King Charles May Rock the Boat
Author: Greg Valliere
September 9, 2022
WE’VE SIFTED THROUGH THOUSANDS OF WORDS on this, wondering what King Charles III will mean for America and the world. The bottom line is important: he may lead the battle for a radical environmental agenda, which has fallen out of favor as the dominance of fossil fuels continues to be a political and economic necessity.
UNLIKE HIS MOTHER, Charles is an outspoken activist. He will ruffle feathers, especially on the right. He runs the risk of becoming portrayed as an elitist dilletante, but the Green movement needs a leader — and the logical pick, Gavin Newsom, is tainted by a perception that crime is out of control in California.
WILL KING CHARLES, after a decent interval of mourning, will become too political for the U.S.? That’s a theme from Ella Creamer in this morning’s Politico; she writes that King Charles will reverse Queen Elizabeth II’s “special brand of marshmallow diplomacy — soft, sweet and distinctly apolitical — that charmed Americans over decades.”
THE RHETORIC FROM CHARLES on climate has been radical. ““The world is on the brink,” he wrote earlier this year, “and we need the mobilizing urgency of a war-like footing if we are to win.”
IT’S BEEN A ROCKY YEAR for the environmental movement. The absurdly titled “Inflation Reduction Act,” passed last month, will have an impact on Green spending for the next decade. Its proponents cite, correctly, that much of the U.S. and Europe has burned to a crisp this summer; obviously, there’s a climate crisis.
BUT THE PROSPECT OF A LONG COLD WINTER has deeply un-nerved political leaders from the U.S. to Germany to England. They’re scrambling to stockpile fossil fuels, and an under-appreciated story is that most consuming countries may be able to muddle through a cold winter.
EUROPEAN LEADERS, sensing great political peril to themselves, have cut deals with fossil fuel producers, reversing last fall’s Glasgow glow. The threat of Russian embargoes has had an enormous impact on the West. Now the focus is on new nuclear plants, pipelines and refining capacity.
THE NECESSITY OF FOSSIL FUELS is apparent just one year after the Glasgow summit, which was a Green celebration of a world that no longer will have to rely on oil and coal.
THAT CELEBRATION lasted only a few months; whether King Charles appreciates the irony will be worth watching this winter. Will Charles be an activist or a pragmatist? If he scolds fossil fuel consumers, his honeymoon will be brief.
The views expressed in this blog are provided as a general source of information based on information available as of the date of publication and should not be considered as personal investment advice or an offer or solicitation to buy and/or sell securities. Speculation or stated believes about future events, such as market or economic conditions, company or security performance, or other projections represent the beliefs of the author and do not necessarily represent the view of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies. Every effort has been made to ensure accuracy in these commentaries at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change and AGF accepts no responsibility for individual investment decisions arising from the use of or reliance on the information contained herein. Any financial projections are based on the opinions of the author and should not be considered as a forecast. The forward looking statements and opinions may be affected by changing economic circumstances and are subject to a number of uncertainties that may cause actual results to differ materially from those contemplated in the forward looking statements. The information contained in this commentary is designed to provide you with general information related to the political and economic environment in the United States. It is not intended to be comprehensive investment advice applicable to the circumstances of the individual.
AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). AGFA and AGFUS are registered advisors in the U.S. AGFI is a registered as a portfolio manager across Canadian securities commissions. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. The subsidiaries that form AGF Investments manage a variety of mandates comprised of equity, fixed income and balanced assets.
About AGF Management Limited
Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. AGF brings a disciplined approach to delivering excellence in investment management through its fundamental, quantitative, alternative and high-net-worth businesses focused on providing an exceptional client experience. AGF’s suite of investment solutions extends globally to a wide range of clients, from financial advisors and individual investors to institutional investors including pension plans, corporate plans, sovereign wealth funds and endowments and foundations.
For further information, please visit AGF.com.
©2023 AGF Management Limited. All rights reserved.
