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Will the USA Make ESG Score on You? | Carbon Footprint New Legislation Concern? - YouTube
Channel: Bitcoin Say Whaat
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and we're going to talk about something
that is a little scary you'll be hearing
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a lot in the future about something
called ESG which stands for
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environmental social governance hey
everyone Mark and Brenda here at Bitcoin
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Say Whaat
BOOM
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we're back in the saddle again folks
took a couple months off
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traveling the world
going from neighborhood to neighborhood
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grew my hair out you grew your hair
out
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yeah yeah look at that
my hair's a lot longer if you go back
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and look at the show my hair was a lot
shorter so you know we needed that time
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we have to grow our protein out
yeah yeah i hey lost some weight
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gained a beard i did too i lost some
weight too i lost 25 pounds and the
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glasses that
i i'm not reading as well as i once did
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so oh where's your
do you have your glasses on yeah i got
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them
i'm hanging out next so when it comes to
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reading time if i can't read he's a
little vain he's a little vein he's vain
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you don't wear him until he has to need
him i'm not ready to give up my eyes the
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way they are well
it is what it is as a great philosopher
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once said yes and we're going to talk
about something that is just a little
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scary you'll be hearing a lot in the
future about something called ESG which
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stands for environmental social
governance and you'll hear it in the
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news that it'll make it um kind of the
appearance that it's about um your
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social credit score it's about um it is
this is going to tie into your social
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credit score but uh they don't really
want you to realize that but it's also
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about you being you know watching your
carbon footprint and taking care of the
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environment which hey i'm all for that
i'm a woman at least i'm not saying all
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women are like that but i'm a woman who
really does care about the environment i
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do want my kids to have
a nice clean planet and ocean and all
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that kind of jazz but if you start to
realize what this ESG is going to kind
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of be backed by
you might want to start being a little
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careful what you um kind of stand behind
so so environmental criteria may include
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a company's energy use waste pollution
natural conversation and
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treatment of animals so that's something
that a company will get like their
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environmental score their social
score will look at the company's
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business relationships uh does work
with suppliers that hold the same values
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close to they do etc and then governance
um about the investors may want to know
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that a company has accurate transparent
accounting methods with their
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stockholders etc so that all sounds kind
of you know well and good um
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i don't think that sounds too bad right
now
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so what this article now this is what
we're kind of reading so i'm sharing a
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couple articles so you can kind of start
putting the pieces together it says
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don't fall for the social credit score
system trojan horse hey Brenda, where's
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the uh where is that article from if you
don't mind uh this is from Bitcoin
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Magazine i'm sorry and Marty Bent wrote
this okay awesome yes it says here is
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something to keep an eye on as it calls
for climate action
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and pressure to meet arbitrary ESG
standards and it's heating up credit
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cards with a carbon limit in 2019
Mastercard rolled out the Doconomy card
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an effort to provide carbon impact
conscious individuals with a credit card
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that would prevent them from spending
money if they went over a predetermined
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quote carbon limit calculated by adding
up the carbon impact of the goods
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purchased of using the credit card for a
specific period of time well it looks
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like Mastercard is beginning to position
Doconomy card as a proof of concept that
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would set the global standard for carbon
calculations to be adopted by others
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here's a brief video of someone
highlighting just how clear-cut
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it's going to be if we actually do this
in our system to monitor the carbon
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effect of your credit card purchases and
then you'll hit your carbon max and
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it'll stop working hey of course it's
voluntary for now the new credit card is
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called Doconomy and on the back of
the card it's going to say i am taking
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responsibility for every transaction i
make to help protect the planet this is
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a social credit score and it's a proof
of concept the Doconomy credit card
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website claims it is the largest
initiative ever taken by a bank in
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educating
users on the impact of consumption they
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say themselves they want to set a global
standard for carbon calculations that's
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the key once they have their numbers in
place then they can give every single
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purchase you make a score and punish you
directly of course this will only be
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enforced on you and me and any
businesses that don't go along with
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their scheme and banks are going to
enforce it
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so that is something to kind of just
realize that when you you might see some
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some advertising soon in the near future
for that and you might think at first
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hey this is a kind of a good thing i'm
doing something good for the environment
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by using this card but they're actually
going to start tracking what you're
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using and what you're buying what the
material goods are made out of who's
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shipping it how they're packing it and
you at first might say hey that's not a
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bad deal i want to make sure i'm dealing
with a vendor that uses good packing et
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cetera
but they might actually consider you
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know limiting you from your transactions
and how many you can do in a month or
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how many items you can ship is just
something to consider it says this is
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how the social credit scoring system
will be the trojan horse in society at
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first it starts off as very well for the
individuals to for them to signal their
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virtue then it turns into a standard
that others can leverage to offer their
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customers
um this is something here it says google
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flights now is starting to virtual
signal uh the carbon that is being
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emitted by taking these flights and then
you can decide if you want to go with
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spirit jetblue or united based upon
their carbon footprint
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very interesting
uh they also though you know i think you
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need to pay attention to um
you know like the cost of everything
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that it costs versus a carbon footprint
because you know the more something
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costs uh the more carbon footprint
you're going to have because you have to
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make more money in order to pay for that
so it's just various things that you
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need to consider
um i'm going to pause here for a moment
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i don't know if you want to talk a
little bit about this before i keep
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reading on it
well i mean then so so so then i guess
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what you're getting is okay well
you'll buy less or you'll buy you'll buy
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less but it'll cost more so you'll have
to work harder so you'll burn
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what do they call that oh carbon
right oh
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wait a minute hold on wait a second
everything in earth is made
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pretty much of
carbon right
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it's the building block of humanity
right of the world
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right so it's like
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okay
look i think most people want clean
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water clean air uh yes i think most
people want that but i think there again
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i think you have to
read the fine print moving forward in
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life
it's not it's at all it sounds good but
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in reality you better make sure you read
the fine print yeah what you're signing
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up for because i think and i'm not
saying you know i think we've all seen
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that certain platforms have uh removed
people off their platform for what
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they've said and i'm not making a
statement about any of that it's just
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the fact that i think they're trying to
get society used to the fact that uh
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businesses now can govern
uh what you do and what what you do with
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them in some sense and limit you
in some sense um and so now they're
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starting to tell you what is allowed on
their platform and when they can kick
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you off and granted that some of these
are private platforms but now what what
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are these what's mastercard going to do
they're going to limit you you're going
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to go buy something and they're going to
say uh uh you can't go on that trip mr
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lotz i we're not going to approve this
credit card purchase of you flying
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united airlines because that has too
many carbon footprints and so if you
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want to go to italy you're going to have
to pay three times that because this
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other flight's way cheaper because it's
going to have four layovers or something
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silly like that and so if we start
allowing these companies to um
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start to dictate especially this credit
this credit thing this is kind of nuts
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and you know i think they got us kind of
warmed up because remember back let me
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see where do i have this at um
back in the day uh where was it um
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remember you know when you used to have
to get your your financial score
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and everybody's always so worried about
their financial credit scores and i
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think that's part of all this is that
says we're used to thinking about our
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financial behaviors when trying to
improve our credit scores that's
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probably ever since the 1950s when fico
had the ranking system to tell you like
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what your credit score was but in recent
years we've seen more and more
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marketplace lenders ditch the
traditional fico scores for data-driven
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business models that analyze behavior as
well as social information
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and so um
i just think that now they're going to
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you know it says here seemingly
arbitrary things are included in the
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rankings such as how individuals manage
their online activity how often they
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consume fast food or even whether they
pick up after their dog and if the
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rankings showcase poor judgment there's
also be a lower credit score so i know
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this is going on in another country
um
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overseas that they're doing this but
this could soon come to us
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um and then the lower the credit score
will impact their social individual
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social circles
mobility and social capital and so it
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says in the us up until recently the
term credit only referred to one's
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financial standing but if you start to
pay attention um
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they're starting to kind of leak in the
terms i've heard more in the last six
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months people talking about like oh yeah
this esg social credit score is coming
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so again at first you think it's a good
thing because you're like yeah we all
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should kind of be held accountable uh to
what we're doing but at some point
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um you know and so how does this tie
into crypto we're a bitcoin channel
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bitcoin bitcoin makes you bankless
it gives you freedom to make choices
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with companies that allow you to make
those choices and that's what bitcoin
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this is how we tie this all in and so
it's something that um
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if you own bitcoin and you own enough of
it you'll be able to take loans out
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against bitcoin
and then you won't have to worry about
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your credit score with the banking
system and so this is how it ties into
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our channel so do you want to say
anything about that
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man that's a lot to unpack but i'll go
i'll go with what kind of comes to my
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brain it's scary
yeah
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well okay so then who who who's the
great arbiter of
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uh how much credit you get you know what
i mean so basically what you're saying
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is now that if i don't pick up after my
dog poop i'm going to get a bad social
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score no this this was over this was
over in another country they're doing it
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they were showing examples that you know
i thought that was here because if
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that's the case oh yeah we're dead we're
dead
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well maybe what we could do is we could
uh
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convert that and put it in our compost
you know or we can maybe somehow make a
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dog poop bitcoin miner
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like i just wanted to kind of bring it
to your attention that if you start
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seeing ESG
um social credit that you start paying
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attention to it and realize this might
not be exactly what we want to have and
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so
um start paying a little bit start doing
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a little bit more due diligence and
research and that we find more stuff out
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we will um i'll create a google news
alert and we'll we'll keep you guys
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updated so
this doesn't this doesn't sound like uh
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what they told us in the uh in the
constitution and the
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declaration of independent independence
um self-governance this is an experiment
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in self-governance this doesn't this
doesn't sound like self-governance to me
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right
Bitcoin Say Whaat
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