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The Federal Reserve Board has announced plans for a pilot program that will involve six huge American banking corporations – and will analyze how they can measure financial risks from “climate-relate” issues, as well as how they manage them.
Online, the agenda was being described an as “ESG social credit score system.”
ESG stands for Environmental, Social and Governance and is an agenda that weighs all factors for businesses on the scale of climate change and climate engineering attempts.
Such valuations also look at so-called “equity” for specially identified minorities as well as whether the organization has enough of those community members on its board and in its management.
The ESG agenda already has been applied in some American industries, to the detriment of investors. While typical business goals are to make a profit for owners, the ESG agenda requires that those businesses submit to various environmental agendas that, in fact, may cost investors significantly.
China already has installed a comprehensive social credit scoring system, even for individuals, and failing its requirements can mean being denied credit, travel, employment and more.
It was in a news release from the Federal Reserve that its officials announced “six of the nation’s largest banks will participate in a pilot climate scenario analysis exercise designed to enhance the ability of supervisors and firms to measure and manage climate-related financial risks.”
The announcement claimed that scenario analysis, or the resilience of financial institutions under different hypothetical climate scenarios, more and more is being used to assess climate-related risks.
“The pilot exercise will be launched in early 2023 and is expected to conclude around the end of the year. At the beginning of the exercise, the board will publish details of the climate, economic, and financial variables that make up the climate scenario narratives,” the Fed said.
“Over the course of the pilot, participating firms will analyze the impact of the scenarios on specific portfolios and business strategies. The board will then review firm analysis and engage with those firms to build capacity to manage climate-related financial risks. The board anticipates publishing insights gained from the pilot at an aggregate level, reflecting what has been learned about climate risk management practices and how insights from scenario analysis will help identify potential risks and promote risk management practices. No firm-specific information will be released.”
Participating will be Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Faro.
“Climate scenario analysis is distinct and separate from bank stress tests. The board’s stress tests are designed to assess whether large banks have enough capital to continue lending to households and businesses during a severe recession. The climate scenario analysis exercise, on the other hand, is exploratory in nature and does not have capital consequences. By considering a range of possible future climate pathways and associated economic and financial developments, scenario analysis can assist firms and supervisors in understanding how climate-related financial risks may manifest and differ from historical experience,” the Fed announcement said.
Online, at The Dossier, a commentary said “climate finance” is, in fact, “almost identical to that of the Chinese Communist Party’s social credit score system.”
“In other words,” the commentary said, “The Fed is working with the big banks to monitor their ability to comply with the ruling class’s preferred enviro statis technocratic tyranny.”
What exactly does this mean?
The Fed is clearly leaning in to the climate hoax narrative, or the pseudoscientific idea that humans are catastrophically impacting the climate, but not because they somehow care about the environment. The climate narrative is the chief rhetorical facilitator for the ESG (Environmental, Social, and Governance) movement.
ESG acts as a trojan horse for the continuing centralization of the American financial system. ESG finance, popularized by hyper political asset management behemoths like BlackRock and Vanguard, acts to prevent outsiders from challenging the regime-connected insiders on Wall Street and in Washington, under the guise of acting to manifest a healthier planet. In other words, pro-ESG institutions are committed to attacking free market principles by means of deception, preferring the CCP-style ‘stakeholder capitalism’ that allows for a small group of technocratic elites to make broad determinations about society.
Unsurprisingly, the legacy media has thus far cheered The Fed’s plan, with The New York Times reporting ‘that it often lagged behind its global peers when it comes to talking about and coming up with a plan for policing risks related to climate change.'”
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This article was originally published by the WND News Center.