JPMorgan Chase and BlackRock Drop Out of Major UN Climate Alliance
JPMorgan Chase, BlackRock and State Street Global Advisors (SSGA) on Thursday announced that they are quitting or, in the case of BlackRock, substantially scaling back involvement in a major United Nations climate alliance. FOX Business has more.
In a statement, the New York-based JPMorgan Chase explained that it would exit the so-called Climate Action 100+ investor group because of the expansion of its in-house sustainability team and the establishment of its climate risk framework in recent years. BlackRock and State Street, which both manage trillions of dollars in assets, said the alliance’s climate initiatives had gone too far, expressing concern about potential legal issues as well.
The stunning announcements come as the largest financial institutions in the U.S. and worldwide face an onslaught of pressure from consumer advocates and Republican states over their environmental, social and governance (ESG) priorities.
“The firm has built a team of 40 dedicated sustainable investing professionals, including investment stewardship specialists who also leverage one of the largest buy side research teams in the industry,” the bank said in a statement shared with FOX Business. “Given these strengths and the evolution of its own stewardship capabilities, JPMAM (JP Morgan Asset Management) has determined that it will no longer participate in Climate Action 100+ engagements.”
BlackRock, meanwhile, withdrew its U.S. business from Climate Action 100+, shifting involvement in the alliance to BlackRock’s smaller international entity where a majority of clients are pursuing decarbonisation goals, the Financial Times first reported Thursday. A spokesperson for BlackRock confirmed to FOX Business that the move had been made in recent weeks.
And State Street said its exit from the alliance was made because Climate Action 100+’s “phase 2” commitments conflicted with the firm’s internal investing policies.
“SSGA has concluded the enhanced Climate Action 100+ phase 2 requirements for signatories are not consistent with our independent approach to proxy voting and portfolio company engagement,” State Street said in a statement, according to the Financial Times.
Worth reading in full.
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The Death Star of Climate Nonsense. This is positive but the entire global financing of the Climate Fascism runs to about U$1 Trillion per annum. A melange of government, NGOs, billionaires and Blackrock et al. A 9 headed hydra if there ever was one. Blackrock is truly an evil pernicious group. JP Morgan not far behind. I won’t mention that both are led by a member from the chosen-race. Which coincidentally is true for 4 out of the top 5 Pharma firms and by stabcidence is true of Zelensky and so many other puppets.
If you’re not going to mention it, perhaps you should avoid alluding to it as well.
Yes, a fatuous comment. Reminds me of every brainless jobsworth who has said to me “Well, I shouldn’t be doing this, but…”
Its quite simple projecting the trope that the Jews look after Jews and thats why they have all the money. Well, maybe they do. But Muslims look after Muslims, and the Old Boy network protected our mid to upper classes for a couple of centuries. Jews tend to have strong family structures, a faith that does not bind them to the conditions of impoverishment, they love education, they maintain community networks and not surprisingly, they are raised to be both cautious and ambitious. Maybe the problem is not the Jews but that we can see a way of being successful in life, and reject it wholesale.
Let’s hope this leads to the slow death of the UN.
I’d prefer a very, very quick death of the UN. Like yesterday.
This is good news… but,
However, look on the bright side: JPMC are effectively saying ‘WE will decide on investment strategies. Not a bunch of activists that we can’t fire if we don’t like the advice.’
I genuinely believe that Elon Musk and X (nee Twitter) had a big part to play in this. There was resistance before this, but when he bought Twitter and let the “reprobates” loose to discuss things freely, that’s when the current started changing. We could all finally talk with eachother and coordinate against these tyrants. But it is astonishing to see how they managed to get control of every channel of communication possible. From newspapers, to TV channels, to online social media. The narrative was all fully controlled to make people believe that what the majority believed and wanted was a fringe, extremist lunacy. Divide and conquer. They shadow banned us into thinking that no one is engaging with our ideas. They promoted our posts to their useful idiots so all we would see in our notifications was abuse and resistance. They wanted us to feel isolated and wrong, so that we would either give in or shut up. And when Twitter was “liberated”, we could all crawl out of our bunkers and see just how many of us there really is. And now others are also seeing the things we say, and they realise what the truth is. Slowly,… Read more »
Yes good points. ——-Notice how mainstream news is locked down by the regulator, but people can still go on Youtube to see all the stuff the regulator won’t allow. Somehow the News at 6 O’Clock is there to regurgitate establishment truth with no deviation or questioning of that. —very peculiar.
And there’s quite a lot that YouTube won’t let you see. You need to go to Rumble for that.
I accidentally saw a good portion of the BBC 6 o clock news last evening, and how they handled the Don’s latest court case, and the two by-elections. They could hardly contain their glee. So glad I gave it up in the lockdown.
makes you wonder why the likes of the BBC are so determined to vilify conservatives, when in reality we don’t have a conservative party anymore. They are simply just Labour Lite. ——-Any real conservatives are even banished by their own party (Braverman)
Andrew Bridgen is more principled IMO.
Is she a real Conservative or just going through a rite of passage as a career Tory MP. I seem to remember a certain Lord Hague being regarded as a conservative at one time.
Mogg, Redwood, Baker, McVey, Davis, Badenoch, Patel, Anderson etc, all play to the credulous centre Right gallery whilst quietly toeing the party line. They are all company men and women at the end of the day.
It is the “beyond capitalism” movement. The idea that corporations have responsibility beyond profits. Such corporations should take into account the interests of “stakeholders” ie those affected by a corporations actions. These corporations should now redistribute wealth and be concerned with “social justice”. So NET ZERO and Green New Deals mean massive intervention by governments in the economy, which will be an economy based on social and economic justice and collective responsibility. —— Modern environmentalism then and in particular climate change has been hijacked by Liberal Progressives who have long been searching for the excuses required to bring capitalism down. ——-In climate change they have found a very plausible excuse and the fact that most of it is not backed up by any empirical evidence is irrelevant because truth and real world observation is not so powerful as “perception”, so as long as the populace perceives there is a climate crisis then that is sufficient.
“. Such corporations should take into account the interests of “stakeholders”…”
Stakeholders have no money at stake, shareholders do.
Shareholders risk their money, which they can lose, and do so for reward. Profit is that reward. No profit, no reward, no shareholders, no money, no company.
What will stakeholders do then?
A corporation must in the first instance take into account consumers and meet their preferences and expectations. If they can do that profitably, they fulfil their fiduciary duty to investors to enhance shareholder value.
The loonie brigade so quick to demonise capitalism have no idea what it is. Without it they would all be labouring in fields.
Without Capitalism we would all be dying young of preventable disease after a short life of back breaking labour. ——Capitalism is freedom. —–If there is something wrong with the capitalism then FIX it. ——-Do not turn to Marxism, as if government running our life for us would be some kind of utopia. Because in all the communist regimes that ever existed there has never been a single utopia.
Generally agree. Much prefer entrepreneurial capitalism to what most people regard as capitalism today. An uncomfortable number of people confuse capitalism for what in reality is closer to resembling corporatism.
It may be the case that we haven’t had capitalist system in this country since before WW2. Maybe Hong Kong and Singapore demonstrated the nearest
When I hear the term ‘stakeholder’ and particularly ‘stakeholder society’ being used I think of corporatism, public private initiative agenda, the big state, NGOs, globalism, billionaires, dodgy government contracts, brown paper envelopes, private ocean going yachts, Open Society, Clinton Foundation, Tony Blair Fondation for Global Change,,,,,,,….
Generally agree. Much prefer entrepreneurial capitalism to what most people regard as capitalism today. An uncomfortable number of people confuse capitalism for what in reality is closer to resembling corporatism.
It may be the case that we haven’t had capitalist system in this country since before WW2. Maybe Hong Kong and Singapore demonstrated the nearest we have seen to a pure capitalist model over the last 80 years.
Could it be that perhaps “sustainable” investments don’t bring sustainably high returns
They do however bring sustained losses.
Reality strikes again!
Arebthe financial businesses trying to carefully extricate themselves from the Climate Change madness?
Investors, famously, demand a return. Virtue signalling was never a requirement.