Biden tries to use ESG to phase out fossil fuels before we’re ready, risk of us ending up like Germany should be considered

During Thursday’s broadcast of Fox News Channel’s “America’s Newsroom,” Sen. Joe Manchin (D-WV) said the Biden administration’s ESG investing rule is an attempt to eliminate fossil fuels before we are ready to do so and “puts our economy at risk” and argued that the geopolitical risk of ending up like Europe “should be assessed the same as anything else”.

Manchin said, “When you start putting ESG on and basically doing environmental impact assessments, I think we all have a responsibility and we’ve done a good job of that. We have reduced our emissions more than any other country in the free world. So, that being said, then why don’t they watch [at] the geopolitical risk that is involved? Why don’t you rate it too? Why don’t you ask Europe what happened to it, ask Germany what happened to its economy? Look what Putin has done to weaponize energy. Geopolitical risk should be assessed in the same way as anything else. Because the fallout would be, if you try to pressure and get rid of the fossils before we have anything to replace them, you’re going to damage our economy and make our country much weaker. That’s what I’m fighting for, energy security. Thus, geopolitical risks must be assessed as much as they speak ESG.

He added: “The market will tell you when there is something to replace the fossil and the power that comes from coal, gas and oil…the market will move when the market is ready to move and replace it. We are not ready yet. For the administration to step in and fast-track this before we are ready, it just puts our economy at risk and also the return on investment that people need for their retirement.

Follow Ian Hanchett on Twitter @IanHanchett


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