Ironically he was the least brutal during his early years.

He treated Mongols very well and while his rivals would do things like boil people alive, he never did that and he was very forgiving.

I think he saw non-Mongols as totally different any operated in a very brutal way to them.

Sadly it’s human nature. I think there are a part of society that are frustrated and this is their only means to feel heard - imagine what goes in this persons head that they don’t post, sad. Hope you it doesn’t bother you.

Very interesting, do you perhaps see any second order effects of this?

When I see someone about to clearly lose. I try not to think of them as dumb but instead try to understand if they are playing a different game/end goal.

Could this be to impact other states or gain federal influence?

Offset have been basically giving a license to pollute.

If they are the best we have then we should make them more aggressive with a tiered approach and the tiers increasing every few years.

The argument I see from investors usually is it artificially lowers their mtm of the asset but our argument back is the goal is the tax is to price the externality which all emitters are exposed to.

Yes I agree. From the pension plans and asset owners I speak with, I believe they are somewhat forced into having oil and gas exposure due to their benchmarks as well as the consistent cashflow.

I see the struggle for climate teams to reconcile the funding needs and the long term risks.

To me, it sounds good but also could be taken as telling someone unhealthy “eat all the unhealthy food first and after that you’ll have no choice but to eat veggies”.

But this is a very sophisticated investor and funding these projects so i might be missing something from this strategy.

I’m seeing an interesting scenario with a very climate focused investor and oil companies. They cannot devest because energy is part of their benchmark but they are trying to fund CCS solutions to help with EOR and increase yield to reach EOL of the asset sooner.

I’m curious on your take.

The government making it a compliance exercise doesn’t help long-term.

Firms need to understand the value creation of not harming external stakeholders(i.e. environment) and progress needs to be intrinsic.

I 100% agree. The IRA created demand and support for green solutions but there was real economic impact to firms using the solutions(improving opex, productivity, etc).

Perhaps a repricing will occur but overall I cannot see a major impact.

Thank you for posting this. This is very helpful.