Tag: CFACT

CFACT squares off with JP Morgan CEO at shareholder meeting

CFACT’s Greg Neff directed a pointed question to CEO Jamie Dimon at a shareholder meeting on Thursday, May 23, taking aim at JP Morgan’s involvement with the “Net-Zero Banking Alliance” (NZBA). NZBA is a network that represents 40% of the global banking institutions that have come together to commit to financing projects that will transition the world economy to net zero by 2050.

From CFACT

CFACT’s Greg Neff directed a pointed question to CEO Jamie Dimon at a shareholder meeting on Thursday, May 23, taking aim at JP Morgan’s involvement with the “Net-Zero Banking Alliance” (NZBA). NZBA is a network that represents 40% of the global banking institutions that have come together to commit to financing projects that will transition the world economy to net zero by 2050.

“Agriculture officials from at least 11 states have raised concern about JP Morgan’s involvement with the Net-Zero Banking Alliance (NZBA), saying that the policies promoted by this group will likely lead to food shortages and huge price increases for consumers. Is it wise for this board to step outside its expertise and make commitments to push forward the NZBA’s extreme agenda?” Neff queried.

It was immediately clear that this question had hit a nerve with the CEO. As it was read, Dimon gave a distinct sigh of annoyance and then proceeded to give an abbreviated non-answer that didn’t address a single point made in the query.

The CEO stated, “We dance to our own music here and we report that in our ESG report. Obviously, we care about the environment, farmers, and agriculture.” ESG refers to the controversial Environmental, Social, and Governance score program that has become all the rage on Wall Street in recent years. This scoring system of companies and individuals rates their adherence to many of the Left’s most sacred dogmas.

In addition to the Q&A period, CFACT also used its position as a stock owner in the company to vote on various proposals. The first of note sought to have JP Morgan create a report evaluating potential humanitarian crises being fostered by the forced transition to “green” energy. CFACT voted in favor of it. The second proposal sought to give additional rights to indigenous tribes, or more accurately leftwing organizations acting in the name of indigenous tribes, to veto any funding for fossil fuel projects in the name of environmental racism. CFACT voted against this one. Both proposals were ultimately defeated, landing CFACT a mixed bag of results.

CFACT will continue attending and reporting back on various shareholder meetings in which it holds shares. The broader implications of such engagements touch upon fundamental issues of environmental responsibility and economic viability. By challenging the radical left’s influence, CFACT aims to promote a balanced approach to corporate decision-making.

CFACT calls for banning offshore wind monopiles in favor of suction buckets to save whales

Okay, this is not about sucking whales into giant buckets to take them away from offshore wind harm. Would that it were, but whales are way too big for that.

From CFACT

By David Wojick

Okay, this is not about sucking whales into giant buckets to take them away from offshore wind harm. Would that it were, but whales are way too big for that.

Instead, it is about a technology that can go a long way in reducing the harm to whales and other protected marine species. Simply put, suction buckets are a wind turbine foundation design that eliminates the need for those incredibly loud giant monopiles. Of all the ways that offshore wind threatens whales monopiles are the worst, while suction buckets are benign.

CFACT is calling for the banning of monopiles in favor of suction buckets. Mind you CFACT has made clear that they oppose offshore wind as destructive, ridiculously expensive, and completely unneeded. But if the Feds insist on having offshore wind it should sit on suction buckets, not monopiles.

To begin its call for banning monopiles CFACT recently posted comments to BOEM and NOAA via a proposal from the Beacon Wind project. Beacon is considering using suction buckets and wants to run some test cases. CFACT not only endorses these tests, it calls on this to be standard procedure on all offshore wind projects.

Suction bucket technology is simple and elegant. The bucket, less colorfully called a suction caisson, is a simple cylinder that is closed on one end. Installation is in two steps. First, the cylinder is set on the ocean floor with the open end down so it settles into the ocean floor a little way, thus sealing off the interior.

Then some of the water in the cylinder is pumped (or sucked) out. This reduces the internal pressure such that the external water pressure presses the cylinder into the sea floor. Pumping continues until the cylinder is fully embedded, where it can then be used as a structural foundation.

Instead of manually driving a pile, the ocean itself supplies the force. Three or four buckets are typically used to support a framework that then holds up the turbine tower.

The suction bucket technology has been around for many years, often used for anchoring offshore oil rigs. Using it for offshore wind is relatively new but Ørsted, the world’s biggest developer, has a 900 MW project underway off Taiwan so it is clearly feasible at the scale of US offshore projects.

Here is their description of suction bucket technology:

 

Bucket-Jacket_long-versionHerunterladen

Here are some central excerpts from the CFACT comments calling for a ban on monopiles in favor of suction bucket technology:

“Suction buckets are the perfect acoustic mitigation technology as installing them makes very little noise while installing monopiles is incredibly loud. Using them instead of monopiles will avoid the acoustic harassment of many thousands of marine mammals and other protected species.”

“This profound mitigation effect includes protecting the severely endangered North Atlantic Right Whale.”

“BOEM and NMFS should mandate that suction bucket technology be used for all fixed foundation offshore wind development, instead of piles, except where it is completely infeasible, which may be nowhere. At present, it appears that all of the proposed and in-process BOEM offshore wind projects with fixed foundations use deadly noisy monopiles. This use of monopiles must be replaced with suction bucket technology which is very quiet to install.”

“As part of this mandate, NMFS should cease authorizing thousands of marine mammal acoustic harassments per project from monopolies. It should also rescind all those authorizations where construction is not largely completed. Projects under construction using monopiles can switch to suction bucket foundations for their remaining turbines and substations.”

I hope others will join CFACT in calling for the banning of dangerously loud monopiles in favor of suction bucket technology. Surely the Marine Mammal Protection Act requires this switch.

Read CFACT’s full submission here

CFACT-Comments-on-Beacon-Wind-suction-buckets-on-Lease-OCS-A-0520Herunterladen

Morano challenges new EPA car rules on Fox and Friends, Newsmax TV

One of the few things America could boast of was American automobiles, and we are now possibly ceding that to Chinese exports. … EVs have to be charged on a fossil fuel grid. We are not saving the earth.”

From CFACT

By Adam Houser 

As part of CFACT’s ongoing effort to expose and challenge the Biden Administration’s efforts to force electric vehicles on the nation, CFACT’s Marc Morano appeared on Fox and Friends and Newsmax TV to discuss the issue.

“CBS News reported that it’s more expensive in many places now to recharge an electric car vs. fueling a gas for powered car in parts of the U.S. and in Europe,” Morano said on Fox and Friends.

Morano on Newsmax TV discussing the new EPA regulations.

“In Germany, half the population can’t even afford a gas-powered car. The Biden Administration’s EPA is trying to statutorily ban gas-powered cars. It is literally trying to create car shortages. We will have less freedom of movement. You will go nowhere and be happy. … Their green energy policy is the greatest national security threat the U.S. faces. It will make us more dependent on China. Here’s the kicker, there are reports China has passed the U.S. and South Korea as the world’s leading exporter of cars.Chinese-made cars are heading to the number one exporter in the world. One of the few things America could boast of was American automobiles, and we are now possibly ceding that to Chinese exports. … EVs have to be charged on a fossil fuel grid. We are not saving the earth.”

The Fox and Friends segment can be watched here.

Morano’s Newsmax TV segment can be watched here.

Author

  • Adam HouserAdam Houser
  • Adam Houser coordinates student leaders as National Director of CFACT’s collegians program and writes on issues of climate and energy.