New Global ESG Standards Designed to Kill Small Businesses

New accounting standard will destroy businesses, override national sovereignty

A World Economic Forum sign is seen at the Davos Congress Centre during the WEF annual meeting in Davos on May 23, 2022. Fabrice Coffrini/AFP via Getty Images

Commentary

The new global environmental, social and governance (ESG) accounting standard that is about to be implemented in Canada may well prove fatal to all but the biggest of businesses. According to Tammy Nemeth, the new carbon emission standards and policies are designed to strangle the hydrocarbon industry by “disqualifying it from financing, insurance, and investment dollars.”

Green Priorities

Those funds that would typically be invested into the traditional energy firms will instead be diverted to financing “green industries,” particularly wind projects. In her recent analysis of the new global ESG accounting standard found in her report, “Counting Carbon Molecules,” Nemeth concludes that the new standards only make sense if viewed from a point of view that disregards economic viability and energy security.