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European Voters Are Taking Sledgehammer To Continent’s Radical Open Borders And Climate Agenda

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From the Daily Caller News Foundation

By RICHARD HOLT

 

The results from both the recent European Parliamentary elections and France’s snap legislative elections have surprised our socialist friends across the ocean.

Despite the consistent rejection of climate activism in national elections, the ultra-left European Union Parliament has continued to loom darkly on its subjugated member states with failing “climate” and “open border” policies. The election results are more than just a passing trend: they are a clear repudiation of the left-wing policies on immigration and climate that have dominated the EU’s agenda in recent years.

Voters across Europe have expressed their dissatisfaction with these policies, which they perceive as economically burdensome and socially disruptive. In Germany, for example, center-right Christian Democrats (CDU) secured 30.2% of the vote, while the conservative Alternative for Germany (AfD) surged to 16%, a significant increase from their previous performance​​. This rise in support for the AfD is a direct response to the German government’s aggressive climate policies and its handling of immigration.

The German government’s climate agenda — particularly the Energiewende, has placed a heavy financial burden on households and businesses. Within the framework is a policy called “Marginal Pricing.” This means that the price of electricity at any given time is set by the most expensive power plant needed to meet demand at that moment. The overall transition to renewable energy has led to some of the highest electricity prices in Europe, with German households paying significantly more than the European average​​. These high costs have not only strained family budgets but have also impacted the competitiveness of German industries, leading to job losses and economic uncertainty.

Moreover, the decision to phase out coal and nuclear energy without adequate alternatives has left the country reliant on costly and inconsistent renewable sources. This dual energy system has created inefficiencies and further driven up costs​​. The frustration over these economic pressures has been a significant factor in the rise of conservative parties, who promise to alleviate these burdens by rolling back stringent climate regulations.

Immigration policies have also played a crucial role in the electorate’s shift to the right. Germany, and indeed much of Europe, has experienced a significant influx of asylum seekers over the past decade. The public’s growing concern over immigration, coupled with the perceived inability of left-wing parties to manage this influx effectively, has driven voters toward conservative alternatives. The AfD, for instance, has capitalized on these concerns, positioning itself as the defender of national borders and cultural identity​​.

This trend is not confined to Germany. In France, the legislative elections held this weekend show a significant shift to the right there as well. Marine Le Pen’s National Rally garnered over 33% of the vote, a dramatic win reflecting public dissatisfaction with Macron’s failed policies. Macron’s policies in regards to taxes, pensions and immigration coupled with long-term protests has eroded support for his centrist alliance, which only received about 21% of the vote. The left-wing New Popular Front, including La France Insoumise and the Socialist Party, trailed with around 28% of the vote. This rightward shift is part of a broader European trend where voters are increasingly turning to conservative parties in response to economic strain and immigration concerns​.

The success of these parties underscores a growing demand for policies that prioritize national sovereignty and economic pragmatism over ideological commitments to climate activism and open borders. Voters are increasingly skeptical of policies that they perceive as detached from the realities of everyday life. The economic strain of high energy costs, combined with the social challenges of integrating large numbers of immigrants, has fueled a backlash against the left-wing establishment.

The rightward shift in the elections for the European Parliament is a powerful statement against the dubious feel-good policies from a failed left-wing activism on climate and immigration. It is a demand for a more market-centered approach that considers the economic and social realities faced by regular Europeans. The rise of conservative parties across the continent is not just a political realignment but a profound demand for sanity.

Richard Holt is an ambassador for Project 21, an initiative of The National Center for Public Policy Research to promote the views of African-Americans whose entrepreneurial spirit, dedication to family and commitment to individual responsibility have not traditionally been echoed by the nation’s civil rights establishmentHe is also a political consultant at Sirius Campaigns with over two decades of experience working on campaigns for local, state and federal offices across the country.

The views and opinions expressed in this commentary are those of the author and do not reflect the official position of the Daily Caller News Foundation.

Featured image credit: Marine Le Pen (Screen Capture/CSPAN)

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Business

No reliable evidence that ESG investing produces above-average returns

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From the Fraser Institute

By Steven Globerman

Despite growing skepticism among investors, as evidenced by their withdrawal of billions of dollars from ESG equity funds so far in 2024, many finance industry leaders continue to claim that ESG-focused investing produces above-average returns.

But is that true?

Environmental, social and governance (ESG) is a movement designed to pressure businesses and investors to pursue larger social goals. According to ESG theory, firms that receive poor ratings from ESG rating agencies should lose investment dollars. Yet the claim that ESG-focused investing can help investors do well by doing good has received surprisingly little empirical support from academic studies.

However, according to a new study published by the Fraser Institute, which tracked 310 companies listed on the Toronto Stock Exchange from 2013 to 2020, neither ESG rating upgrades nor downgrades were related in a statistically significant way to the stock market performance of companies.

Moreover, because the study finds that ESG ratings changes—which, when released, are effectively new information for investors—are not consistently related to financial returns, ESG ratings are likely not relevant to the expected future profitability of publicly listed companies in Canada.

This of course raises the question—if new information (i.e. ratings changes) about a company’s ESG-related practises is not statistically related to equity returns from investing in that company, why do money managers pay for the services of ESG rating companies?

One possible reason is that managers pass a substantial share of the costs along to customers who are willing to sacrifice financial returns (due to higher management fees) to express their commitment to environmental sustainability and other social causes. Another possible reason is that promoting ESG-focused investment alternatives appears to have been, at least until recently, an effective marketing tool.

But again, the empirical evidence suggests there’s no reliable statistical relationship between ESG-focused investing and the risk-adjusted returns earned by investors. And since asset managers typically charge higher fees for ESG-focused mutual funds, ESG investment strategies are more likely to underperform than overperform conventional investment strategies.

Certainly, if some percentage of investors choose to pursue ESG-related investment strategies, even at the cost of lower risk-adjusted investment returns, there should be no legal or regulatory restrictions on doing so. However, securities regulators should closely monitor the investment industry to ensure it provides reliable and up-to-date information about the financial performance of ESG-focused investment products that portfolio managers market to the public.

At the same time, when ESG advocates push for more government-mandated ESG disclosures from companies in Canada, policymakers should be wary of any claims that greater disclosure mandates will improve the financial performance of companies.

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Business

Taxpayers call on Trudeau to scrap Digital Services Tax as US threatens trade action

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From the Canadian Taxpayers Federation

Author: Jay Goldberg

“Trudeau is determined to make Canadians’ lives more expensive and he’s willing to risk a trade war with the United States to do it”

The Canadian Taxpayers Federation is calling on the Trudeau government to scrap its Digital Services Tax in the wake of warnings from the United States Trade Representative that the United States will “do what’s necessary” to respond to the Trudeau government’s new tax.

“Canadian consumers know that Trudeau’s Digital Services Tax is nothing more than a tax grab, plain and simple,” said CTF Ontario Director Jay Goldberg. “With providers virtually certain to pass along increased costs to consumers, Prime Minister Justin Trudeau is sticking Canadians with higher taxes and risking the possibility of a trade conflict with the United States.”

The DST targets large foreign companies operating online marketplaces, social media platforms and earning revenue from online advertising, such as Amazon, Facebook, Google and VRBO. It is a three per cent tax on all online revenue these companies generate in Canada.

The Trudeau government pushed its new DST through Parliament last month and plans to apply it retroactively to as far back as 2022.

Since the Trudeau government first explored the idea of imposing a Digital Services Tax three years ago, the USTR has repeatedly warned the United States would retaliate.

“Should Canada adopt a DST, USTR would examine all options, including under our trade agreements and domestic statutes,” said the USTR in 2022.

USTR Katherine Tai is now warning that the U.S. is looking at “all available tools” to respond to Trudeau’s new tax.

“Trudeau is determined to make Canadians’ lives more expensive and he’s willing to risk a trade war with the United States to do it,” said Goldberg. “It’s clear the Digital Services Tax must go.”

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