Summary of Tammy Nemeth: Demonizing hydrocarbons | Tom Nelson Pod #122

00:00:00 - 00:50:00

Tammy Nemeth, a historian and oil and gas expert, discusses the movement towards environmental social governance (ESG) and the new global standards for ESG financial disclosures. These standards could redirect investment away from hydrocarbon companies and towards renewable energy. Furthermore, she talks about the push for mandatory climate disclosures in various countries and expresses concerns about the complexity and potential ineffectiveness of estimating emissions. Nemeth also raises questions about the biased rules and favoritism towards renewable energy sources and criticizes the demonization of hydrocarbons. She highlights the potential consequences of removing investment from the oil and gas industry and discusses the treatment of indigenous groups in pipeline disputes. Additionally, Nemeth emphasizes the need for honesty and transparency in explaining the implications of climate policies to the public.

• 00:00:00 In this section, Tammy Nemeth, a historian and oil and gas expert, talks about the movement towards environmental social governance (ESG) and the new global standards for ESG financial disclosures. These standards require companies to account for various aspects of their operations, including emissions and social and governance aspects. This would potentially redirect investment away from hydrocarbon companies and towards renewable energy. These new standards also hold companies financially liable for their statements, projections, and predictions regarding their sustainability efforts. Additionally, there is a push to hold designated individuals on the board responsible for ESG reporting. Environmental NGOs have attempted to hold board members personally liable for not doing enough on climate plans, although these attempts have been thrown out by the UK Court so far. However, it is likely that NGOs will continue to seek personal liability for companies in other jurisdictions. Nemeth views the reluctance to use the term ESG as a "pirate victory" since it implies that the focus on environmental and social issues will continue, just under a different name.
• 00:05:00 In this section, Tammy Nemeth discusses the push for climate disclosures in the United States and how it could impact companies and their competitiveness. She explains that while the EU has already adopted broad disclosures based on the International Sustainability Standards Board (ISSB), the US has postponed its standards until the fall. Nemeth points out that there is a concern among Canadian companies that if the US doesn't implement these standards, it will put them at a competitive disadvantage. She also criticizes the ISSB, calling them unelected bureaucrats who are constructing a framework that everyone will be forced to follow. Nemeth highlights how these standards discriminate against fossil fuel companies, using the example of companies having to account for the greenhouse gas warming potential of their reserves. She emphasizes that banks will prioritize emissions risk over financial risk, potentially cutting off funding for companies with high emissions.
• 00:10:00 In this section, Tammy Nemeth discusses how the demonization of hydrocarbons is being perpetuated by executives in the big banks and institutional investors. She shares examples from Davos where conversations revolved around cutting off financing and investors for companies with high emissions. Tammy questions the preference for people to freeze in the dark rather than invest in hydrocarbon companies. She also mentions the establishment of the International Sustainability Standards Board (ISSB) to ensure global implementation of ESG standards, with the Securities Exchange Commission (SEC) in the United States being involved. Tammy points out that if the United States falls in that direction, there will be very few places to escape from these standards. She explains that the ISSB came out of COP26 and the International Financial Reporting Standards Foundation, expanding from accounting to sustainability standards.
• 00:15:00 In this section, Tammy Nemeth discusses the implementation of mandatory climate disclosures in various countries. She mentions that Australia, New Zealand, the UK, Canada, Japan, and several European countries are adopting or considering adopting these disclosures. The intention is for large companies to pull smaller companies along in terms of emissions reporting, covering everything from direct emissions to energy usage and supply chain emissions. Nemeth highlights the complexity of estimating emissions, with some estimates provided by NGOs. However, there is a push for more accurate tracking and individual-level emissions profiling, including personal banking and consumer data. She expresses concern about multiple counting of emissions and questions whether the proponents of this approach truly believe it will be effective.
• 00:20:00 In this section, the speaker discusses her research on the movement that aims to remove investment from the oil and gas industry in Western countries and its potential consequences for Western civilization. She suggests that there are disparate groups working together towards destabilizing Western civilization, although their specific plans may differ. The speaker also mentions the idea of personal carbon tracking, where individuals would have a carbon budget and could trade credits with others, as well as a proposed United Nations Net Zero data public utility that would hold companies accountable based on their ESG performance. This centralized database could potentially be used for litigation purposes.
• 00:25:00 In this section, the conversation revolves around the idea of a global database for carbon emissions data, controlled by the UN, which would enable greater control over the allocation of carbon credits. The discussion also touches on the potential need for eco-dictatorship or climate lockdowns to achieve climate neutrality, and the skepticism surrounding these measures among voters. The interviewee emphasizes the importance of honesty and transparency in explaining the implications of climate policies to the public. They question the effectiveness and regressive nature of relying solely on renewable energies like wind and solar and suggest that nuclear energy should be considered more seriously. They also note that some environmental groups are against nuclear power because it is a viable option.
• 00:30:00 In this section, Tammy Nemeth discusses the biased rules and favoritism towards renewable energy sources like solar and wind. She explains that renewable energy sources only need to provide their nameplate energy, not the actual energy produced. This results in a significant discrepancy and different rules compared to hydrocarbons. Nemeth also points out that wind turbines do not have to factor in the emissions cost of the foundation, which accounts for 80% of the emissions profile. She believes there is a clear favoritism shift from one industry to another and questions whether it is wise to give accountants so much power in restructuring the entire economy. Furthermore, Nemeth talks about how extreme weather events in Canada are being exaggerated and sold as a result of climate change, leading people to believe that changes in their lifestyle are necessary. She argues that forest fires and flooding have always occurred and are not solely climate-driven. She also suggests that the Canadian federal government may be capitalizing on natural events to pursue their own agenda, using forest fires and floods as opportunities to push the narrative that Canada is suffering from extreme weather and needs a transition to renewable energy.
• 00:35:00 In this section, Tammy Nemeth discusses Canada's commitment to the Net Zero agenda and their approach to rolling out climate legislation. She mentions the government's strategy of introducing multiple pieces of legislation over time to eventually achieve their version of the Green New Deal. Nemeth also mentions the latest focus on transitioning oil workers out of business and the clean electricity standard that the federal government wants to impose on the provinces. She criticizes the idea of covering valuable farmland with solar panels and points out the lack of common sense and practicality in the green energy push. Nemeth highlights the contradictions between the talk of a circular economy and the inability to properly recycle certain energy technologies.
• 00:40:00 In this section, Tammy Nemeth discusses the drawbacks of relying on non-hydrocarbon energy sources and the unfair treatment of indigenous groups in pipeline disputes. She raises concerns about the reliability and durability of alternative energy sources, as well as the lack of accountability from companies when it comes to end-of-life disposal. She also points out the contradiction in how indigenous people's opinions are valued in some cases but disregarded in others. Nemeth highlights the support for hydrocarbon projects among indigenous communities, including Coastal Gas Link, which is backed by a majority of indigenous groups and has an indigenous consortium invested in the project. She criticizes the media's focus on the few indigenous groups that oppose such projects while ignoring the widespread indigenous support. She also mentions instances of sabotage and violence by activists, such as the Coastal Gas Link sabotage, which received minimal coverage and has yet to result in any prosecutions. Nemeth argues that this escalation of violence and the disregard for the opinions of indigenous groups are not conducive to a democratic society.
• 00:45:00 In this section, the speaker discusses the issue of a two-tiered system that demonizes hydrocarbons, making people believe there is something wrong with the system. They also mention the Canada Pension Plan's investment in octopus energy, a company that boasts on its website about never making a profit. The speaker points out that pensioners have no idea that their pensions are being invested in such companies. They question the long-term viability of these investments and raise concerns about the diminishing investment in the Canadian economy by the Canada Pension Plan, suggesting a lack of faith in the country's economic future. Additionally, they highlight the significant amount of funds invested in companies in China and Asia, putting the pension fund's sustainability at risk.
• 00:50:00 In this section, Dr. Tammy Nemeth discusses the intentions behind investing in politically correct projects and the potential biases that can be present in climate risk modeling. She believes that many people in charge genuinely believe they are doing the right thing, and their actions are driven by their belief in the benefits that these investments will bring in the future. However, she highlights the problem of good intentions sometimes blinding people to the potential flaws in their approach. She also emphasizes the importance of engaging the public in a conversation about these issues before it is too late and encourages people to educate themselves on the complexities of ESG investing.