A truth bomb from our fearless leader.
Washington Times (19/19/22) reports: "Not everyone was impressed by Patagonia founder Yvon Chouinard’s decision to transfer his ownership of the company to a climate change group. After Mr. Chouinard received glowing reviews for his philanthropy, led by a New York Times exclusive headlined 'Patagonia Founder Gives Away the Company to Fight Climate Change,' those crunching the numbers pointed out that the move offers considerable tax advantages. 'Patagonia founder Yvon Chouinard has described his decision to give away the company as his last-ditch effort to do all he could to protect the planet, however, it’s also helping him skirt around $700 million of tax bills. Funny that!' tweeted Net Zero Watch. Declaring that 'Earth is now our only shareholder,' the billionaire moved 100% of his nonvoting shares to the Holdfast Collective, a newly formed nonprofit dedicated to fighting the 'climate crisis,' and all of his family’s voting shares to the Patagonia Purpose Trust, which his family and its advisers control...As a 501©4 nonprofit, Holdfast can make unlimited political donations, although contributions to the group are not tax-deductible. Tom Pyle, president of the American Energy Alliance, called the climate narrative disingenuous. 'I’m all for paying as little taxes as possible, but let’s not pretend that this complex business arrangement is about saving the planet,' Mr. Pyle said. 'It’s really about fueling Mr. Chouinard’s political causes while still retaining control of the company, and creating a tax shelter for his heirs in the process.' He added that it was 'also ironic because Patagonia products wouldn’t exist without oil and natural gas, which will most certainly be the target of this newly created political organization.'"
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And another from Mike McKenna.
Real Clear Energy (9/19/22) column: "There has been a fair amount of back and forth about the best way to build the high voltage transmission that would be needed to instantiate any imagined version of an energy transition. In one camp are those who believe that reliance on competition is the most likely way to accelerate the needed building of transmission. In the other, are those who believe that promises associated with competition have largely failed in the immediate past and are likely to fail in the future. The scale of the challenge is, as has been noted elsewhere, significant. Estimates range from needing to double the size of our current system to “only” requiring about 60% more transmission than we currently have in the next 35 years. Under all circumstances, we will, of course, need to replace all or essentially all of our current system as well. A few weeks ago, the folks over at Concentric Energy Advisors added some content and texture to the discussion by taking a look at Order 1000 and its effect on the building of transmission. Way back in 2011, FERC sought to increase transmission investment by issuing Order 1000, which sought to open transmission to competitive bidding, under the assumption that it would encourage innovation and cost savings. Since then, proponents have argued that significant cost savings can be achieved through competitive bidding processes. Unfortunately, there has been very little real-world data on completed projects to validate these assertions."
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"Youngkin’s decision to remove Virginia from RGGI is part of a real plan to reduce energy costs, make our energy economy competitive, bring new investment into the state and conserve our commonwealth’s treasured natural resources. And, importantly, it will put Virginians back in charge of our energy future."
–Travis Voyles,
Virginia Department of Natural and Historic Resources.
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