Summary of Richard Welch: The ESG Racket | Tom Nelson Pod #92

00:00:00 - 00:35:00

Richard Welch, a former oil and gas industry veteran, discusses his efforts to eliminate ESG (Environmental, Social, and Governance) practices in Texas banks because they affect companies that rely on carbon assets, causing possible trillions of dollars in bailouts in the future. Welch authored a bill that requires Texas banks to disclose their ESG practices, which would uncover discrimination based on carbon assets and hold ESG rating companies accountable for charging higher interest rates on loans. He believes ESG is a total scam and a Ponzi scheme that funnels money into failed green energy startups. He expects ESG to be a significant topic in the 2024 presidential primaries since more banks will invest heavily in green energy and, consequently, take bigger hits. Welch urges people to get informed, talk to their legislators, and bring these issues to light in the media.

• 00:00:00 In this section, Richard Welch, a 21-year veteran of the oil and gas industry, discusses his efforts to fight government overreach in the oil and gas sector and to educate people on the importance of oil and gas. He has worked in all three streams of oil and gas and has extensive experience working with different companies. He recently wrote House Bill 3661, which requires banks in Texas to disclose whether they use ESG practices in their loan-making decisions and report this information to the State Comptroller. Welch also criticizes the Glasgow Financial Alliance for Net Zero, which has a hundred and thirty trillion dollars worth of financial backing and is pushing for a low carbon, climate-resilient future, calling it a total scam that is engaging in a Ponzi scheme to funnel money into failed green energy startup companies.
• 00:05:00 In this section, Richard Welch discusses the need to fully track the ESG movement within and outside banks in Texas to eliminate it, as corporate discrimination based on carbon assets is affecting everyone from oil and gas companies to pool, fertilizer, and lawn companies. Smaller banks funded by BlackRock's ESG policies will be eliminated from the state. Meanwhile, banks are wanting ESG credit scores from pop-up ESG rating companies to charge higher interest rates on loans. The startup companies that are being developed with taxpayer dollars from the Biden Administration are failing, but banks are feeding them business to stay in business, so elimination of this discrimination is necessary. Welch says that he's received support from several CEOs, VP, CFO of oil and gas companies in Texas, who can't endorse his efforts enough.
• 00:10:00 In this section, Richard Welch discusses the negative impact of ESG on Elon Musk and Tesla because ESG regulations are not favorable for their business activities in rocket fuel, metal, and mining. Welch believes that ESG is not something politicians are interested in because it will invite major pushbacks from banks, and it will take something disastrous to happen for politicians to address it. However, Welch expects that ESG will be a significant topic in the 2024 presidential primaries because more banks investing heavily in green energy will take bigger hits, causing possible trillions of dollars in bailouts. Welch also explains that BlackRock and other banks have significant financial power with businesses like Exxon Mobil because they have nowhere else to go. Therefore, these big banks can make a lot of money charging prime loans for businesses that need to make expansions.
• 00:15:00 In this section, the speaker discusses how the ESG scam is concentrated in big banks and companies, and how smaller oil companies may not be influenced by it as much as they are not forced to borrow billions of dollars. He introduces a bill that aims to find out how many banks in Texas implement this investment strategy and identifies any discrimination within it. The speaker shares a source called ESG University and suggests that Alex Epstein and Jason Spice have done several lectures on ESG. He explains how ESG came about to be more environmentally responsible and led to the renewable energy push. The big push for solar and wind is related to ESG, and BlackRock doesn't want to lend money to the oil and gas companies but to the renewables.
• 00:20:00 In this section, the speaker discusses how the push for ESG is being financed with federal subsidies and a vast amount of money from organizations that want fossil fuels to fail. He warns that this approach will make things unaffordable for the average citizen. When asked about Warren Buffet's stance on ESG investment for Berkshire Hathaway, he quotes from a statement that Buffett made, stating that he only invests in wind power due to tax credits. He also mentions that China invested 13 trillion dollars into the Glasgow Financial Alliance to destroy American Oil and Gas and push for renewables. The speaker notes that Rocky Mountain Institute is also funded by the Chinese Communist Party to put out reports that are against fossil fuels.
• 00:25:00 In this section, Richard Welch discusses the Glasgow Financial Alliance for Net Zero and its connection to the United Nations. The website states that they are pushing the United Nations mission for Net Zero, and they are financing everything that the United Nations is pushing for. This globalist agenda supports the Paris climate Accord funding the UN through Glasgow. Welch is concerned about the 130 trillion dollars in financial backing, and the lack of confidence in any democratic presidential candidates to fight back against it. To win this battle, someone strong from the Republican or independent side must put their foot down to ensure that this globalist agenda does not go on in the United States.
• 00:30:00 In this section, Richard Welch discusses the increasing power and influence of the green energy push across the United States, particularly in states like California where there are plans to ban gasoline engines and diesel-powered tractor trailers. He urges people to get educated, talk to their legislators and companies, and bring these issues to light in the media. Though he has been quoted in several news articles, getting mainstream media like the Wall Street Journal or New York Times to catch on to the severity of the issue may be difficult. Welch also shares that he has never believed in the idea that mankind can change the weather through reducing CO2 emissions and has been too consumed with his work in the oil and gas industry and running for office to stay up-to-date on other skeptics' work.
• 00:35:00 In this section, Richard Welch discusses his experience talking about ESG with his constituents. He notes that only two years ago, no one in his audience had heard of ESG. Welch was personally affected by the 2021 blackout and believes that the political fallout surrounding it was primarily focused on the failure of oil and gas, rather than addressing the shortcomings of other energy sources. He argues that the concept of global warming is a hoax and encourages people to look at the planet's history and current weather patterns. Welch also expresses his passion and continued efforts to fight against ESG and its impact.