ESG Whistleblower Challenges Climate Narrative (Desiree Fixler in the mix) – Watts Up With That?

From MasterResource

By Robert Bradley Jr.

“Is #ESG and climate hysteria also part of this subversion to attack democractic and capitalist principles? Is ESG just a cloak for a socialist grab on corporations to strangle capitalism from within?”

“For anyone thinking there’s a more community spirited version of capitalism through more state intervention, read Animal Farm by George Orwell again. It’s called collectivism, socialism, marxism, ultimately totalitarianism.”

Desiree Fixler (above quotations) is a voice worth listening to. With her courageous out-of-step views being commonsensical, she has an important future in the UK/EU debates over corporate responsibility–and climate change policy in particular. Her large, growing audience attests to her integrity.

“Desiree is a leading expert in the field of sustainable finance and investment banking with over 25 years of experience in innovating and reshaping financial markets,” her bio reads. “Renowned for blowing the whistle on the dark side of ESG, she is a sought-after advisor, media contributor, and keynote speaker.”

Continuing,

Desiree is well-known for her practical, first principles approach to sustainability and helps companies navigate the fractured and often overdemanding world of ESG. She serves as a trusted advisor to corporations, NGOs, and regulators such as the UK’s Financial Conduct Authority and the Monetary Authority of Singapore, and is at the forefront of global efforts to drive greater transparency, practicality and impact in the practice of sustainable finance. [1]

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Enough introduction. I became acquainted with Ms. Fixler with her comment some months ago

If you haven’t read Ayaan Hirsi Ali’s compelling long essay in The Free Press on X, read it now. And then consider this. Is #ESG and climate hysteria also part of this subversion to attack democractic and capitalist principles? Is ESG just a cloak for a socialist grab on corporations to strangle capitalism from within?

Sounds far-fetched. I mean for many in the finance industry, ESG is just a sensible framework to spot commercial opportunities and to assess risk. But is it? Did property insurers just wake up to fire and flood risk when some repurposed PR or consultant guy, new to ESG, sent them a SASB sector disclosure list? Was Denmark’s Orsted wise to quickly transition to an almost fully renewable energy company in light of its share price collapse? Are ESG equity investors satisfied earning 11% vs 21% for regular equity funds over the last year (reported today in the FT according to JPM research)?

She then tells her personal journey.

I believe most people, including myself, jumped on to this bandwagon believing that climate action and DEI are win-wins, that ESG is prudent risk management. In 2019, we applauded the Business Roundtable championing stakeholder capitalism. It felt good to soften capitalism to promote the “doing well by doing good” creed. And the money started rolling in because “saving the planet” sells. But so did investment underperformance, regulation and votes for politicians intent on limiting economic growth.

This feel-good initiative got out of control through mis-selling, debilitating regulation, wrong cost/benefit analysis, end of the world hysteria, vulture self-interest groups and bad energy policies, with a disregard to the cost and safety impact on citizens.

Just look at Europe readying to jump off a socialist cliff with its Green Deal and CBDC. By abandoning cost/benefit analysis, the EU is intent on increasing energy costs while ramping up nefarious controls on trade, production, innovation and money, robbing the continent of a decent economic future. And having no impact on overall global emissions.

She ends on a note of realism:

Climate change is real but so is war, geopolitical risk, social unrest, limits on free speech and the cost of living crisis.

For anyone thinking there’s a more community spirited version of capitalism through more state intervention, read Animal Farm by George Orwell again. It’s called collectivism, socialism, marxism, ultimately totalitarianism.

Fossil fueled capitalism is flawed but it’s the best system for growth, social mobility, climate adaptation, energy transition, innovation and civil rights. I really hope folks think things through and consider Ayaan’s poignant essay, especially as we all head to the ballot box.

It’s gradual until it’s sudden.

So much said in the above paragraphs. The future belongs to the courageous and logical. Desiree Fixler is a game changer that the UK/EU, not to mention many other countries, needs to hear.

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[1] Some more history and introduction:

In a defining moment during her tenure as Group Sustainability Officer at Deutsche Bank’s asset manager, DWS, Desiree exposed material greenwashing at the company- huge disparities between public ESG claims and internal statements and actions. When her concerns as well as her job were dismissed by the C-suite and Board, she decided to speak out publicly. Subsequent investigations by US and German authorities resulted in a dramatic series of events, including a federal police raid, the removal of the top executives and the largest SEC greenwashing fine to date.

Desiree’s whistleblowing action sent shockwaves throughout the finance industry, catalyzing efforts to tackle greenwashing. She poignantly shares this cautionary yet inspirational story and goes beyond the call for clearer ESG disclosures to emphasize the power of speaking up to drive meaningful change.

Prior to DWS, she has held senior roles at JP Morgan, Deutsche Bank and Zais Group, where she built and managed ESG investing and structured credit businesses. Desiree has also served as a senior advisor to both BlueOrchard and responsAbility Investments to scale blended finance transactions in the institutional capital markets. Her track record of product innovation includes several award-winning and market transformational products, including the development of the iTraxx and CDX indices, as well as a series of impact securitizations.

Desiree holds a BSc Economics (Hons) from the London School of Economics. She is a member of the World Economic Forum’s Global Future Council on Responsible Investing.

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