On today’s episode, Dr. Tammy Nemeth speaks with Paul Tice about his book The Race to Zero: How ESG Investing Will Crater the Global Financial System and his recent report for the National Center for Energy Analytics, “The SEC’s Climate Rules Will Wreak Havoc on US Financial Markets.”
Paul is a Senior Fellow at the National Center for Energy Analytics, an adjunct professor, and a former Wall Street Investment Manager.
Note: During the conversation Scope 3 Emissions was discussed. There are three scopes of emissions. From the Carbon Trust, the different scopes
are defined by the Greenhouse Gas Protocol as follows: "Scope 1 covers
direct emissions from owned or controlled sources. Scope 2 covers
indirect emissions from the purchase and use of electricity, steam,
heating and cooling. By using the energy, an organisation is indirectly
responsible for the release of these GHG emissions. Scope 3 includes all
other indirect emissions that occur in the upstream and downstream
activities of an organisation."
https://www.carbontrust.com/our-work-and-impact/guides-reports-and-tools/what-are-scope-3-emissions-and-why-do-they-matter
Therefore, Scope 3 emissions includes the emissions from the use of a
product. This means that oil and gas companies would have to account for
the emissions from people using their products -- like from the use of
gasoline or diesel in vehicles or natural gas used to heat a home.
For more information, refer to the guidance from the US EPA. https://www.epa.gov/climateleadership/scope-3-inventory-guidance
You can find Paul Tice's recent report here:
https://energyanalytics.org/the-secs-climate-rules-will-wreak-havoc-on-u-s-financial-markets/
You can find Paul Tice's book here: https://www.amazon.com/Sustainable-Investment-Scam-Progressive-Financial/dp/1641773472
An excellent review of Paul Tice’s book by Rupert Darwall can be found at Real Clear Energy: https://www.realclearenergy.org/articles/2024/06/21/esg_and_stakeholder_capitalism_a_necessary_deconstruction_1039685.html
