Italian Economist: “Green Transition” Aims to Save the Banks, Not the Planet

The fraud of the so-called green transition was exposed by Mario Giaccio, former dean of the Economics Department at the Chieti-Pescara University and former editor of Journal of Commodity Science, Technology and Quality, in an interview with the Italian daily La Verità on Sept. 1. The interviewer was Franco Battaglia, professor of physical chemistry at Modena University.

Professor Giaccio blasts the malign EU policy that allocated €30 billion per year to “fight CO2”, by taking that sum from funds to finance agriculture. “In this [farming] sector, our country will lose almost €400 million and the most punished region will be Apulia, with cuts up to €40 million. All this, to reduce atmospheric CO2 by 16 parts per billion per year.” He points to the irony that “Curiously, man-made financial chaos is presented as a natural event; climate change, which is a natural event, is attributed to man”.

Internationally, Prof. Giaccio charges, “the Green Economy represents an effort to bail out the global financial system with a giant new financial bubble. Not by chance, the Institute of International Finance had characterized the Green Economy as ‘the new gold’ in a Dec. 9, 2019 paper.” The green economy, however, is sustained by government subsidies, without which it would fail.

“To understand who runs climate policy, follow the billions and the billionaires. In 2015, the Financial Stability Board of the Bank for International Settlements created the ‘climate task force’ to advise ‘financial investors and insurers on climate-connected risks.’ Members of the task force are the largest international banks, insurance companies, investment funds, large oil, steel, mining, chemical companies representing over $100 trillion in capital on a global level. The first global index of high-level green bonds was promoted by Goldman Sachs and is financed by the largest global banks and several other companies. The overall amount of capital to be invested is over $600 billion. There is also a European investment fund, Breakthrough Energy,” founded at the COP26 by Bill Gates, Ursula von der Leyen, and European Investment Bank President Werner Hoyer.

This policy was adopted in 2015 under the UN 2030 Agenda, Prof. Giaccio notes. He further observes that “When the most influential multinationals and the largest institutional investors in the world get together to finance a so-called Green Agenda, one should ask what is behind advertising campaigns that aim to convince common people to make inexplicable sacrifices to ‘save our planet’ — or rather to save ‘their planet’? That is why you cannot argue against the climate issue, you cannot debate it because it is already deeply embedded in the interests of Big Finance. The truth is that we are not dealing with the trumpeted energy transition but with financial transactions. The aim of climate ideology is not the well-being of the planet and its inhabitants, it is the well-being of Big Finance.”