{
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  "sourcesContent": ["import{jsx as e,jsxs as t}from\"react/jsx-runtime\";import{Link as o}from\"framer\";import*as n from\"react\";export const richText=/*#__PURE__*/t(n.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"Reflecting on my journey from a small West Texas town, where I worked various jobs\u2014from loading hay under the scorching Texas sun to climbing the ranks from fry cook to manager\u2014I\u2019ve made some key observations. First, there\u2019s a striking difference between the hard-working entrepreneurs who\u2019ve built their businesses from the ground up (many of whom may or may not have graduated from Texas A&M) and a new generation of MBAs. These young professionals, often with clean hands, tend to underestimate the dedication, maturity, and operational expertise required to successfully acquire and run a legacy business.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Family-owned businesses, despite their size, can compete fiercely with larger corporations. Many of these large companies have grown complacent, relying on their established brands instead of innovation and hard work\u2014the very traits that have fueled the success of smaller enterprises. According to Deloitte, 51% of business leaders believe their companies are too slow to adapt to change, and 42% acknowledge resistance to it. Our capital partners have recognized this and are eager to invest alongside Rexcoda in acquiring and partnering with family-owned businesses.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Inspired by Ezekiel 22:30, which speaks of standing in the gap, I founded Rexcoda in response to that calling. Rexcoda is more than just a private equity firm; it\u2019s a movement grounded in humility, intelligence, wisdom, and grit. Our mission is to lead the next generation of businesses that are not only technologically advanced but also anchored in strong moral and ethical principles. We aim to be a beacon for those who believe in the power of hard work and the importance of treating people well.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Small businesses are vital to the U.S. economy, contributing 44% of the nation\u2019s economic activity. By leveraging the latest technology, these businesses can streamline operations, reach new markets, and enhance customer engagement. Automation tools can take over repetitive tasks, freeing up time for strategic growth and innovation. However, technology alone isn\u2019t enough. The true differentiator is the work ethic and resilience forged over years of hard work\u2014qualities that have turned ideas into successful enterprises. This philosophy is at the heart of Rexcoda: work ethic and resilience will define the future of family-owned businesses.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"While large corporations may have vast resources, small businesses are nimbler, more resourceful, and often more motivated. By embracing technology and maintaining a strong work ethic, these businesses can seize the opportunities presented by today\u2019s rapidly changing business landscape.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"One significant challenge many small businesses face today is generational transition. Family-owned businesses, the backbone of the American economy, are at a critical crossroads as their founders approach retirement. According to PwC\u2019s Family Business Survey, 58% of family business owners expect to retire within the next five years, yet only 34% have a documented succession plan. This lack of planning can lead to failed transitions or struggles to adapt technologically, causing these businesses to close their doors. However, this juncture also presents an opportunity for owners to diversify their investments and transform their companies into regional or market leaders by selling, in whole or in part, to the right management team.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"I invite like-minded individuals, families, and organizations to join us in this mission and partner with Rexcoda. The future belongs to those who are willing to put in the effort, embrace innovation, and never lose sight of the principles that laid their foundation. For those considering selling or transitioning your business, Rexcoda is committed to honoring your legacy with shared values that serve as the bedrock of our firm, ensuring your business thrives for decades to come.\\xa0\"})]});export const richText1=/*#__PURE__*/e(n.Fragment,{children:/*#__PURE__*/e(\"p\",{children:\"This is my journey from a small town in West Texas to founding Rexcoda. Family-owned businesses are the backbone of the American economy. And I'm eager to contribute and make a difference.\"})});export const richText2=/*#__PURE__*/t(n.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[\"President Joe Biden\u2019s green energy agenda is expansive, with plans to spend over \",/*#__PURE__*/e(o,{href:\"https://joebiden.com/clean-energy/\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"$2 trillion\"})}),\" over the course of his first term in office. Democrats\u2019 main talking point is that the United States needs to expand solar energy\u2019s part within America\u2019s energy mix as quickly as possible. However, there is little conversation around what is to be done when this infrastructure becomes obsolete after its 20-30 year useful life.\"]}),/*#__PURE__*/e(\"p\",{children:\"Local, state, and federal decommissioning standards currently in place for hydrocarbons should be extended to solar energy and other sources to mitigate risk of new environmental harms \u2014 and resulting taxpayer-funded remediation efforts \u2014 due to abandoned solar farms and insolvent solar producers.\"}),/*#__PURE__*/e(\"p\",{children:\"Sustainability has become trendy, and many in corporate America are updating their business models to include product life-cycle (i.e., cradle to grave) sustainability practices. For example, initiatives such as Patagonia\u2019s \u201CWorn Wear\u201D and Apple\u2019s trade-in programs encourage their customers to recycle their products instead of throwing them away.\"}),/*#__PURE__*/t(\"p\",{children:[\"Unfortunately, while there are mandates on the oil and gas industry to decommission end-of-life equipment, many of these laws are not applicable to green energy sources, such as solar energy. This matters, particularly because of scale. Solar panels \",/*#__PURE__*/e(o,{href:\"https://www.manhattan-institute.org/mines-minerals-and-green-energy-reality-check#notes\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"require 10 times the quantity of materials\"})}),\" and \",/*#__PURE__*/e(o,{href:\"https://www.sciencedirect.com/science/article/pii/S1743967115300921\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"20 to 100 times the required land-use\"})}),\" when compared to hydrocarbon equipment that produces equivalent energy output.\"]}),/*#__PURE__*/t(\"p\",{children:[\"A recent study estimates a whopping \",/*#__PURE__*/e(o,{href:\"https://www.eenews.net/energywire/2020/07/20/stories/1063594547\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"8 million tons of solar panels\"})}),\" will be sent to landfills by 2030, ballooning to 80 million tons by 2050. Furthermore, by 2050 waste from end-of-life solar equipment will nearly double the current estimated annual \",/*#__PURE__*/e(o,{href:\"https://phys.org/news/2018-04-science-amount-straws-plastic-pollution.html\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"plastic pollution\"})}),\" or \",/*#__PURE__*/e(o,{href:\"https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2016/IRENA_IEAPVPS_End-of-Life_Solar_PV_Panels_2016.pdf\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"e-waste\"})}),\". With all the resources poised to be deployed by the Biden administration and Democrat-led House and Senate, a major focus should be on addressing planning for solar waste.\"]}),/*#__PURE__*/e(\"p\",{children:\"Federal, state, and local governments offer generous subsidies and tax breaks to encourage the development of solar farms, and the focus of alternative energy advocates has been on increasing the generation capacity of \u201Cgreen\u201D energy to replace existing hydrocarbons. However, the conversations surrounding renewable energy and the resulting legislative priorities could sabotage all of the progress made toward that goal if they focus exclusively on power generation at the expense of responsible disposal.\"}),/*#__PURE__*/e(\"p\",{children:\"Democrats must expand the scope of their green agenda to include implementing safeguards to ensure that these solar facilities are decommissioned and responsibly disposed of at the end of their lives. For example, the Texas Legislature in 2019 put forward House Bill 2845, which sought to require wind producers to provide financial assurances, such as a bond or a guarantee from the producer\u2019s parent company, to back their promises of decommissioning facilities at the end of their life. This legislation should be reconsidered now as the legislature meets for the 87th Legislative Session. The regulatory framework for decommissioning assets already exists for oil and gas production, it only needs to be expanded to cover other energy production.\"}),/*#__PURE__*/t(\"p\",{children:[\"Further, all-energy-inclusive decommissioning standards will create and maintain a predictable regulatory environment for producers. Should governments kick the problem of end-of-life solar panels down the road, the cost to taxpayers will be enormous \u2013 studies generally show that the\",/*#__PURE__*/e(o,{href:\"https://www.texaspolicy.com/sb-1610-bill-analysis/\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\" decommissioning of an average solar farm could reach a million dollars\"})}),\" or more. Taxpayers shouldn\u2019t have to pay for solar producers\u2019 negligence to clean up their waste.\"]}),/*#__PURE__*/t(\"p\",{children:[\"Assets at the end of their life must be disposed of, meaning the equipment must be repurposed, recycled, or thrown into a landfill. While hydrocarbon equipment is readily recyclable, \",/*#__PURE__*/e(o,{href:\"https://www.forbes.com/sites/michaelshellenberger/2018/05/23/if-solar-panels-are-so-clean-why-do-they-produce-so-much-toxic-waste/\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"recycling of solar panels is not only difficult, it is expensive\"})}),\". Efforts must be made to improve the recycling of solar panels to prevent their accumulation in landfills and corresponding negative environmental impacts.\"]}),/*#__PURE__*/t(\"p\",{children:[\"As suggested in a \",/*#__PURE__*/e(o,{href:\"https://www.epa.gov/sites/production/files/2021-01/documents/renewable_energy_waste_briefing_paper_january_2021.pdf\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"January 2021 EPA briefing paper\"})}),\", the Biden administration should instruct the EPA and Department of Energy to leverage their expertise and tools to further innovation in the disposal and remediation efforts of green energy equipment.\"]})]});export const richText3=/*#__PURE__*/e(n.Fragment,{children:/*#__PURE__*/e(\"p\",{children:\"Environmentalists should support energy companies developing pipelines, which deliver fuel more safely and efficiently than other modes of transport, keep natural gas from flaring into the atmosphere\"})});export const richText4=/*#__PURE__*/t(n.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"As IHS Markit\u2019s CERA Week, the world\u2019s premier gathering of executives and ministers to discuss energy, environment, and climate, comes to a close it is clear climate change will \u2013 as Biden promised \u2013 take center stage in this administration. Unfortunately for the American people, Biden\u2019s actions on methane emissions, as well as other climate change policies, are based on unfounded fears, not on facts.\"}),/*#__PURE__*/t(\"p\",{children:[\"In articles about the \",/*#__PURE__*/e(o,{href:\"https://www.eenews.net/energywire/stories/1063711689\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"EPA\u2019s replacement of Obama-era methane regulations\"})}),\", the first thing we usually read about methane is that it is a \u201Csuper-pollutant\u201D because each molecule we emit traps \",/*#__PURE__*/e(o,{href:\"https://www.epa.gov/ghgemissions/overview-greenhouse-gases\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"25 times as much heat in the atmosphere as CO\"})}),\"2 over a 100 year period.\"]}),/*#__PURE__*/t(\"p\",{children:[\"But while methane, also known as natural gas, is a greenhouse gas that contributes to mildly increasing global temperatures, it is not a pollutant in the sense of soot or smog, which cause direct harm to human health. Like CO2, it is biologically inert. It is also incredibly useful for heating our homes, cooking safely, producing electricity, and providing the feedstock to create \",/*#__PURE__*/e(o,{href:\"https://geology.com/articles/natural-gas-uses/#:~:text=Natural%20gas%20is%20an%20ingredient,bake%2C%20or%20glaze%20a%20product.\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"thousands of products\"})}),\" that we use every day.\"]}),/*#__PURE__*/e(\"p\",{children:\"So why did the Obama EPA, under the Clean Air Act, choose to regulate methane emissions in the same category as those other pollutants? And why is the Biden administration likely to follow in those footsteps?\"}),/*#__PURE__*/t(\"p\",{children:[\"The given answer is that methane\u2019s ability to trap heat contributes to climate change and that methane is one of many precursors to the formation of smog. The Obama EPA \",/*#__PURE__*/e(o,{href:\"https://www.govinfo.gov/content/pkg/FR-2016-06-03/pdf/2016-11971.pdf\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"cited these reasons\"})}),\" when it promulgated the final rule in 2016. However, its arguments for the \",/*#__PURE__*/e(\"em\",{children:\"significance\"}),\" of methane\u2019s contribution to temperature change and to ozone formation, which are crucial to its ability to regulate methane under the Clean Air Act, fall flat upon closer inspection.\"]}),/*#__PURE__*/t(\"p\",{children:[\"If the U.S. eliminated all of its methane emissions by 2050, \",/*#__PURE__*/e(o,{href:\"http://live.magicc.org/\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"climate models\"})}),\" used by the EPA estimate that average global temperature in 2100 would be 0.03 degrees C lower. About 30% of U.S. methane emissions come from the oil and gas industry, so the significance of those emissions is even less. The EPA recently finalized a rule concluding that any stationary source of greenhouse gases that emits less than 3% of total U.S. emissions is not significant enough to warrant regulation under the Clean Air Act. The rule specifically cites emissions from oil and gas production and transport as falling below this standard.\"]}),/*#__PURE__*/t(\"p\",{children:[\"While methane is known to increase ground-level ozone, a.k.a. smog, over long time-scales, the effect is global in nature and difficult to measure. Therefore, the EPA did not even try to \",/*#__PURE__*/e(o,{href:\"https://www.regulations.gov/contentStreamer?documentId=EPA-HQ-OAR-2010-0505-7630&contentType=pdf\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"quantify the benefits\"})}),\" of reducing methane emissions on ozone pollution levels. Plus, ground-level ozone is already regulated under the Clean Air Act.\"]}),/*#__PURE__*/t(\"p\",{children:[\"Given the negligible environmental benefits of the Obama-era methane regulations, the only true consequence would have been the cost, estimated at more than \",/*#__PURE__*/e(o,{href:\"https://www.epa.gov/sites/production/files/2016-09/documents/nsps-overview-fs.pdf\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"$500 million\"})}),\" annually by 2025. Furthermore, the 2016 rule tried to force technology that was meant for large high-volume facilities on small facilities, without sufficient research to prove that such technology would have a positive impact. These actions would have put a disproportionate burden on small businesses.\"]}),/*#__PURE__*/t(\"p\",{children:[\"Fortunately, the EPA reversed these requirements in August 2020 and chose only to regulate emissions of volatile organic compounds (VOCs). Efforts to eliminate VOC emissions also address methane emissions because natural gas flows as a stream, not as separate components. As a result, the EPA estimates that the new rule will alter the emissions reductions projected from the 2016 rule by \",/*#__PURE__*/e(o,{href:\"https://www.epa.gov/sites/production/files/2020-08/documents/oil_and_natural_gas_nsps_review_and_reconsideration_final_ria.pdf\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"only a few percent a year\"})}),\", while cutting costs by over $100 million per year over the next 10 years.\"]}),/*#__PURE__*/t(\"p\",{children:[\"Another key point missing from the hype about methane emissions is that even without direct regulation, \",/*#__PURE__*/e(o,{href:\"https://cfpub.epa.gov/ghgdata/inventoryexplorer/#iallsectors/methane/inventsect/all\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"emissions from the U.S. energy sector\"})}),\" have declined 30% since 1990. Because methane has economic value, companies have a natural incentive to capture as much of it as is economically feasible. That is why many American companies, such as \",/*#__PURE__*/e(o,{href:\"https://corporate.exxonmobil.com/Energy-and-environment/Environmental-protection/Effectively-managing-methane-emissions\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"ExxonMobil\"})}),\" and \",/*#__PURE__*/e(o,{href:\"https://www.chevron.com/sustainability/environment/greenhouse-gas-management#:~:text=Methane%20accounts%20for%20approximately%205%20percent%20of%20Chevron's%20total%20GHG%20emissions.&text=Since%202013%2C%20Chevron%20has%20reduced,Global%20Gas%20Flaring%20Reduction%20Partnership.\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Chevron\"})}),\", which have the technology and the economic means, are voluntarily working to reduce methane leaks. Additional regulations will only make American energy more expensive and drive more oil and gas production to countries with far fewer environmental protections.\"]}),/*#__PURE__*/e(\"p\",{children:\"It is impossible for us to protect our environment without freedom and prosperity, and our global environment will benefit the most when our governments allow energy producers and consumers, not regulatory bureaucracies, to determine our energy future.\"})]});export const richText5=/*#__PURE__*/t(n.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(o,{href:\"https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.investopedia.com%2Fterms%2Fe%2Fenvironmental-social-and-governance-esg-criteria.asp&data=04%7C01%7Cowhite%40texaspolicy.com%7C0e659ca1a9d9469f2ea608d91c770ca4%7Ca09e2cb6dde84dd8ae3df1e84f57dd50%7C0%7C1%7C637572119903130344%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=8KkbyqqxvJ%2BP%2FxBXcbD7fzCymhC1DcJgmlxPj0rnKUg%3D&reserved=0\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Environment, Social, and Governance (ESG)\"})}),\"\\xa0criteria \u201Care a set of standards for a company\u2019s operations that socially conscious investors use to screen potential investments.\u201D\\xa0On Feb. 24, the Securities and Exchange Commission\u2019s acting chairwoman, Allison Herren Lee expressed her support for mandating certain ESG standards\\xa0\",/*#__PURE__*/e(o,{href:\"https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fsec-opens-review-of-corporate-climate-change-disclosures-11614215912%3Fmod%3Dsearchresults_pos2%26page%3D1&data=04%7C01%7Cowhite%40texaspolicy.com%7C0e659ca1a9d9469f2ea608d91c770ca4%7Ca09e2cb6dde84dd8ae3df1e84f57dd50%7C0%7C1%7C637572119903140300%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=pcj%2BU%2BgEcHhJCMVuwCWNGy6IUkPzs9FrAMxn9qxQf7k%3D&reserved=0\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"\u201Cto ensure that (investors) have access to material information.\u201D\"})})]}),/*#__PURE__*/e(\"p\",{children:\"The SEC was established in 1934 under the Securities Exchange Act to strengthen the federal government\u2019s ability to ensure public companies report accurate and reliable information to investors. The United States\u2019 Financial Accounting Standards Board (FASB) was established by the SEC to set accounting standards for public companies.\"}),/*#__PURE__*/e(\"p\",{children:\"The SEC\u2019s substantial power has led some to fear it will overregulate and hurt the financial markets through favoring certain industries based on political preferences. This fear will become a reality should the SEC pronounce subjective ESG information as being material to investors.\"}),/*#__PURE__*/t(\"p\",{children:[\"FASB\u2019s foundational documents, known as Concept Statements, which guide the board in establishing financial reporting standards (i.e. Generally Accepted Accounting Standards (GAAP) asserts that there is an extremely limited basis (if any) for an authoritative body to impose materiality rules or standards as \u201C\",/*#__PURE__*/e(o,{href:\"https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.fasb.org%2Fjsp%2FFASB%2FDocument_C%2FDocumentPage%3Fcid%3D1176171111398%26acceptedDisclaimer%3Dtrue&data=04%7C01%7Cowhite%40texaspolicy.com%7C0e659ca1a9d9469f2ea608d91c770ca4%7Ca09e2cb6dde84dd8ae3df1e84f57dd50%7C0%7C1%7C637572119903140300%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=sbX4tNzA80FZLKFcXqJjzHJuPtTE137u6IH1WcLhl6A%3D&reserved=0\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"materiality is entity specific\u2026materiality judgments can properly be made only by those that understand the reporting entity\u2019s pertinent facts and circumstances\"})}),\".\u201D\\xa0 In other words, materiality must be determined by the companies themselves and their external auditors.\"]}),/*#__PURE__*/e(\"p\",{children:\"ESG is being weaponized by coastal elites to redefine the purpose of business and politicize more aspects of our lives.\\xa0The consequence? Prices of goods and services will rise, affecting low income and historically disadvantaged groups, and companies will be less competitive in the global marketplace.\"}),/*#__PURE__*/t(\"p\",{children:[\"One argument being made in favor of ESG mandates is that because of the magnitude of the threat of climate change, ESG is material to investors and therefore within the scope of the SEC\u2019s authority.\\xa0 This scaremongering has been going on for decades and climate scientists, while mostly united on the reality of climate change,\\xa0\",/*#__PURE__*/e(o,{href:\"https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.forbes.com%2Fsites%2Fmichaelshellenberger%2F2019%2F11%2F25%2Fwhy-everything-they-say-about-climate-change-is-wrong%2F%3Fsh%3D38005b4012d6&data=04%7C01%7Cowhite%40texaspolicy.com%7C0e659ca1a9d9469f2ea608d91c770ca4%7Ca09e2cb6dde84dd8ae3df1e84f57dd50%7C0%7C1%7C637572119903150256%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=Wh4kKwQNE3ooyqvrhgvYZtLqSlh9KOJNX2iVHEOiGg8%3D&reserved=0\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"disagree about the\\xa0\"})}),\"magnitude\",/*#__PURE__*/e(o,{href:\"https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.forbes.com%2Fsites%2Fmichaelshellenberger%2F2019%2F11%2F25%2Fwhy-everything-they-say-about-climate-change-is-wrong%2F%3Fsh%3D38005b4012d6&data=04%7C01%7Cowhite%40texaspolicy.com%7C0e659ca1a9d9469f2ea608d91c770ca4%7Ca09e2cb6dde84dd8ae3df1e84f57dd50%7C0%7C1%7C637572119903150256%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=Wh4kKwQNE3ooyqvrhgvYZtLqSlh9KOJNX2iVHEOiGg8%3D&reserved=0\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"\\xa0of its consequences\"})}),\".\"]}),/*#__PURE__*/e(\"p\",{children:\"Forward looking statements two years out, let alone 30 years, are impossible to support. Further, slight differences in variables affect the outputs of financial models significantly. Unless the SEC plans to force companies to adopt certain models, which there is no precedent for and the organization ill-equipped to do, they have no business deeming the current administration\u2019s political priorities as material.\"}),/*#__PURE__*/t(\"p\",{children:[\"Proponents of ESG-based funds argue that ESG is material to investors as it increases profits by pointing out that equity funds that meet certain ESG criteria have\\xa0\",/*#__PURE__*/e(o,{href:\"https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.morganstanley.com%2Fideas%2Fesg-funds-outperform-peers-coronavirus&data=04%7C01%7Cowhite%40texaspolicy.com%7C0e659ca1a9d9469f2ea608d91c770ca4%7Ca09e2cb6dde84dd8ae3df1e84f57dd50%7C0%7C1%7C637572119903160211%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=%2B34GIEk3l7mVE%2BYXFvGKPeKxOOJ8iDlQrqygbs2uoxk%3D&reserved=0\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"outperformed non-ESG equity funds by 4.3%\"})}),\"\\xa0the first half of 2020. If this continues to prove true, then collective mandates are unnecessary as companies would implement ESG on their own in pursuit of profit.\"]}),/*#__PURE__*/t(\"p\",{children:[\"Further advocates, such as Mrs. Lee say that investors are demanding ESG standards to justify more costly requirements. However, the investors\\xa0already\\xa0have a powerful tool, the proxy, to force corporations to report certain ESG measures. As the Heritage Foundation\u2019s Senior Fellow in Economics David Burton, points out, \u201C\",/*#__PURE__*/e(o,{href:\"https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.dol.gov%2Fsites%2Fdolgov%2Ffiles%2FEBSA%2Flaws-and-regulations%2Frules-and-regulations%2Fpublic-comments%2F1210-AB95%2F00595.pdf&data=04%7C01%7Cowhite%40texaspolicy.com%7C0e659ca1a9d9469f2ea608d91c770ca4%7Ca09e2cb6dde84dd8ae3df1e84f57dd50%7C0%7C1%7C637572119903160211%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=dYrceb%2FJ5rRuvmqwtArboS25J6NT07faTytBXSXVwW4%3D&reserved=0\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"shareholders can but rarely do, vote to instruct management to pursue various social goals even if it reduces profits\"})}),\".\u201D\"]}),/*#__PURE__*/t(\"p\",{children:[\"Private solutions have already been developed to provide guidance on standards around ESG for those companies who find ESG metrics to be material to the future of their organization, such as the\\xa0\",/*#__PURE__*/e(o,{href:\"https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.sasb.org%2F&data=04%7C01%7Cowhite%40texaspolicy.com%7C0e659ca1a9d9469f2ea608d91c770ca4%7Ca09e2cb6dde84dd8ae3df1e84f57dd50%7C0%7C1%7C637572119903170167%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=mn8FMZKAZItH4om5APCoeR9HsP%2Bmch61bEBFI1mCQWw%3D&reserved=0\",openInNewTab:!1,smoothScroll:!1,children:/*#__PURE__*/e(\"a\",{children:\"Sustainable Accounting Standards Board\"})}),\". ESG metrics should remain optional to ensure the market remains efficient and minimize over-disclosure.\"]}),/*#__PURE__*/e(\"p\",{children:\"ESG is being used as a power play by radicals to reshape America in their image and they want to use government to implement their agenda by force.\\xa0 In an attempt to achieve, in some cases, admirable goals, Democrats will destroy value and cede US hegemony to our rivals who do not share our values nor our goals for addressing issues like global warming and equality.\"}),/*#__PURE__*/t(\"p\",{children:[\"Therefore, the U.S. should not only \",/*#__PURE__*/e(\"em\",{children:\"not\"}),\" implement ESG mandates, but should work with our allies abroad to prevent similar requirements on global companies.\"]})]});export const richText6=/*#__PURE__*/t(n.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"Environmentalists should support energy companies developing pipelines, which deliver fuel more safely and efficiently than other modes of transport, keep natural gas from flaring into the atmosphere, and help with the transition to clean energy, says Tyler Corder, of the Texas Public Policy Foundation\u2019s Liberty Leadership Council in Houston.\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),\"The joyful response from anti-pipeline organizations to the recent news about the\\xa0scrapping of the Atlantic Coast pipeline\\xa0and the U.S. Supreme Court\u2019s decision to permit delay of the\\xa0Keystone XL pipeline\\xa0project demonstrates the need for anti-pipeline groups to take a refresher course on energy. For the foreseeable future, fossil fuels will remain by necessity our primary energy source, and pipelines are safest means of transporting them.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),\"The Atlantic Coast pipeline was initially announced in 2014 in response to robust demand for natural gas. This demand was driven by regional retirements of coal-fired electric generation to be replaced by low-cost, low-emitting natural gas.\",/*#__PURE__*/e(\"br\",{}),\"But due to activist courts, environmental group-driven lawsuits, and excessive, ever changing regulations the projected cost of the project nearly doubled to $8 billion dollars. This unstable business environment led Duke to\\xa0cancel the pipeline\\xa0project, slowing the energy transition to cleaner energy sources and driving up costs to Americans.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),\"The fact is that no grid currently is able to run on renewable energy 24/7.\\xa0Germany, the largest market for solar power in the world, for example,\\xa0must rely on fossil fuels\\xa0to provide power to the grid when solar and wind are not available. Coal is used here, but low-emitting natural gas could be used instead.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),\"Natural gas is a product of the hydrocarbon stream that comes from a well. If you produce crude oil, you will likely produce at least some natural gas and it has to go somewhere. Without pipelines in place, producers would be required to flare copious amounts of natural gas into the atmosphere in order to continue crude oil production. Venting (releasing natural gas into the air) is the alternative, but venting releases methane (more harmful than CO2) into the atmosphere.\",/*#__PURE__*/e(\"br\",{}),\"There are other solutions, but those solutions are not economical at the scale needed to move produced natural gas in the U.S.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),\"According to the EPA, in 2017 approximately\\xa044.4 million tons\\xa0of natural gas was flared into the atmosphere. Those natural resources produced nothing but emissions. Do we really want to see this practice continue, when all of that gas could be producing energy? The alternative\u2014renewable energy that meets all of our needs\u2014isn\u2019t here, at least not yet.\"]})]});\nexport const __FramerMetadata__ = {\"exports\":{\"richText4\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText5\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText3\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText1\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText6\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"richText2\":{\"type\":\"variable\",\"annotations\":{\"framerContractVersion\":\"1\"}},\"__FramerMetadata__\":{\"type\":\"variable\"}}}"],
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