You can’t change a highly industrialized country’s energy sources on a dime. From Tyler Durden at zerohedge.com:
Hayman Capital Management founder and CIO Kyle Bass explained in a Bloomberg interview that the mounting backlash against environmental, social, and governance investing in recent years is primarily a response to the extreme demands of radical climate activists, or “green” defenders. Bass argued that these activists were so disconnected from reality that their uncompromising stance on blackballing the fossil fuel industry—without acknowledging that energy transitions can take upwards of half a century—has fueled the backlash. He said plans to moderate fossil fuel usage over decades from the start would’ve possibly prevented the backlash.
Bass said the ESG backlash derives from climate activists’ demands that fossil fuels be abandoned immediately. He said the demands were never realistic.
“There were all of these idiots that were just saying, if anyone is doing hydrocarbons, we’re going to blackball them from doing business or from receiving capital,” Bass said, adding, “And so Texas lashed back and said, if you’re going to blackball someone that’s producing hydrocarbons, we’re not going to do business with you either.”
He said, “Energy transitions take 40 or 50 years,” pointing out that people “think we can just turn hydrocarbons off and turn on alternative power. But they have no idea how the grid works and no idea how business works.”
