Several of the largest asset managers in the U.S. are withdrawing from a major coalition of companies focused on advancing green investment strategies and climate-sensitive corporate management.
JPMorgan Asset Management (JMAM) and State Street Global Advisors will not be renewing membership in Climate Action 100+, a coalition of investors and asset managers with a combined $68 trillion under management that pushes corporations to reduce emissions and adopt climate risk disclosure practices, according to Financial Times.
BlackRock — the largest asset manager in the world — is scaling back its involvement with Climate Action 100+, withdrawing from the coalition as a corporate member but staying involved through its smaller international arm.
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.
JPMAM has about $3.1 trillion under management, according to Financial News, while State Street controlled about $3.7 trillion in assets as of September 2023 and BlackRock manages assets worth about $9 trillion. All three firms joined Climate Action 100+ in 2020.
“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.
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. https://t.co/PT3LlDjMSa
— Rep. Jim Jordan (@Jim_Jordan) February 15, 2024
JPMAM has built up a team of about 40 professionals who specialize in sustainable investing, providing it the ability to pursue its own climate-oriented strategies, a JPMAM spokesperson told Financial News.
“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,” the spokesperson told Financial News.
JPMAM and State Street are the latest major Western firms to drop out of climate-oriented corporate initiatives.
Vanguard, another massive asset manager, withdrew from the Net Zero Asset Management initiative in 2022, while major insurers including Lloyd’s of London, Allianz, and Axa all pulled out of the Net-Zero Insurance Alliance in 2023, according to Reuters.
“After careful review, State Street Global Advisors has concluded the enhanced Climate Action 100+ Phase 2 requirements for signatories will not be consistent with our independent approach to proxy voting and portfolio company engagement,” a spokesperson for State Street told the Daily Caller News Foundation.
“As a result, we have decided to withdraw from Climate Action 100+.”
Read rest at Daily Caller
I’ve been sending the below email to companies which are members of the Climate Action 100+… that might have something to do with it…
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Greetings,
While your charter to invest sustainably is commendable, you should beware companies pushing for reduction of atmospheric CO2 concentration as a method of amelioration of global warming.
Why? Well, because the entirety of the CAGW (Catastrophic Anthropogenic Global Warming, due to CO2) industry is built upon a misuse of the Stefan-Boltzmann (S-B) equation and relies upon blatant violations of the fundamental physical laws to make their claims seem to make any semblance of sense… and word is getting out… that’s why companies are bailing on the Climate Action 100+.
In the attached paper, I definitively disprove the CAGW hypothesis, prove that it is due to that misuse of the S-B equation, prove that their claims violate 2LoT (2nd Law of Thermodynamics) and Stefan’s Law, and provide empirical examples using the very Energy Balance diagrams (and hence the Energy Balance Climate Models those Energy Balance diagrams represent) which the climatologists use to make their claims.
Have your scientists review the material… they’ll find everything I’ve written hews to the fundamental physical laws, and consists of bog-standard thermodynamics, radiative theory, quantum mechanics, dimensional analysis and cavity theory.
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If anyone wants that paper, it’s here:
https://ufile.io/gb1xn4lh
You are free to use it however you wish, preferably without attribution (ie: you can publish it in whole or in part under your own name; you can rewrite it to make it more easily understood then publish it under your own name, etc.)… I’m not looking for fame, recognition nor notoriety… I’m looking to destroy CAGW before it destroys our way of life.
They know a losing Venture when they see it
Am I sensing a change in direction for Western businesses? Is woke on the way out and if so, what will the activists invent to replace it? Mind you, this change (that I’m sensing) isn’t going to be complete for some time to come, but there may be light at the end of the tunnel. Let’s hope common sense is on the horizon.