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Daniela Gabor Profile picture
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12 Oct, 5 tweets, 2 min read
louder for the ones in the back, voluntary decarbonisation doesnt work.
unless it's fancy greenwashing.

ft.com/content/9105cc…
and this Carney framing - that finance cannot do it alone - is the cherry on the greenwashing cake.

more consistent with a carbon finance lobbyist than a UN climate envoy. Image
one of the big strategic wins of ESG tsunami was to convince politicians that Big Finance cares about climate.

never mind that it's common knowledge that ESG is rife with greenwashing.

podcasts.apple.com/us/podcast/dan…
second strategic ESG win: convince many that rush to ESG responsible for ongoing energy crisis. Not Putin, not market-led decarbonisation, not gas market supply conditions, not transitory COVID shocks.

'decarbonising too fast' - new mantra of soft climate denialism
to be clear - when Carney says 'finance cannot do it alone', he implies that finance hat finance are the real climate warriors

which would be great if we didnt know about extensive greenwashing masked by grandiose commitments to net zero.

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More from @DanielaGabor

Daniela Gabor Profile picture
14 Oct
if you think the Vatican is a cesspit of financial shenanigans, wait till you see this incredible documentary on Romanian Orthodox Church and its leader, Patriarch Daniel of Romania, aka 'The Great White'

(1.2 million views in opening day)

this is an outrageous story of Church milking public funds at national, regional and local level with help from politicians across the political spectrum

of a Patriarch doubling as local baron

of a Patriarch covering priests' sexual abuse
most rich men (yes) in Romania have become rich by stealing from the state, by legal and illegal means, but so far we knew little of the Orthodox Church's role, including its unholy cuddling of far right politicians
Read 15 tweets
Daniela Gabor Profile picture
1 Oct
let's all remember that a wage-price spiral only occurs if
firms dump wage increases into prices, instead of reducing their profits.

German workers here are asking for some share of that nice profit pie earned during pandemic.
I am also puzzled by the collective terror of worker power, only a couple of months ago central bankers and IMF chief economists were clamouring for exactly that.
workers of the world unite, just a bit below the inflation target?
Read 4 tweets
Daniela Gabor Profile picture
29 Sep
this paper is much more interesting in how it portrays mainstream macrofinance rather than its critique of MMT.
first, Quantity Theory of Money is, to cite Charles Goodhart, weak lark, imposing a monetarist causality on an identity.
holding that against MMT is not a serious intellectual effort. Image
fair enough, they recognize money multiplier (critical to QTM/monetarism) is nonsense Image
Read 5 tweets
Daniela Gabor Profile picture
28 Sep
exciting panel on inflation panel at Sintra, with @Isabel_Schnabel chairing.
Charles Goodhart: we are in an extraordinary moment, we dont have a general theory of inflation.
we used to have two - monetarist and Phillips Curve - but none has performed well.
we also have the expectations theory of inflation - but that doesnt work either, since inflationary expectations are backwards looking and adaptive Image
Read 22 tweets
Daniela Gabor Profile picture
22 Sep
fascinating WEF conversation on private equity as the new climate warriors:

- PE increasingly home for high carbon assets as less regulatory scrutiny and disclosure requirements
one bold claim: PE business model can reduce carbon footprint

PE make money on way out, when they sell companies to another party

if PE inherits a certain ESG/carbon footprint, if it can reduce it in 5 years time, it can create value.

ergo, PE ultimate climate warriors.
of course, 'value' is keyword, and claims that PE will have to green their companies because there are reputational costs are nonsense - Blackstone shrugged off @leilanifarha critique of their practices as institutional landlords
Read 6 tweets
Daniela Gabor Profile picture
22 Sep
the natural gas crisis in UK is a stark reminder that corporate farming makes us vulnerable and that the low-carbon transition cant be driven by them

ft.com/content/475ca5…
unfortunately, UN remains captured by agri-business

'70% of world’s population is fed by diverse network of small-scale producers and peasants - this group uses less than 25 percent of resources necessary in agricultural production.
industrial food chain feeds only 30% of world, while using over 75 percent of resources'
Read 4 tweets

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