JP Morgan CEO Jamie Dimon is reported to be worried about high inflation due to the Ukraine war. He and many western corporate and government leaders, media, keep blaming the Ukraine war and not the sanctions. Ukraine war is mainly over eastern territories Crimea and Donbas region + NATO membership. Sanctions are about oil-gas-coal supply and prices, about wheat-corn-poultry-urea-ammonium supply and prices, about zinc-nickel-magnesium-aluminum supply and prices.
Dimon's focus on ESG financing greatly contributed to global inflationary pressure. Underinvestment in oil gas coal while over-investing in intermittent RE already showing in higher inflation in EU and US compared to many countries in the world.
See Dimon's ESG, $285 B in 2021 alone, https://www.jpmorganchase.com/news-stories/jpmc-releases-2021-esg-report. Endless blaming of Ukraine war is just CYA move
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The other day, former NEDA Secretary Ciel Habito wrote a good paper about the need for higher PH exports, https://opinion.inquirer.net/153456/doing-a-vietnam.
Among the policy reforms, he failed to mention, or ignored to mention, that VN, ID, MY, TH, SG, have high merchandise exports because they have high fossil fuel use. Manufacturing plants for exports need lots of energy -- stable, predictable, dispatchable, available 24/7, no blackout even for a minute, even if the wind does not blow, even if the Sun does not shine.
There is clear pattern actually especially for VN and ID that he repeatedly mentioned -- as they increase their coal power, their merchandise exports also increase.
In 2020, ID, VN and MY coal power generation were 181, 119, 90 terawatt-hours (TWH) respectively. PH has only 58 TWH from coal. 1/2 of VN, 1/3 of ID.
SG and TH use more gas than coal, still fossil fuel. And they have high exports too.
In 2017, Ciel lobbied hard through his column in PDI to over-tax coal, he proposed coal tax to rise from P10/ton to P600/ton. Coal tax was not part of TRAIN orig bill, only petroleum products. With his consistent lobbying, and followed up by Loren Legarda in the Senate, coal tax was included in the TRAIN law, from P10/ton to P150/ton.
If we want to expand our exports big time, we should have more fossil fuel plants big time too. But climate drama will forever prevent us from achieving that. In which case we shd have more nuke power plants.
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Some good articles recently that I saw, enjoy.
1. The ESG Community Lacks an Understanding of What Crude Oil is Used For
by Ronald Stein May 6, 2022
https://oilmanmagazine.com/article/the-esg-community-lacks-an-understanding-of-what-crude-oil-is-used-for/
Unintended consequences of the ESG rage ridding the world of crude oil usage would be the restricted supply and resultant inflationary pressures on the limited supply of products and fuels manufactured from crude to meet growing demands that support:
Asphalt for roughly sixty-five million miles of roads in the world.
Tires for the 1.4 billion vehicles in the world.
Fertilizers to feed the eight billion in this world on an increasingly resource-stretched and crowded earth.
Medical supplies that are primarily made from oil derivatives.
Jets that comprise more than 50,000 aircraft for military, commercial, private and the President’s Air Force One.
Merchant ships that comprise more than 53,000 vessels that move products throughout the world.
Vehicles that are mostly made of plastics.
Renewable components of wind turbines and solar panels that are made from oil derivatives.
2. A Global ESG System Is Almost Here: We Should Be Worried
by Jack McPherrin June 1 2022
https://www.theepochtimes.com/a-global-esg-system-is-almost-here-we-should-be-worried_4501543.html
Destroying free-market capitalism in favor of a new “stakeholder” model, in which global elites hold all the power, has been their objective for years. A single ESG system gets them much closer to this goal, and will be significantly more effective at eroding national sovereignty, circumventing democratic processes, coercing companies into compliance, and ultimately restricting individual choice.
3. World Economic Forum Urges People to Eat Seaweed, Algae and Cacti to Save the Planet
Paul Joseph Watson 30 May, 2022
https://summit.news/2022/05/30/world-economic-forum-urges-people-to-eat-seaweed-algae-and-cacti-to-save-the-planet/
World Economic Forum technocrats are urging people to ditch meat and other foods deemed to be harmful to the planet and instead consume “climate beneficial foods” such as seaweed, algae and cacti.
The WEF made the call as it wrapped up the 2022 meeting of global elitists in Davos, Switzerland.
4. Watch Western Sanctions On Russia Boomerang: A Global Energy And Food Crisis In The Making
Tilak Doshi May 26, 2022, 10:21am EDT
https://www.forbes.com/sites/tilakdoshi/2022/05/26/watch-western-sanctions-on-russia-boomerang-a-global-energy-and-food-crisis-in-the-making/?sh=434081f1253c
Russia is a major food producer, being the world’s third largest wheat producer and leading net exporter. It is also the world’s largest fertilizer exporter and ranks number three in aluminium exports and number four or five among the world’s largest iron and steel exporters (depending on whether EU as a whole is ranked in this list). It is also a leading exporter of key industrial metals such as palladium, platinum, nickel and copper which are critical to the West’s ambitions for the “energy transition” to renewables such as wind and solar power and electric vehicles. Most critically, Russia is a heavyweight fossil fuel exporter in world markets. Fossil fuels, it should be noted, still account for some 80% of global energy consumption. It is the world’s largest natural gas exporter, the 2nd largest oil exporter (after Saudi Arabia) and the third largest coal exporter (after Australia and Indonesia).
5. What is the Full Cost?
by Kip Hansen – 20 May 2022
https://wattsupwiththat.com/2022/05/20/what-is-the-full-cost/
“Germany has reached a wind/solar share for gross electricity production of ~28%. The primary energy share of wind and solar (Note 2), however, was still only 5%. To achieve this “transition”, Germany’s installed power capacity had to double (Figure 2) [ above ]. Consequently, the renewable energy sector grossly underperformed, compared to its investment in real energy terms, and Germany’s electricity prices reached the highest among the G20.”
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