESG index gods such as Larry Fink, Tim Buckley, Jared Chappel or multi-millionaires who made money from their influence such as Al Gore, to please western capitalists for the sake of their cash? I keep hearing the excuse that we need to comply in order to raise funds. Really? How much of a beggar and slaves are we?
What is appropriate is for the CEO of Bursa and the Government of Malaysia to table the roaring success of ESG to the public. Let us see what they have to show for it. Instead, we will show how these “hot” money from these satanic ESG funds has made our country and its economy subservient to their rules and tenets by having our institution enforcing their ways on our banks, businesses, stock exchange and even the government and its officials. We are now governed by the emperors of western capitalists.
To conclude, I wish to state that even the S&P rating agency itself has now dropped the ESG index in their evaluation of companies. They already know.
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The post #ESG is nothing but a satanic Western ideological promotion — Tengku Ngah Putra appeared first on Energy News Beat.