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Self-driving boats

Since he began scamming promising people – buyers and not just buyers, but BUYERS – that full self-driving would be available in six months (2016), Elon Musk has played a vital role in one of our great national pursuits. Yes, separating people from their money. But normalizing electric cars, even with the side auto-taxi fraud, is to be lauded. Tesla definitely got the other car makers to get some skin in the game.

There are and long have been many obvious reasons behind the difficulty of self-driving cars that Musk is now copping to, but again the Overton window has been effectively shifted. Quiet electric vehicles are turning up all over the place – on land, on sea, even in the fjords:

But they’ve already made Norway the most electrified shipping nation in the world, thanks to an aggressive government push to cut maritime emissions. The country is home to almost three-quarters of the 274 vessels globally that run at least partly on batteries, according to a state advisory body. Its fleet of 31 fully-electric car ferries is expected to nearly double by the end of the year, says the Green Shipping Programme, a public-private partnership that supports the transition. Even the sightseeing ferries that cruise Norway’s famous fjords are transitioning to battery power.

On a Saturday morning in Stavanger, along Norway’s west coast, a new ferry, the Rygerelektra, is in the harbor preparing for a tour of some nearby fjords. Measuring 42 meters long with seating capacity of nearly 300, the ferry, is owned and operated by Rødne Fjord Cruises. It is among a group of vessels from several of Norway’s leading maritime companies that are driving a shift towards zero-emissions fleet and supporting Norway’s ambitious economic reinvention away from oil and gas to alternative energy source.

They acknowledge the challenges of large-scale fleet charging, though promising technology already exists. And then, they can’t resist the temptation:

“In Norway, we need to transition from oil exports to sustainable products and services, while still utilizing the competence we have gained from the oil industry, says Pia Meling, vice president of sales and marketing at Massterly, the autonomous shipping company. “We would like to compete on the renewables and in clean shipping in particular.” Massterly’s vision is one of zero-emission, autonomous vessels moving everything from passengers around Norway to containers across oceans.

Emphasis added because I guess they can’t help it. But really, who knows where the over-promise of auto-taxis might lead? Self-driving boats are certainly more possible, if not theoretically easier – at least until you get to a crowded harbor. But hey, in the open water? Sure. In six months, we’ll be…

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On Divestment

When that thing that people may be afraid might happen is already happening, only change the ‘thing’ to ‘investing in dirty energy’ and the fear to ‘you can still make money on your money if you stop.’ The world’s largest investment house reports on tomorrow, today – pulling your money out of fossil fuels already turns a profit:

In places, BlackRock’s findings are redacted, so as not to show the size of particular holdings, but the conclusions are clear: after examining “divestment actions by hundreds of funds worldwide,” the BlackRock analysts concluded that the portfolios “experienced no negative financial impacts from divesting from fossil fuels. In fact, they found evidence of modest improvement in fund return.” The report’s executive summary states that “no investors found negative performance from divestment; rather, neutral to positive results.” In the conclusion to the report, the BlackRock team used a phrase beloved by investors: divested portfolios “outperformed their benchmarks.”

In a statement, the investment firm downplayed that language, saying, “BlackRock did not make a recommendation for TRS to divest from fossil fuel reserves. The research was meant to help TRS determine a path forward to meet their stated divestment goals.” But Tom Sanzillo—I.E.E.F.A.’s director of financial analysis, and a former New York State first deputy comptroller who oversaw a hundred-and-fifty-billion-dollar pension fund—said in an interview that BlackRock’s findings were clear. “Any investment fund looking to protect itself against losses from coal, oil, and gas companies now has the largest investment house in the world showing them why, how, and when to protect themselves, the economy, and the planet.” In short, the financial debate about divestment is as settled as the ethical one—you shouldn’t try to profit off the end of the world and, in any event, you won’t.

If the ‘masters of the Universe’ are already running for cover, the debate basically devolves to ‘you’re not the boss of me.’ Rising tides and disappearing oysters beg to differ.

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Front Foot

Stay on it.

White House officials are preparing to present President Biden with a roughly $3 trillion infrastructure and jobs package that includes high-profile domestic policy priorities such as free community college and universal prekindergarten, according to three people familiar with internal discussions.
After completing the $1.9 trillion coronavirus relief package this month, Biden administration officials are piecing together the next major legislative priority. Although no final announcement has been made, the White House is expected to push a multitrillion-dollar jobs and infrastructure plan as the centerpiece of the president’s “Build Back Better” agenda.

This will do multiple things, with hundreds of billions of dollars to repair roads, bridges, sewers, waterways and railways, as well retrofitting thousands of schools and other buildings, the bill also includes $400 billion to combat climate change, with $$$ for transit, and importantly, R & D. And this isn’t pouring money into nowhere – people will have to do that building, digging, measuring, research. So… jobs. Yes, boring and crucial.

And Republicans will fight it because of reasons. Let them. Make them. Remember: no tax cuts, especially the most recent ones, have ever been paid for. And the bugaboo of inflation will be what they betting on to argue against infrastructure investment. Let them explain. From the back foot.

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The President Show

Look what you can do instead of hosting The President Show:

Second, the rescue bill has quietly become an infrastructure bill. It devotes $350 billion to supporting state and local governments. These funds, initially proposed to plug COVID-19-created holes in public budgets, in many cases now exceed those holes. So the Senate has allowed states, cities, and counties to spend that money on improving services such as water, sewage, and broadband. Because many water systems are vulnerable to climate change and must be adapted, this is de facto climate funding. The bill also contains $31 billion for tribal governments and Indigenous communities, including line items for new infrastructure, housing, and language preservation.

Downtown in our quaint little burg, one of the main streets in the central business district has been a mess for about three months, with sidewalks and the street alternately under massive excavation as sewers, power and water lines are replaced and updated. It’s a huge mess on a one way street in a tiny downtown and it’s not apparent when it will be completed. But that’s how badly needed it was, likely long overdue precisely because it’s such a hassle. Some of what is being replaced was likely original – whatever that might mean in this context. There’s a reason people/governments don’t want to do this. It’s hugely disruptive and expensive. But also absolutely necessary. There are likely 10,000 places this needs doing. So fix them, get started. And robots can’t do this work, btw. More boring accomplishments, please.

And then let’s dance to this music.

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Dude diligence

This reddit/hedge fund cage match is everything about green (almost) rolled into one! It’s almost too much (get it?):

Wall Street hedge funds are scrambling, and it’s all because of a online investing forum that has more than 4 million members who self-describe themselves as “degenerates.”

Reddit’s WallStreetBets forum has surged in popularity after retail investors within the group successfully staged a gravity-defying short-squeeze in GameStop at the expense of hedge funds that were betting the physical video-game retailer was on its last legs.

A short-squeeze occurs when investors who are betting against the stock are forced to close out their position by buying the stock, further adding fuel to the fire.

As of Thursday morning, GameStop had a year-to-date gain of more than 2,400%. The rally in GameStop crushed Melvin Capital, a roughly $12 billion hedge fund that has suffered a more than 30% decline due to its short position in GameStop.

OMG, shorter all hedge fund doods: Stop doing what we do all the time because you’re not qualified to run a casino like we so definitely aren’t running, not at all, nosiree!

Bonus fun:

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Where it goes, Nobody knows

We will soon say the same for 2020, but not before the assholes get take one more chance opportunity to blow it all the way out:

If you consider (ridiculous, but consider it generously for the sake of discussion) the “risk” of doing just a little bit “too much” for poor and middle class people (a check that phases out starting at $75K is that), versus the risk of doing too little or, quite soon, absolutely nothing more, and consider how people are lining up on that choice… Well, they would prefer plunging the economy into a deeper recession and the misery of millions of people on the off chance people might realize government is actually capable of doing things for them.
The people complaining about a $2000 check (and, I know, this was likely never going to happen, but the people complaining about it are so frightened of the possibility that they won’t even let it be used as a rhetorical club) are going to be responsible for what is coming, as is everyone who puts up even minor roadblocks to the few options that are available.
…
People who never met a tax cut for rich people they don’t like have the nerve to lie and claim a $2000 check that phases out benefits wealthy people too much.

Green means everything when you don’t have much, but acquires a different sort of power if you are rich(er) enough to believe in its all-encompassing corrupting influence on the poor. How, indeed.

GOParty orthodoxy: Deficits are immoral, but moral deficits, properly timed, can be convenient.

Just GO already.

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Tanker blinkers

It is very difficult to report on Climate Change. It even difficult to write about reporting on climate change. For example:

On the NYT Climate and Environment page right now has these as their stories:

Fossil Fuels Are to Blame for Soaring Methane Levels, Study Shows

Bezos Commits $10 Billion to Address Climate Change

Both are serious stories and neither can be taken as straight news as they scream out for flame and snark – not even looking at you, twitter. But it points up the challenges of treating climate developments as new when they have existed for more more than a decade and are only being admitted into polite, gray lady discourse. The very idea that plutocratic climate funds are any kind of answer to anything is almost as ludicrous as the story a little farther down the page about damming the North Sea to combat sea level rise. I’m sure they meant the other ‘damning,’ and perhaps could have used them interchangeably.

This is not [only] a complaint. That these stories are being reported out, written and published is something – it’s just an incomplete something. We probably need to cross reference these stories to get a more accurate picture. True multi-media. Bezos’ billions could go to greenlight feature films of stories about what’s happening. You can’t turn the tanker without starting to turn. The. Tanker.

 

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Making money from the Greening

We’re mostly still just trying to do that, as if there’s a first, as if THAT’s the opportunity:

Sustainable investing is one of the hottest trends on Wall Street. Trillions of dollars are rushing in as consulting firms and private foundations spread the gospel. But no one is entirely sure what ESG is beyond the literal (environmental, social and governance) or exactly how to define it. Metrics are self-reported and often hard to measure, tracking everything from carbon emissions to boardroom diversity. Greenwashing is a perennial concern.

Profits, however, are very much measurable. Bloomberg’s fourth annual ranking found that the biggest ESG funds are beating the market. If you do happen to have $1 million to spare and a soft spot for the future of planet Earth, here are some investment ideas for you. How does the intersection of AI, blockchain and climate sound?

We also reported this week on emerging technology such as carbon capture, and less environmentally damaging rocket launches. While not as sexy as spaceships, dirt is also important to the future health of the planet. Global agriculture has come to rely on annual crops and heavy fertilizer use, which inhibit soil’s ability to sequester carbon. 

So we’ll call it ESG or whatever, and we do. Predictions about how this will affect THAT, about where to place your future-of-energy bets is till going to lead to many near-term flareups and dead-ends. Reckoning with the ultimate dead-end may not be appealing, prospectus-wise, but acknowledging that we’re doing it anyway, that doing it the old way got us right to here, is the thing we will always still need to do until we do it.

Waiting. Adaptability Funds are going to scare the investor class for about one-half of a news cycle.

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Faceback

Take the [please!] newest, most naive form of sharing personal news and information, let it be a for-profit business and just for kicks, make it the most profitable non-product the world has ever known. What would you get?

On the one hand, the company wants to curtail the spread of disinformation across its site. At the same time, it wants to avoid alienating the groups and candidates who depend on its platform for fund-raising and organizing. So in trying to find a way to please everyone on the issue, Facebook has managed to please no one.

The social network has now become an outlier in how freely it lets political candidates and elected officials advertise on its platform. While Mr. Zuckerberg declared last month that Facebook would not police political ads, Twitter said it would ban all such ads because of their negative impact on civic discourse. On Wednesday, Google said it would no longer allow political ads to be directed to specific audiences based on people’s public voter records or political affiliations.

Part of our own vulnerability rests within an inability to understand simple words like ‘sharing’, and reluctance to engage with non-simple contracts like the many we would rather click agree to and just get back to posting our favorite stuff. More on all of this soon, but we’re really staring into the abyss here without noting the swirl. We hear the sound, but not its signal; can do steps but are not invited to the dance.

Thumbs up!

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11 to 7 on the Paradigm Shift

There are great amounts of quality disparagements of business schools in general (intentional or not), and MBA programs in particular. The singular ethos, such as it exists, or lack of concern beyond profiteering for anything involving people, environments, good governance or even public safety opens a very wide field in which quite little is possible other than the growing of predator industries and the election of frauds.

But the hedge-fund guys and girls have largely gotten a pass for a long while now, though that just will not suffice and they refuse to have their lack of acumen for or understanding of the industries they destroy not properly respected for precisely what it is:

To me, this and so many other closings of quality publications leads to a broader question of whether journalistic outlets can even exist under this current age of capitalism. In short, I think the answer is basically no. Journalism can exist in a capitalist system of course, but only when the people who own these outlets have some higher purposes, at least in part, whether it is some belief in the truth or at least a willingness to accept relatively moderate profits instead of instant gold. But we now live in an era of venture capitalist schemes, where rank idiots stumble into massive wealth and believe that they are rich because they are smarter than everyone else. When this happens, as it did in the initial Gilded Age, these morons run roughshod over the world around them.

Just so. The jump comes from a ledge of dangerous combination: You make a great deal of money – however quickly – and also systematically evade any education that would have given you access to some self-awareness that might save you and others something a little more important than two points below prime. The serial misunderstanding of terms will be the subtext of the best work of many future historians and not-a-few extradition treaties. CRaP, for example, is a re-purposed acronym that should be far more useful that it is.