GlobalAwareness101 published JPMorgan Chase, BlackRock Drop Out Of Massive UN Climate Alliance In Stunning Move. This is huge news. Buuuut, they're like robots reassessing an alternative route. They're "scaling back involvement in a massive UN climate alliance". What are your thoughts. Do we really believe these giant controlling financial institutions are going to give up this easily? Or is it a ploy for us to put our guard down?
Thank you to Chris Sky in Canada for getting this news out there on his X account because that's how I found out about this news. Someone shared his X video on TikTok. Then I went to his X account to see when he shared it. Then read the article he attached which is dated yesterday February 15, 2024. Then I shared his X video on my social media to get the word out. This is why the WEF says all of us useless meat eaters sharing information is their "biggest threat facing humanity". It's more like they are the biggest threat facing humanity. They want us dead or make us cyborgs. I added his name and my comment to the video.
Igor Beuker published June 4, 2023: BlackRock CEO Larry Fink Manages $8.6 trillion in assets. He explains how ESG & CEI has to be forced upon people.
I added this video above to remind everyone how comfortable and nonchanlant he was saying this about us. ESG stands for Environmental, Social and Governance. (emphasis mine)
I took this screenshot above to show you he is
on the WEF Board of Trustees.
Fox Business
written by Thomas Catenacci
Thursday February 15, 2024
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 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.
Climate Action 100+ was formally established in December 2017 at the U.N. as a way of aligning the world's largest private sector financiers of greenhouse gas producers. Since the association was created, it has grown to include more than 700 financial institutions that are collectively responsible for a staggering $68 trillion in assets under management.
The group — which is overseen by a nongovernmental steering committee comprised of ESG activists — calls for members to engage companies on "improving climate change governance," curbing carbon emissions and strengthening climate-related financial disclosure policies. Its actions have largely taken aim at investments benefiting the oil and gas industry, while boosting green energy investment strategies.
The Climate Action 100+ "phase 2" strategy, which was set to be implemented later this year, calls for member investors to actively engage with companies to reduce their carbon footprint.
"More than 700 investors are committed to managing climate risk and preserving shareholder value through their participation in the initiative," a spokesperson for Climate Action 100+ told FOX Business on Thursday. "Since its inception, Climate Action 100+ has experienced remarkable growth — and that has only continued."
"The initiative has recently entered its second phase, which offers more ways investor signatories can participate," the spokesperson continued. "Last autumn alone, more than 60 new signatories joined, and we expect interest to continue growing."
Climate Action 100+, in addition to other global climate alliances and investor networks, has drawn the ire of Republican states and lawmakers who have argued their activities may infringe on government policymaking. They have also warned such associations are harming domestic energy companies which employ thousands of Americans and ensure low consumer prices.
In June, House Judiciary Chairman Jim Jordan, R-Ohio, issued a subpoena to Ceres, a nonprofit advocacy organization that helps to oversee Climate Action 100+, alleging the group may be facilitating collusion through its climate-focused initiatives 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," Jordan wrote Thursday in a social media post on X.
Additionally, state attorneys general, financial officers and agriculture commissioners have banded together in recent months to threaten legal action related to banks' involvement in climate alliances.
"JPMorgan, State Street, and BlackRock's departure is a necessary step in the right direction, but consumers should wait to trust these companies again," said Consumers Research executive director Will Hild. "By leaving the Climate Action 100+ climate cartel, they are signaling that the actions of millions of consumers and dozens of elected officials are having an effect."
"These asset management firms are clearly afraid of the bad press and legal actions taken against their destructive net zero push," Hild added.
WION published February 16, 2024: Big investors pull back on climate action. Major players in the financial world are rethinking their involvement in the fight against climate change. Three giants - JP Morgan Chase, State Street, and BlackRock - have distanced themselves from the climate action 100+, an investor coalition pushing companies to curb emissions.
I can not believe this is the only video I could find reporting this news. I did a search on YouTube using their names and could not find anything for this past week. I had to do a search on Google and then selected videos and saw WION an Indian news channel that reported on this. Why wouldn't this video show up on the YouTube search? I don't understand why they don't want people to know about this? (emphasis mine)
Reuters News
written by Simon Jessop and Ross Kerber
Thursday February 15, 2024
JPMorgan Chase's (JPM.N), opens new tab and State Street's (STT.N), opens new tab investment arms on Thursday both quit a global investor coalition pushing companies to rein in climate-damaging emissions, while BlackRock (BLK.N), opens new tab said it has transferred its membership to its international arm, limiting its involvement.
The decisions together remove nearly $14 trillion of total assets from efforts to coordinate Wall Street action on tackling climate change and came after the coalition, known as Climate Action 100+, or CA100+, asked signatories to take stronger action over laggards.
Financial firms have faced growing pressure from Republican politicians over their membership of such groups, amid accusations that committing to shared action could be a breach of antitrust law or fiduciary duty.
None of the firms cited politics among their motivations. A spokesperson for State Street Global Advisors (SSGA), which manages $4.1 trillion, said the new priorities set by CA100+ threatened its ability to act independently.
The priorities, adopted last June, call for CA100+ signatories to engage with policymakers and for some to publish details on their talks with companies towards the goal of getting them to lower emissions to zero on a net basis by 2050.
The changes, however, were "not consistent with our independent approach to proxy voting and portfolio company engagement," said State Street spokesperson Randall Jensen.
JPMorgan's fund arm said it had decided not to renew its membership of CA100+ after building up its own investment stewardship capabilities. The Financial Times first reported the news. The unit manages $3.1 trillion.
BlackRock said it is no longer a member of the CA100+ but rather has shifted its membership in CA100+ to BlackRock International.
"As BlackRock made clear when signing up as a member of CA100+ in 2020, at all times the firm maintains independence acting on behalf of clients, including in choosing which issuers to engage with, and how to vote proxies," the company said in a press release. It also said it would add a new engagement and proxy voting option to give clients a way to prioritize climate goals.
BlackRock's move effectively removes $6.6 trillion, or two-thirds of its total assets, from the pool represented by CA100+.
Kirsten Spalding, vice president of the Ceres Investor Network, which oversees the CA100+'s North American efforts, said the group had expected some signatories to leave as it adopted its new priorities, and that it would continue its efforts despite the loss of the big asset managers.
"We knew that the focus on making sure there was movement from certain companies was going to be uncomfortable for some investors," Spalding said in an interview.
NOTABLE ABSENCE
Before Thursday, 13 firms had left CA100+ over the years, including Walter Scott & Partners and Loomis Sayles. But its overall membership has grown to more than 700 firms including 60 new ones that joined in the fall, a spokesperson said.
A notable absence is the world's second biggest manager, Vanguard, which never joined and, in late 2022, dropped out of another well-known climate grouping, the Net Zero Asset Managers (NZAM) initiative. Vanguard also cited independence concerns, as did a number of insurers who left a sibling organization.
Richard Fields, consultant for leadership advisory firm Russell Reynolds Associates, said the departures are in line with how many companies have grown less vocal about environmental, social and governance (ESG) issues even as they continue to see benefits in an energy transition and diverse workforces.
The development puts groups like CA100+ “at a crossroads," he said. "Do they want to keep being more vocal and aggressive? Or do they follow the markets and be a little less aggressive?”
While it is hard to say whether the firms caved to political pressure, Fields said, "There’s definitely some overlap in concepts between what the Republican establishment has brought up, and these decisions.”
SHOULD OTHERS FOLLOW?
Fields cited how last March a group of Republican attorneys general co-led by Montana's Austin Knudsen questioned most of the largest U.S. asset managers about their membership in the industry groups and described what it called "potential unlawful coordination" within CA100+.
In a statement on Thursday sent by a representative, Knudsen called the moves by the three companies "great news" and said, "We need every asset management firm to follow suit."
Several environmental groups criticized the moves including the Sierra Club, which in a statement described the actions as "Major Asset Managers Cave" to the attacks.
New York City Comptroller Brad Lander, who oversees public retirement assets, said his office will take account of the firms' moves in allocating its investments.
“Climate risk is financial risk. Today BlackRock, JPMorgan, and State Street are choosing to ignore both," Lander said in a statement. The firms, he said, "are failing in their fiduciary duty and putting trillions of dollars of their clients’ assets at risk."
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