New Forecast is Frigid for Climate Crisis Narratives, Global Warming Scams
CA state retirement fund loses $468M put into clean energy with no explanation; Americans now unwilling to pay to prevent “climate change”; Billionaire Bill Gates pivots away from carbon emission reduction.
Several news items have recently been published that show the conditions are getting very frigid for climate crisis narratives and global warming scams.
To begin with, it is being reported that the California Public Employees’ Retirement System (CalPERS) lost 71% of its $468 million investment in the CalPERS Clean Energy & Technology Fund (CETF), a private equity fund focused on clean energy and technology.
CalPERS has declined to provide detailed explanations of how this loss occurred, citing state laws that exempt many alternative investment records from public disclosure… which may come back to haunt California taxpayers and everyone involved in the fund.
These losses are a major problem for California taxpayers, who at least for now are the backstop for underfunded state pensions, but also for state employees who trust CalPERS to responsibly manage their retirement plans.
CalPERS says its pension benefits are only 79% funded, leaving the state, and its taxpayers, on the hook for the other 21%. According to a recent report from Reason Foundation, CalPERS’ pension shortfall is approximately $180 billion.
CalPERS’ overall returns for the 2024-2025 fiscal year were 11.6%. While its private equity returns were 14.3%, its public equity investments were 16.8%.
“Returns were similar … so why go through all the trouble — if you can get these kinds of returns on the public markets, why bother with all the complexities and the illiquidity involved in private equity?” asked Marc Joffe, a public finance expert and visiting fellow at the California Policy Center, in an interview with The Center Square regarding the performance of CalPERS’ private and public equity investments.
My latest: California’s main public pension fund, CalPERS, poured $468M into “clean” energy private equity, losing 71% (with taxpayers on the hook) while fund managers earned at least $22M. Due to anti-transparency laws, we can't really know how the money was lost 🧵👇 pic.twitter.com/joPjZZS0pH
— Kenneth Schrupp (@kennethschrupp) October 28, 2025
The fact that no explanation is forthcoming indicates there is no good way to salvage the narrative about clean energy technology being up to the task of replacing either fossil fuels or nuclear energy. We’ll see if Californians remain willing to sacrifice either their retirement funds or their tax dollars on the altar of global warming over the next few years.
Signs indicate the political wind direction is changing. While Californians brace for the pain that results from the profits not being as large as promised, a new poll indicated Americans are now waking up to the climate scam. A new poll now shows that a significant majority of Americans are no longer willing to pay a $1 monthly fee to help combat climate change, supposedly.
The numbers point to a significant shift in attitude from just a few years ago.
A poll released on Thursday from The Associated Press-NORC Center for Public Affairs Research and the Energy Policy Institute at the University of Chicago (EPIC) found that only 38% of Americans are on board with paying a $1 monthly carbon fee.
Back in 2021, 52% of Americans were willing to pay the supposed climate-fighting fee.
Unsurprisingly, as the hypothetical fee goes up from $1 monthly to $10 or $20, only 3 in 10 Americans are okay with paying up. And only 2 in 10 said they would pay $75 or $100 monthly.
Climate activism has become a key issue for Democrats in recent years. High-profile politicians like Rep. Alexandria Ocasio-Cortez (D-NYC), for example, famously said back in 2019 that the world would end in 12 years if we don’t drastically address climate change.
🚨 The climate cult is losing support across the board…
A new poll confirms that only a small minority of Americans are on board with even a $1 monthly carbon fee — down from 52% back in 2021.
The green scam is being unmasked and the people are waking up. pic.twitter.com/ZKrQckW6i0
— Fmr. Rep. Jason Isaac (@ISAACforEnergy) October 28, 2025
The Democrats’ world may end substantially sooner. But, I digress.
Finally, billionaire activist Bill Gates is stepping away from NetZero inanity…despite being one of the biggest pushers of carbon emission reduction.
In a stunning and significant pushback to the “doomsday” climate activist community, Bill Gates, a leading proponent for carbon emissions reductions, published a remarkable essay Tuesday that argued resources must be shifted away from the battle against climate change.
Instead, Gates argues, the world’s philanthropists must increase their investment in other efforts aimed at preventing disease and hunger.
Climate change is not going to wipe out humanity, he argued, and past efforts that strive for achieving zero carbon emissions have made real progress. But Gates said that past investments fighting climate change have been misplaced, and too much good money has been put into expensive and questionable efforts.
After decades of funding green crusades, Bill Gates now says climate change “won’t destroy humanity.”
There is no new science, no new revelation, no new data.
Nothing has changed except decimated communities, lost coal jobs, and soaring energy bills.
History will not forget,… pic.twitter.com/E7hrTfbKji
— Daniel Turner (@DanielTurnerPTF) October 28, 2025
Of course, there may be more monetary considerations for Gates’ change in tune…given the enormous amounts of energy AI data centers require.
JUST IN – Microsoft now owns a $135 billion 27% stake in OpenAI. pic.twitter.com/avnnD4m4u9
— Disclose.tv (@disclosetv) October 28, 2025
While it is good to see the move away from pseudoscience mischaracterizing carbon dioxide’s influence on climate and poor energy policies, it has only occurred after enormous amounts have been diverted, and estimates for NetZero implementation are in the trillions of dollars.
The transformation of the global economy needed to achieve net-zero emissions by 2050 would be universal and significant, requiring $9.2 trillion in annual average spending on physical assets, $3.5 trillion more than today. To put it in comparable terms, that increase is equivalent to half of global corporate profits and one-quarter of total tax revenue in 2020.
It’s a shame a more robust and honest science-oriented review about both climate and technology could not have been considered before California employees funds were thrown into a green energy pit.
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Comments
HEY Federal Government: Do NOT bail out CA pension fund. Let them wallow in their own stupidity.
What’s Billy want now? What’s his latest scam as he has tried climate change, mosquitos and god knows what else. This is what happens when people have too much money and nothing good to do with their time
“Billionaire Bill Gates pivots away from carbon emission reduction.”
Gates is an intellectual dilettante and a political whore.
Now, now. Be nice to whores.
That’s the problem with Gates. He’s richer than you are, so you can’t pay him to leave.
He’s big into not meat – meat.
He’s big into the next generation of nuclear power reactors.
He’s big onto buying up US farmland.
His MS is still a piece of crap as are its products and many of its employees. This discontinuing support for 10 pisses me off. Now Quicken tells me they won;t support 10 either. What a load of crap. Sorry had to vent there a little.
“ American’s now unwilling to pay to prevent “climate change…”
Don’t use apostrophe’s for plural’s. Its wrong.
;-{)}}}
Grocer’s plural
Ah — you mean, as in “Oxford comma.”
But its so confusing when to use apostrophe’s and when you shouldnt.
//
The explanation for the loss of Calpers is actually pretty straightforward. Most clean energy funds lost significant amount of money after the Big Beautiful Bill budget revoked tax credits and tax advantages. Solar, onshore wind, offshore wind, all got crushed. Even if they had been smart enough to predict the Trump victory and try to sell these alternative investments, they are illiquid and it’s almost impossible to sell. Every pension fund had some Investments clean energy, all of them lost money. Calpers probably lost the most money, because they’re one of the biggest Pension funds
“clean energy ” might also include electric vehicles, and those tax credits were revoked as well.
That’s as may be, but it seems my local Tesla dealer is doing a pretty good business. I live in Tucson and there seems to be a lot of Teslas here.
I did see one that had a bumper sticker. It said “I bought this before. I realized the owner wasn’t a hole”. The guy at the wheel looked like a wuss.
People rushed to buy EVs before the 7500 tax credit expired in Sept.
4q deliveries are going to be down.
Cheaper models will still sell. But with gas below $3 that will further crimp sales.
That’s why Rivian is tooling up to sell a less-expensive EV. (I hesitate to write “inexpensive,” because it won’t be.)
Well, he’s the car’s owner, so he should know best.
If we give government the power required to control ‘global warming’ we risk establishing a tyranny in our government. We can’t risk the evil that would result from turning our country into a fascist tyranny like the USSR.
There is no controlling global warming. Its nature baby. You could kick off global cooling with a nuclear war if you’d like, Frankly we’re probably overdue for one. Amazing we’ve lasted 80 years without one.
The vile Gates is a despicable hustler, cad, narcissist and Dhimmi-crat fanatic.
The casualness and unrepentant arrogance with which he walks back his hustle/grift is galling. No concession of being wrong on the “science;” no contrition for promoting an utterly idiotic, economically impoverishing and self-destructive agenda that would put hundreds of millions of people in the poorhouse, while he goes about his luxurious and comfortable day, unperturbed.
Such a despicable piece of excrement.
If I were to choose a cultural figure to characterize Bill Gates best, my choice would be Mister Haney,
I had to look that character reference up, as it’s a little before my time, but, it seems very apt.
So where do we go to get our money back for all the fraud and waste spent on this boondoggle.
That’s OK, I already know the answer.
Money’s all gone.
Would you settle for a mail-order Ukrainian bride?
Gates has realized the goose that laid golden eggs is on the way out. He’s cutting his losses, as his investments will likely shift away from “green energy” and the fight against “climate change.”
As usual, follow the Benjamin’s, baby, ‘cuz that’s what Bill is doing.
Somewhere, Michael Mann has crapped his pants, and Mark Steyn is smiling.
the one thing that remains true is that the leftyrino coalition continues to bilk americas middle class out of wealth and no pol criminals go to prison
And yet the climate zealots want to impose their apocalyptic delusions onto the world, ban or financially penalise fossil fuel use, and have everyone subsidise their lifestyles. Green neofeudalism?