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    HomeBreakingBank Begins Linking Customer Transactions to Carbon Footprint

    Bank Begins Linking Customer Transactions to Carbon Footprint

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    Many are alarmed and concerned that the United States is getting closer to adopting the same Chinese Community Party method of dominating and controlling the population into compliance with oppressive policies as an Australian bank starts connecting transaction data to a carbon footprint-green social credit score scheme.

    As many people have feared, the green woke camp seems to be a Trojan Horse to usher in Totalitarian regulations.

    Because this is a usurpation by a big bank in a Western nation, media reports about the Australian bank power grab raise concerns about potential future ‘carbon allowance’ constraints in other nations.

    Plans for the bank’s new function connect consumer purchases to their carbon footprint and alert them when they are above the average.

    Social credit scoring is not something that free people find comfortable.

    The risk assessment and credit rating systems that were first used in China in the 1980s have been expanded upon by the social credit system. Supporters claim that it will aid in the eradication of issues including food safety concerns, intellectual property theft, labor law violations, financial infidelity, and counterfeit items.

    A national social credit system is built on the fundamental tenet that all aspects of a person’s life, from their eligibility to use public transit to potential future employment, is determined by a single score. This results in the score becoming the sole determinant of a person’s social standing.

    The truth is as follows.

    “Australia’s Commonwealth Bank (CBA) has partnered with Cogo, a “carbon management solutions” company, to launch the new feature, which is part of CBA’s online banking platform. The bank gives the customer the option to “pay a fee” to offset their carbon footprint, with the average listed as 1,280 kilograms, a long way from the ‘sustainable’ figure of 200 kilograms,” For Summit News, Paul Joseph Watson reported, adding:

    “A person’s carbon footprint is calculated, and then an ‘equivalent’ metric is shown to make the customer feel guilty about it, such as “8 trees being cut”.

    The outlet went on to say:

    “By combining our rich customer data and CoGo’s industry-leading capability in measuring carbon outputs, we will be able to provide greater transparency for customers so that they can take actionable steps to reduce their environmental footprint.” CommBank Group executive Angus Sullivan said in a statement.

    The bank has committed to reducing the calculation to reveal how much CO2 is generated by certain purchases.

    Some worry that such programs could one day become mandatory and impose restrictions on purchases made by customers who go over their “carbon allowance” even though they were initially marketed as a convenient way for people to monitor their consumption habits and the purported impact they have on the environment.

    Technocrats seek to use the public’s anxiety over climate change, as we previously noted, in conjunction with climate lockdowns to exert more financial control over people.

    Four environmental “experts” made such a suggestion in the science publication Nature as a way to lower carbon emissions worldwide.

    Everyone would be given a ‘carbon allowance card’ “that would entail all adults receiving an equal tradable carbon allowance that reduces over time in line with national [carbon] targets.”

    The scheme would be a “national mandatory policy,” according to the writers.

    Watson provided additional details:

    Carbon units would be “deducted from the personal budget with every payment of transport fuel, home-heating fuels and electricity bills,” and “anyone going over the limit would be forced to purchase additional units in the personal carbon market from those with excess to sell.”

    Naturally, the affluent would have no trouble affording the offsets, and many of them have direct investments in the trading systems upon which the plan would be built.

    It is made explicit in the proposal that the methods for calculating a person’s intake of carbon units for travel would work “on the basis of tracking the user’s mobility history.”

    According to the authors, widespread adherence to COVID-19 lockdown regulations has paved the way for even more invasive dictatorship, and as a result, “people may be more prepared to accept the tracking and limitations related to PCAs to achieve a safer climate.”

    More on this story via The Republic Brief:

    At the same time the announcement was made about getting Austrailin’s under control with a social score, the bank was being promoted in financial news, as Yahoo reported:

    It’s common for many investors, especially those who are inexperienced, to buy shares in companies with a good story even if these companies are loss-making. But as Peter Lynch said in One Up On Wall Street, ‘Long shots almost never pay off.’ While a well funded company may sustain losses for years, it will need to generate a profit eventually, or else investors will move on and the company will wither away.

    So if this idea of high risk and high reward doesn’t suit, you might be more interested in profitable, growing companies, like Commonwealth Bank of Australia (ASX:CBA). Now this is not to say that the company presents the best investment opportunity around, but profitability is a key component to success in business. CONTINUE REDING…

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