A Victim of the Climate Wars: A Warning from the U.K.

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Shell’s decision to pull out of the Cambo North Sea oilfield-development project in early December — which could have also provided enough natural gas for 1.5 million homes for a year — may not seem like something that should concern Americans. Check a little more closely, though, and this grim tale begins to look a lot like an example of how our own oil and gas production is going to be — or is already starting to be — constrained, not necessarily by legislation but by a combination of regulatory overreach, activist agitation, and the increasingly malevolent influence of financial institutions. Many of those in the last group on that list are major institutional investors out to advance a socio-political agenda unconnected, whatever they may claim, to the generation of financial return for their clients. This agenda is often sold under the guise of “socially responsible investing” (SRI), and particularly these days, as “ESG,” a peculiarly virulent variant of SRI under which actual or prospective investments are not only assessed for the money they might make but also for how they score against certain environmental, social, and, much more reasonably, governance benchmarks.

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Charles the Climate Prince

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At a time when the monarch, James I, “the wisest fool in Christendom,” believed in the divine right of kings, it was perhaps tactless of the English jurist John Selden (1584–1654) to write:

A king is a thing men have made for their own sakes, for quietness’ sake. Just as in a family one man is appointed to buy the meat . . .

Commentary such as this meant that Selden spent a short time in the Tower of London. Nevertheless, he lived long enough to see James’s son, Charles, being found surplus to requirements.

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Climate, Democracy, and Other People’s Money

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Reconciling the climate warriors’ agenda with either free markets or basic democratic accountability is not — how to put this — straightforward. Those attending the COP-26 conference now under way in Scotland are not trying that hard to conceal this unpleasant reality. Of course, so far as the d-word is concerned, current circumstances mean that such an exercise would be even more difficult than usual. As the Wall Street Journal’s Joseph Sternberg observed…

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"Too Busy Saving the World"

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To label Kati Marton’s biography of Angela Merkel a hagiography would not be fair—not entirely. That said, when she writes of the chancellor being “too busy saving the world” to have much time for strolling in the woods, the expression may be less of a rhetorical flourish than it should. “The Chancellor” is an impressively researched but, in many respects, devotional work—the reflection of a worshipful establishment consensus that will eventually seem absurd.

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Slanted but Essential

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Shutdown, historian Adam Tooze’s new book—which carries the somewhat premature subtitle How Covid Shook the World’s Economy—is billed by its publishers as “a deft synthesis of global finance, politics and business . . . a tour-de-force account of the year that changed everything.” Whether the coronavirus will, when all’s done, have “changed everything” remains to be seen, but Shutdown is well worth reading as an intriguing, thought-provoking study of a period made unique not by a disease—our species has weathered many—but by how we dealt with it.

“Never before,” writes Tooze, “had there been a collective decision, however haphazard and uneven, to shut large parts of the world’s economy down.” He could have taken a more rigorously questioning look at the rights and wrongs of that decision, one of several missteps in the book that range from his cursory examination of the different course adopted by Sweden to his failure to consider whether prolonged shutdowns would have been justifiable had vaccines not been developed so quickly. The vaccine breakthrough casts the draconian measures taken by authorities in a more favorable light than they may deserve. For how much longer would we have had to shelter at home? Years?

But then Shutdown’s author makes no secret of his preference for strong state action…

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From Pillaging to Prosperity

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The Viking Heart, the latest work by the historian Arthur Herman, is engaging, informative, and highly readable. As Herman deals with four separate topics each of which deserves a book of its own, it is also an extremely ambitious undertaking. His reach may some­times exceed his grasp, but even when that is the case the results are likely to leave readers wanting more — in a good way.

The first topic, taking up a third or so of The Viking Heart’s text, is a history of the “classic” Viking era. The second is a discussion of what happened next — the Vikings did not just vanish into nothingness when the longships ceased setting sail. The third touches on the Scandinavian experience in America. The fourth, which is more of a thread running through the book, is an examination of what Herman dubs “the Viking heart,” character traits (mercifully somewhat evolved since that heart began beating) that, in his view, contributed so much to the development of these northern peoples and the impact they have had far beyond the fjords, forests, and lakes of their homelands.

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Germany after Merkel

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The coalition-building that follows a German election can take quite some time, but regardless of who becomes the country’s next chancellor (almost certainly the Social Democratic Party’s Olaf Scholz), one thing is undeniable: The descent of the center-right CDU/CSU to its lowest-ever share of the vote puts two defining characteristics of outgoing chancellor Angela Merkel — tactical brilliance and strategic blindness — into uncomfortable perspective.

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Ida’s Reminder That Climate Policy Should Be Built on Resilience, Not Delusion

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I was infinitely more fortunate than many, many people, but my Wednesday evening still did not go entirely as planned. I emerged from a cinema to find a downpour, the subway down, and that cabs were nowhere to be seen. Passing on the chance to join a sodden group sheltering in an ATM zone, I trudged the 25 or so blocks home, thinking about . . . infrastructure.

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