A Shifting Global Landscape: From Energy to Ideology

The Retreat from Renewables

BP's recent $10 billion investment in fossil fuels, justified by CEO Murray Auchincloss as a response to global instability, raises eyebrows. While the pandemic and the war in Ukraine have undoubtedly impacted energy markets, this move seems more aligned with boosting profits than adapting to a greener future. This echoes a broader trend, exemplified by Exxon CEO Darren Woods' assertion at the 2023 APEC CEO Summit that a rapid energy transition is simply unrealistic.

Woods argues that replacing a 150-year-old energy system overnight is impossible, highlighting the developing world's need for access to traditional energy sources. While there's truth in his words, the contrast with countries like New Zealand, which have embraced restrictions on oil and gas exploration, is stark. This divergence underscores a global shift in energy priorities, one with significant implications for the future.

Backtracking on DEI

BlackRock CEO Larry Fink, once a champion of Diversity, Equity, and Inclusion (DEI), has seemingly softened his stance. Gone are the impassioned pronouncements from the 2023 annual report, replaced by more generic language about attracting "top talent" and fostering "diverse perspectives." This shift mirrors the growing backlash against DEI programs, particularly in the US. The implications for sustainable finance and corporate social responsibility remain to be seen, but BlackRock's move signals a potentially significant change in corporate values.

Military and Social Upheavals

The US military's decision to discharge transgender personnel, justified on grounds of national security, marks a controversial turn. This action follows a Trump-era executive order and reflects a growing politicization of military policy. The potential impact on allied forces, including those in New Zealand, remains a concern.

The Narrowing Lens of "Free Markets"

Jeff Bezos's decree that the Washington Post's opinion section will prioritize "personal liberties and free markets" has sparked controversy. While the Post's publisher insists this isn't about partisan alignment, the new focus clearly echoes prevailing conservative ideologies. This raises concerns about the shrinking space for diverse perspectives in media, particularly within a traditionally liberal-leaning publication.

"We are going to be writing every day in support and defence of two pillars: personal liberties and free markets," Bezos stated. This seemingly innocuous statement has ignited a debate about media bias and the role of powerful figures in shaping public discourse.

Challenging the Transatlantic Consensus

The US Vice President's address at the Munich Security Conference, where he criticized Europe for suppressing conservative voices and failing to control immigration, created a diplomatic stir. This bold challenge to the transatlantic consensus underscores a growing divergence in values and priorities between the US and its European allies. It raises the question: will other nations, like New Zealand, feel pressured to align with the shifting US worldview, or will they forge their own independent path?