On May 9, 2022, the conference "Sustainable finance serving the country: current situation and future strategies" was held at the Chamber of Deputies.
Nearly four hours of talks, which included speeches by Ministers Cingolani, Di Maio, Giovannini and Franco, in the presence of the Speaker of the House of Representatives Roberto Fico and the Chairwoman of the Commission of Inquiry on the Banking and Financial System, Carla Ruocco, who also belongs to the 5 Stars Movement.
M5S also submits to "woke" capitalism
Subject of discussion at the conference and of analysis in this article is the introduction of ESG ("Environmental Social Governance") rating in public tenders.
It is not surprising to have to report on developments in Woke Capitalism and ESG, topics already covered on this blog. If, as Martin Heidegger said, "language is the shepherd of Being," then the ESG phenomenon undoubtedly embodies the role of the one dominant, omnipervasive language and thought of Being-finance, and therefore, society. It is the pastoral of the moment. ESG represents the main tool the System employs to impose financial, identity, social, energetic and technological "progress": it is the shepherd's stick.
Until now, Wokism was assumed to be the exclusive preserve of the neoliberal Left. Instead, the analyzed conference gives evidence, unfortunately, of the phenomenon's encroachment into formally anti-system political factions, such as the 5 Star Movement. It seems that the 5 Stars are trying, so far with great success, to capitalize as much as possible on every good opportunity, to disprove everything they said and did before they got the positions, salaries and benefits they now enjoy. International organizations, ESG, technology, are the armed branches of Power that Conte and Di Maio (together or separately) are supposed to ostracize; and with which, instead, we see them becoming increasingly familiar.
Before analyzing the conference in question, let's try to understand what ESG is, where it emanates from, what it is for, how it works, and, most importantly, what sense it makes. Cui bono?
What ESG is
ESG means "environmental social governance," a financial instrument created to advance the World Economic Forum's agenda. ESG is used to announce to companies willing to expand that they must meet seemingly ethical prerequisites before they can aspire to receive financing.
ESG means Woke: that is, "sustainability" and "inclusion." So that means forced economic reform in the name of climate, through offshoring and increasing immigration, a mission aimed at the ultimate demolition of wages and social cohesion as well as the desertification of small and medium-sized Western entrepreneurship. A phenomenon that runs parallel to the increasingly spasmodic and illogical priority accorded to minorities.
The ESG picture is complemented by the pernicious strain of human transfiguration through transgenderism and transhumanism, as well as an ever-deepening technological penetration into the social for the purposes of control and surveillance.
ESG raises perplexity because it is a hybrid concept based on diametrically antithetical values: a tool born for finance but apparently with a moral vocation. Basic inconsistency that also emerges clearly in the critique of the English-speaking press, which, given the sources from which it emanates, speaks volumes about the reliability of the instrument.
Criticism in the English-speaking press
The Financial Times' Robert Armstrong titled his article in late April 2020, "The fallacy of ESG investing. Win-win arguments promoting both bigger profits and better social returns are illogical."
The following year, it is directly the former head of the sustainable investment department of "Blackrock" who declared that "ESG is a dangerous placebo."
Also in April, but of this year, the "Wall Street Journal" published an article titled, "Republicans Can Stop ESG Political Bias. The progressive left is using it to advance goals it could never hope to achieve at the ballot box" (a theme already highlighted in the article published by the Machiavelli Center mentioned earlier).
We close the overview of the English-speaking press with Giancarlo Canaparo's brilliant analysis in the pages of the think tank "Heritage Foundation," the essential points of which we quote (referring the reader to the full text for further study): "ESG-guided entities push for left-wing priorities, such as civil rights audits ... activists in and out of government deliberately create costs to make it less attractive for companies to refuse to adopt ESG priorities" (a fact that will also be confirmed in Fico's opening statements at the conference, which we will see shortly). Canaparo's laconic introductory comment sums up the correct approach to ESG in a nutshell: "When the left tries to impose its policy visions on others, often the only winning move is not to play its game."
The moralism infused in the instrument is so overriding with respect to financial purposes that it disregards an assessment of the suitability of business performance when it comes to deciding whether or not to finance an enterprise.
How ESG works
The only decision criterion that determines the disbursement of funds from the system, the ESG rating, is the companies' strenuous dedication and blind compliance with its moral dogmas.
In summary, in order to get the money, after demonstrating climate, ethical, and stupid compliance with ESG ideals, the company must then ensure that part of the loan and its proceeds are invested in the areas or for the purposes that the ESG agenda envisions. A practice that in essence boils down, in the vast majority of cases, to buying goods or services from certain companies or associations.
The case of OTB, Italy's leading luxury fashion group, chaired by visionary Renzo Rosso, offers an interesting litmus test of how ESG works.
About a year ago, in the midst of the cognitive lockdowns generated by the psychosis, Rosso gave an interview to "Affari & Finanza," reported by “Affaritaliani.it”, in which he talked about OTB's three-year plan and his meeting with the banks responsible for supporting that plan. "By 2023 we want to supply ourselves only from renewable sources," Rosso began. "For us, sustainability is a need: it is one of the pillars on which the group's future growth rests. In June we will have the first virtual fashion show of the new creative director [author of the group's first unigender collection ed.]... But sustainability costs, like digital, only big companies can afford it."
It does not take great acumen to see ESG mantras surfacing from Rosso's words: sustainability, digital, and fluidity. Policy that has ensured that the always forward-looking Padua entrepreneur has received, by his own admission, three times (!) as much funding as he initially thought he could get.
ESG as an entrepreneurial sublimation of progressive moralism
Looking at the public, one does not need to fumble too hard to identify mirror references. Recovery Plan - if it ever manifests itself in concrete terms (if the EU kicks out the dough, in short) - fully mirrors ESG's modus operandi: certified blackmail.
In order to avoid situations such as the above, our legal system, prior to the constitutional reform of Article 41, provided for a curb to this phenomenon through the constitutional safeguard provided in that article. An article which, in the context of environmental protection policies, has been the subject of recent reform, and which now stipulates that private economic initiative remains free, but "shall not be carried out in conflict with social utility, or in such a way as to harm health, the environment, or human dignity."
In book The World on the Net. What Rights, What Constraints, Stefano Rodotà recalled constitutionalist Antonio Cassese, who, when the idea of ESG was still in its infancy, warned Italians about potential epigones of the phenomenon. Commenting on the UN vote on the moratorium on the death penalty, Cassese said, "The avalanche of human rights is sweeping away even the last trenches of state sovereignty."
Supporting ESG rating introduction in procurement corresponds in fact to finally overwhelming the last trenches of entrepreneurial sovereignty. To demand that ethical prerequisites be placed on access to a tender is a blatant form of discrimination, which elides the idea of entrepreneurial self-determination: it is the final and definitive wedge in the Tetris of corporatist Gleichschaltung. That German term means "alignment" or "coordination" and was a technique used by Hitler's Dritte Reich to unify every social and parasocial apparatus to Nazi ends.
Through ESG, there is a desire for a single, universal market, directed in every compartment toward certain purposes and ends, reducible only to mere post-global interest.
Yet another hypocrisy of the 5 Stars
Analyzing a few quick excerpts from the institutional statements that open the conference, one immediately notices that the Speaker of the House does not even attempt the slightest effort to make allegory of his last name (which also means "cool" in Italian), trying to mask the real purpose of this new concession that the institutions are granting to Power.
Roberto Fico, without taking his eyes off the paper for a single second, as if the speech had been fully edited by a third party in his complete unawareness, says:
Firms in regions that are not complying with EU climate directives have four times the environmental risk of average firms ... The costs to these regions in the short term of achieving the goal of a zero-emissions economy would be significantly lower than in the medium and long term in the absence of appropriate action ... The rising cost of energy caused at the Ukrainian crisis increases the importance of public engagement in sustainable investments to avert a retreat in the march toward environmental goals.
Fico closed his introduction to the conference with a bang: "For years we have heard that the real economy is not compatible with the financial economy: the sustainable economy demonstrates, on the other hand, that it can serve a fairer, more equitable and coherent economic system." Forgive the mischief, but, perhaps, Fico meant to say that the sustainable economy will elide any future claims of comparison between the real and financial economy, since it represents the tombstone of the real economy and the ultimate triumph of high finance?
We then move on to Carla Ruocco, Chair of the Commission of Inquiry into the Banking and Financial System, who, in case the pinch read by Fico was not sufficiently crystal clear, is at pains to point out that this policy aspires to "a future in which we no longer speak of sustainable finance, because sustainability will be inherent in the very idea of finance." Clearer than that...
Let us hope that what has been presented so far will help in a different consideration of Environmental Social Governance: this phenomenon should be considered, treated, but above all countered, with greater vigor, responsibility and determination, as it is now the compass of change in the post-globalist agenda of the World Economic Forum.
ESG is the financial reverse of the neoliberal environmental, identity and social policies conducted by the Western "democratic parties," a political expression now devoid of any intellectual activity, a mere representation of the System's diktats.
That system which the 5 Stars should have fought by innate vocation and which, instead, we have seen and are seeing more and more supported by them under any conditions.
Nato a Padova nel 1980, appassionato di lingue, storia e filosofia. Scrive fin da giovanissimo e dal ‘99 collabora con organi di stampa. Ha lavorato nel settore della musica elettronica, distinguendosi come talent scout e agente di alcuni degli artisti più importanti degli ultimi 15 anni. Ha fatto esperienze nella moda e nel tessile e vissuto in nove città differenti. Attualmente vive in Tunisia.