JPMorgan Chase, BlackRock drop out of massive UN climate alliance in stunning move (only 6.94 years left)

Fox News ^ | 2/15/24 | Thomas Catenacci

[Libloather]

JPMorgan Chase and institutional investors 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 massive United Nations climate alliance formed to combat global warming through corporate sustainability agreements.

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 decarbonization 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..."

[Libloather]

The climate change scam is a business? How about that.

[1of10]

ESG ...... that is the threat ...
coercion by investment .... get with the program or don't get the bucks

rico maybe?

[quantim]

Also coincidently was just reading this too for further info:

Investor firms’ flee from climate coalition shows anti-ESG efforts are succeeding, critics say

[Raycpa]

2 forward, 1 back. ,cha,cha,cha

[.30Carbine]

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 article calls this "stunning" and I agree. I'm shocked.

[Ronaldus Magnus III]

Investing and supporting in Globull Hoaxes is not........ sustainable.

[EEGator]

Fiduciary negligence writ large.

[EQAndyBuzz]

They put the funds out there. Buyer beware.

[EEGator]

Eventually people will start killing bankers, and they deserve it.
Caveat emptor isn’t a valid excuse for dicking people over.

[SharpRightTurn]

Bravo to the states who have withdrawn state funds from these leftist, social action political entities posing as investment institutions.

[bray]

Climate Change is a weapon against capitalism.

[day10]

6.94 years? Where is the official countdown? I want to be prepared. /s

[Deplorable American1776]

Some good news today...