According to Fox Business, JPMorgan Chase and institutional investors BlackRock and State Street Global Advisors announced Thursday that they are quitting the $68 trillion 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. Vanguard already quit the alliance.
The Alliance’s entire reason for being is to pressure the world to decarbonize.
They are facing pressure from consumer advocates and Republicans over the ESG system.
The banks now say the UN has gone too far.
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“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 has determined that it will no longer participate in Climate Action 100+ engagements.”
“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.
The UN, the Dictator’s club, is trying to destroy the fossil fuel energy systems and capitalism.
These firms are probably violating anti-trust laws and their charter which is to maximize profits for investors.
Climate Action 100+ and Ceres — a green shareholder activist group that co-founded the coalition — are currently under investigation by the House Judiciary Committee, which is alleging that the coalition’s advancement of progressive Environmental, Social, and Corporate Governance (ESG) policies may constitute non-competitive activity in violation of U.S. antitrust law.
“Today’s decisions by JPMorgan and State Street are big wins for freedom and the American economy, and we hope more financial institutions follow suit in abandoning collusive ESG actions,” House Judiciary Committee Chairman Jim Jordan wrote of the withdrawals in a statement posted to X, formerly Twitter.
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