Don’t Blame Climate Activists for the Global Energy Crisis
Surging prices aren't a result of anti-carbon policies so much as the outcome of a battered global economy on a bumpy road to recovery.
Influential, yes. But powerful enough to invoke a global shortage?
Photographer: Simon Dawson/BloombergFrom the way some analysts have been talking lately, you’d think that energy markets obeyed some version of the butterfly effect, where flapping wings will determine the formation of tornadoes weeks later. Call it the BlackRock Inc. effect: Larry Fink needs only to whisper the words “ESG,” and natural gas and coal markets will explode 21 months into the future.
“Europe’s anti-carbon policies have created a fossil fuel shortage,” the Wall Street Journal wrote in an editorial last month, arguing that climate policy was to blame for the current turmoil in energy markets, which has sent gas and coal to record prices.