Nuclear

They’ll never get it

Yet another example of the lunatics within the Extinction Rebellion (XR). Printing 1000s of paper leaflets and using those evil fossil-fuel based adhesives to fasten them to public and private property. CM is reminded of the echo chamber within XR when they claimed that many corporates backed their cause with a joint letter to The Times UK. As a reminder,

“CM attaches their own published business models in brackets below. We also attach the distance of each HQ from the protest epicentre in LondonIt’s easy to say how woke you are about impacting local businesses when you’re nowhere near it. Read on

The letter to the Times

Sir, Contrary to belief, there is business support for the Extinction Rebellion (XR) agenda. The multi million-pound costs that the Extinction Rebellion protests have imposed on business are regrettable, as is the inconvenience to Londoners. But future costs imposed on our economies by the climate emergency will be many orders of magnitude greater.

Hard pressure drives change, but even the most committed businesses will need time to respond. We welcome the news that  Extinction Rebellion is evolving a new platform, XR Business, to engage business leaders, investors and advisers. To drive things forward, the idea is to convene a meeting of XR activists and experts with business leaders and influencers.

Most businesses were not designed in the context of the developing climate emergency. Hence  we must urgently redesign entire industries and businesses, using science-based targets. 

To kick start the process, businesses should make a declaration that we face a climate emergency and organise a session at a full board meeting to consider the case for urgent action. We will encourage the senior management teams of which we are part to do likewise.

Signed

Seb Beloe, partner at WHEB

(“WHEB is a positive impact investor focused on the opportunities created by the transition to a low carbon and sustainable global economy.“)

HQ Distance from XR protest: 1.3km

——

Thomas Bourne, CEO and co-founder, Greenheart Business Ltd

(“Using the B Corp framework to assess, plan for and embed positive social & environmental impact improvements within your business – from specific operational improvements through to comprehensive or transformational (i.e. business model) change.)

HQ Distance from XR protest: 337.6km

——
Amy Clarke, co-founder, Tribe Impact Capital LLC

(“We use the UN Sustainable Development Goals (SDGs) as a framework for uncovering client’s values and to measure and report portfolio performance…To facilitate this we have created four Tribe Themes…we actively select positive investments that directly contribute to global sustainable development and address a social, economic or environmental issue society is facing.)

HQ Distance from XR protest: 3.5km

——
Chris Davis, CSO, The Body Shop International Ltd

(Social activism has been a part of the Body Shop since 1986 when it proposed an alliance with Greenpeace to save the whales“Protecting and regenerating habitats is also known as ‘re-wilding’. Find out how you can help us re-wild the world and protect our animal friends by fighting against deforestation and the destruction of natural habitats.“)

HQ Distance from XR protest: 107.2km

——–

John Elkington co-founder and Louise Kjellerup Roper, CEO, Volans Ventures Ltd

(“By conducting inquiries into our planet’s most wicked problems, we help business drive positive change at an unprecedented pace and scale.“)

HQ Distance from XR protest: 3.2km
——-

Brad Frankel, CEO and co-founder, Flooglebinder Ltd

(“Our aim is to inspire students to become changemakers and future leaders through a range of educational programmes that connect young people with the outdoors. Our programmes firmly adhere to the United Nations Sustainable Development Goals. By understanding, enjoying and respecting these environments through adventure and play, we hope to develop more global citizens and positive ambassadors for our planet.“)

HQ Distance from XR protest: 267.2km
—–

Jake Hayman, CEO, Ten Years’ Time

(“Whether the cause area is climate change or economic fairness, mental health, homelessness or education, we work with those who are ready to leave the safe ideas behind and want instead to understand, challenge and do their bit to reinvigorate failing systems.“)

HQ Distance from XR protest: 6.4km

——

Jeremy Leggett, founder and director, Solarcentury Ltd

(“We’re in business for a purpose: to make a meaningful difference in the fight against climate change through the widespread adoption of solar power.“)

HQ Distance from XR protest: 4.8km

——

Charmian Love and Amanda Feldman, co-founders, Heliotropy Ltd

(“We broker partnerships across sectors  to support private sector engagement in social and environmental issues.“)

HQ Distance from XR protest: 6.4km

—-
Andy Middleton, founder and chief exploration officer, TYF Group

(“Our mission is to inspire long lives of adventure and promote discovery and care for nature.We create life-changing adventures with a light touch on nature, focus young people’s sight & skills for the future and help organisations with innovation & sustainability. We play for the planet.“)

HQ Distance from XR protest: 387.2km

—-
Safia Minney, founder & Former CEO, People Tree Fair Trade group.

(“Fairtrade promotes training on climate change mitigation for farmers. For example, some training offers advice on switching to environmentally friendly practices, such as developing nutrient-rich soils that support healthy plants and encouraging wildlife to help control pests and diseases.“)

HQ Distance from XR protest: 3.2km

—–
James Perry, partner, Snowball LLP

(“Project Snowball LLP is a pioneering investment organisation that targets social and environmental impact alongside financial return.“)

HQ Distance from XR protest: 60.8km

——
Paul Polman, former CEO, Unilever plc

(“The Unilever Sustainable Living Plan sets out to decouple our growth from our environmental footprint, while increasing our positive social impact. “)

HQ Distance from XR protest: 361.6km

—–
Samer Salty, co-founder and managing partner, Zouk Capital LLP

(“Zouk’s ESG Policy includes an Ethical Investment Policy for negative screening and an innovative and bespoke methodology for assessing the value creation across Environmental, Social, and Governance principles driven by the portfolio companies…Zouk adheres to and is a signatory of the United Nation’s Principles for Responsible Investment (UN PRI) and is also fully Carbon Neutral.“)

HQ Distance from XR protest: 3.2km

—–
Sir Tim Smit, founder of The Eden Project, executive chairman of Eden Regeneration Ltd

(“Get a feel for what we believe in – from the way we run our site to the transformational social and environmental projects that we run on our doorstep and around the world.“)

HQ Distance from XR protest: 396.8km

—–
Hermione Taylor, CEO and founder, The Do Nation Enterprise Ltd

(“If changing behaviours was easy, we’d all be super-fit with PhDs, empty inboxes and spotless bathrooms. And, what’s more, climate change probably wouldn’t be a problem.“)

HQ Distance from XR protest: 6.4km

—–
Diana Verde Nieto, CEO and co-founder, Positive Luxury Ltd

(“Fashion recycling has been on the rise in recent years – so how are consumers shopping pre-worn today? To celebrate Earth Day, we investigate the popularity of the more environmentally-friendly way to stay stylish.“)

HQ Distance from XR protest: 4.8km

—–
Dale Vince OBE, founder, The Ecotricity Group

(“We’ll use the money from your energy bills to develop new sources of green energy. So you can help build a green Britain – just by being with us.“)

HQ Distance from XR protest: 171.2km

—–
Bevis Watts, managing director, Triodos Bank UK

(“Our bank was founded on the conviction that banking can be a powerful force for good. We offer a range of financial and banking services to savers, investors and entrepreneurs who want to change the world for the better. By connecting these groups, we are building a community of people united in their desire to make a positive impact on society, culture and environment.“)

HQ Distance from XR protest: 189km

—–
Tim Westwell, co-founder and former CEO, Pukka

(“Doing good things helps make good things happen. We create things that help you, help nature and everything inbetween. It’s called conservation through commerce – striving to positively change the world for you, business and the planet.“)

HQ Distance from XR protest: 182.6km

—–
Gail Bradbrook (co-founder)  Extinction Rebellion
Fiona Ellis (XR Business)

We’ve covered XR in previous posts. They’re leading this disruption.

—-

So there you have it. Every co-signatory has a vested interest with a business model attached to climate change. Many advertise the brands of other co-signatories on their respective websites. There is nothing woke about signing a letter which seeks self-promotion. Is this about saving the planet or cynically riding off the back of a movement to get press based marketing?

Fail

Interesting article on Bloomberg discussing the obvious outcome of Sweden’s plan to get more EVs on the grid. As most hair-brained climate alarmist governments have a desire to outdo each other on the virtue signaling scale it often leads to poorly thought out decisions which end up costing tax payers a fortune.

Bloomberg’s Jesper Starn wrote,

Demand for electricity in Stockholm and other cities is outgrowing capacity in local grids, forcing new charging networks to compete with other projects from housing to subway lines to get hooked up.”

We’ve been here so many times before. Take Germany in bio-fuels.

The German authorities went big for bio-fuels in 2008 forcing gas stands to install E-10 pumps to cut CO2. However as many as 3 million cars at the time weren’t equipped to run on it and as a result consumers abandoned it leaving many gas stands with shortages of the petrol and gluts of E-10 which left the petrol companies liable to huge fines (around $630mn) for not hitting government targets.

Claude Termes, a member of European Parliament from the Green Party in Luxembourg said in 2008 that “legally mandated biofuels were a dead end…the sooner It disappears, the better…my preference is zero…policymakers cannot close their eyes in front of the facts. The European Parliament is increasingly skeptical of biofuels.” Even ADAC told German drivers to avoid using E10 when traveling in other parts of continental Europe.

Spain perhaps provides the strongest evidence of poorly planned subsidy execution. In 2004 the Spanish government wanted to get 1GW of solar under its feed in tariff over 4 years. Instead it got 4GW in 1 year meaning its budget exploded 16x and it had €120bn in tax liabilities over the course of the promise. In the end, the government reneged on the promises it made because it couldn’t afford it. So much for the assurance of government run programs.

Not to mention the overproduction that has often been created by subsidies. When the subsidies are withdrawn, we see fierce cost cutting which buries prices and sends many producers to the wall which was the experience of the last cycle. Take a look at India’s once largest wind power producer Suzlon. At the peak $425 a share. Now $4.35. 90% up in smoke.

To think Bill Shorten wanted 50% EVs by 2030. Clearly Australian voters disagreed.

If governments can’t sustainably raise living wages without regulation, cheaper energy prices act like a tax cut so sticking with coal, gas and nuclear make far more sense than the life experience of sharp price increases thanks to green madness.

Here is betting Sweden doubles down on green madness to remain “woke”

Folly of The Economissed

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On a flight back to Tokyo this week a copy of The Economist was in the magazine rack. A subscription had long been cancelled for its plunge into yet another group think rag. A long time ago, the magazine was regarded as the go to for objective journalism from economics, geopolitics through to specials. Now it is little more than a cheerleader. A chance was given to see if things had changed. If anything it has gotten worse. This article on the peace deal only reinforces the pathetic bias and wish that Trump losing is preferable to any alternative including world peace.

For no sooner had Trump sent a letter calling the peace talks with North Korea off, The Economist was writing about humiliation. They’ve got to be kidding?

While even the blind can see any postponement is a setback, it is not without reason. Trump has made absolutely clear from the beginning – ‘peace or business as usual. Your move Kim.’ 

This started when Kim Jong-Un fired angry remarks when long scheduled war games were  commenced by the South. If one wanted to gift the upper hand to the North Koreans in the negotiations then stopping annual war games would be a great way to do it. It was tactical.

Glass jaw or not, firing salvos at Vice President Pence or standing up US envoys is not conduct becoming peace talks. Trump’s letter sounded somewhat childish with respect to comparing arsenals again but the point being made to Kim is clear – “we’re not playing. Put up or shut up!

This is exactly what you’d want Trump to do. Not some Obama era red line which crossed carries no consequences. This is exactly why there is so much geopolitical instability thanks to 8 years of utter weakness in foreign policy. This isn’t about humiliation at all. This about a world leader who is using clear military and economic strengths at the negotiating table with a dictator who 6 months ago threatened to nuke Guam. We should not want Trump to appease at any cost which we’ve seen throughout history carry devastation.

The reason Kim was drawn to the negotiating table was because China realized the new sheriff wasn’t bluffing. Why was Beijing Kim’s first state visit before shaking hands on the 38th parallel with President Moon?? He was seeking assurances from the other dictator on staying in power lest booking a plot of land in exile in Sichuan province if things require him to step down.

Kim needs to realize that the ‘throwing toys out of the cot strategy’ of decades past no longer works. He was hoping to get an apology from Trump along with better concessions ahead of the negotiations. Trump essentially told him the ‘art of the deal’ in that the status quo remains if he doesn’t wake up to harsh realities. Sending home three American hostages was a token.

It will be China sending Kim back to the meeting table with Trump because it will ultimately be managing the protectorate after any peace is signed for its own geopolitical aims. China does NOT want US friendly forces on its border. Best keep the buffer by getting Kim to accept a lesser deal where he gets to keep his life. For a man in his early 30s he can either choose to go down fighting or see out his days with the embezzled billions and bevy of beauties in his concubine.

To take The Economist at its journalistic integrity, it will be secretly happy if North Korea doesn’t sue for peace because any victory for Trump is something it can’t swallow. For the magazine to have that level of disingenuous editorial speaks volumes about turning a once prestigious brand into a tabloid. Reading through the blurb of The Economist’s 2017 Annual Report and the trends tell the story.

My Button is bigger than yours

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Purile but effective. The message has gone around the world. How is it more people are worried about his language than the ability for a nation like the DPRK to possess a capability to strike the US? How many times have we seen the North Korean’s nuke technology end up  in the wrong hands – e.g. Syria. Spurn the US for its post war foreign policy but it’s a known devil.

Back to mine is bigger than yours – unorthodox message delivery but why is anyone in the least bit surprised? How can anyone feel outrage at something that has happened almost daily for nearly 12 months straight? One should be howling if he wasn’t doing it! Then one could truly call him an unhinged lunatic because one would be worried that he was unpredictable.

Let’s not forget that China has recently told the world what it thinks of the UN sanctions by continuing to trade oil with the rogue nation. Trump told Xi than no amount of theatre by hosting a dinner in the Forbidden City will give them any free passes like his predecessors. Let’s not forget the farewell message sent by China to Obama on his last state visit – no stairs, no red carpet and no senior delegates. He exited by the emergency stairs of Air Force One. What a humiliation.

It is reasonably unstatesmanlike to be sure but the message is pointed at China not Kim. Quit screwing around is the message. If China doesn’t take care of business with its ‘tenant’ the US will evict him for it.

For all those panicking that a nuke strike is on the horizon Korean CDS spreads are 52. At the first stage of the verbal exchange several months back they were mid 70s. Yawn.

Niigata Nuke nixed for now

kashiwazaki

In 2007, an earthquake near the world’s largest nuke plant (TEPCO Kashiwazaki Kariwa Plant in Niigata) caused a fire outside one of the buildings on site creating much angst among the locals. It wasn’t surprising that after the 2011 Fukushima nuclear disaster that Niigatans weren’t exactly wanting this plant turned back on. Last Sunday, the Niigata gubernatorial election put PM Abe’s nuclear restart plans on the back burner with 5th time lucky Ryuichi Yoneyama winning over the LDP by forming an alliance with the Communists and two other minor parties with an agenda pushing for a ban on restarts.

TEPCO has argued that getting Kashiwazaki Kariwa back on song would give them a Y10bn monthly boost to profitability. This is the rub. Nuke is Japan’s cheapest form of energy.

I recall a visit to Niigata earlier this year. I read the front cover of the local Niigata Nippo newspaper which discussed what the likely economic and social impacts would be if Kashiwazaki Kariwa suffered a similar fate to Fukushima.

As to Niigata itself, it is the prefecture with the 4th highest rate of suicides per capita in Japan. Niigata’s population has grown only 33.7% since 1920 putting it in the bottom 10 prefectures in Japan. 26% of the population is north of 65yo. Its GDP/capita is below the national average at Y2.7mn/capita vs national average of Y3mn. While the concerns are real for citizens worried about nuclear power, the state of the prefecture is at risk from further slowdown.

The Japan Times reported that Kotaro Nagai who operates a guest house in Kagoshima Prefecture, home to the Sendai nuclear plant said the financial boon for hosting reactors is the key factor behind his support for restarts.“There are many people who have  benefited financially from nuclear power plants…A restart is a matter of life and death for us.”

Niigata employs 1.03mn people out of 1.22mn labour force which is around 43% of the Niigatan population. Manufactured product shipment value by major manufacturing industries: 16.0% for food products, 12.6% for chemical products, 11.3% for metallic products, 6.8% for electronic components and devices, 6.6% for production machinery.

Sadly the amount of secrecy and mistrust over Fukushima has left many paranoid about the truth. Without access to stable and low cost power, Japanese businesses become less competitive. Meanwhile Japanese citizens fund around $100bn in a ‘special’ disaster income taxes every year.