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Trillions in Assets Backing Out of UN-Backed Climate Action 100+ Group – HotAir

February 17, 2024
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Trillions in Assets Backing Out of UN-Backed Climate Action 100+ Group – HotAir

WHOA, DAWG.

That sound you hear is the beginning of the implosion of the Climate Action 100 group, a cabal of some of the largest investment firms on Earth. They are dedicated to enforcing and monitoring the companies they invest in to force them to focus on and execute strategies to achieve the climate cult’s greenhouse gas goals. In other words, if you don’t follow the Green initiative dictates for carbon reduction, etc you don’t receive your financing from these people.

Climate Action 100+ was launched in December 2017 at the One Planet Summit, hosted by the French government. Since then it has grown into the largest ever investor engagement initiative on climate change.

…Climate Action 100+ is an investor initiative to ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change.

I got a screenshot of their home page because the above numbers are going to have to be adjusted as of yesterday. In a further sign that the nuts of NetZero are being cracked and discarded, there was some pretty stunning news about the 900-pound, ESG-happy investment thugs who populate this club.

A bunch of them quit, one after the other, and man. Did they take a buttload of money with them when they walked out.

The first pair of shoes out the door belonged to Jamie Dimon’s JP Morgan. They’re taking $3T+ with them as they exit, saying they can handle the business of global warming solutions just fine on their own, thank you.

JPMorgan Asset Management (JPMAM) has withdrawn from Climate Action 100+, a climate-focused investor network focused on engaging with companies to reduce their greenhouse gas emissions and implement climate transition plans.

According to a statement from a JPMAM spokesperson, the firm’s decision follows the development of its internal engagement capabilities, allowing the company to act on its own.

The spokesperson said:

“J.P. Morgan Asset Management (JPMAM) is not renewing its membership in Climate Action 100+in recognition of the significant investment it has made in its investment stewardship team and engagement capabilities, as well as the development of its own climate risk engagement framework over the past couple of years.”

It’s also a pretty strategic move on their part, not to mention a sign that the actions of Republican state attorneys general and governors, plus the GOP congress, are starting to pay big dividends. These purely ESG/climate change fund groups make big targets. While they enjoyed lording it over their captive clients while they could, Dimon and his buddies want no part of being under any more government scrutiny than necessary. So they are pulling chocks.

…Launched in 2017, Climate Action 100+ is an investor initiative that has targeted the world’s largest corporate greenhouse gas (GHG) emitters to promote taking necessary action on climate change, and align their business strategies with net zero in order to help limit average global temperature rise to 1.5 degrees Celsius. The network has grown to include more than 700 investors representing more than $68 trillion in assets.

The group, however, has also become a key target for anti-ESG politicians, and fueling claims that its members are “boycotting” energy companies. Last year, a group of U.S. Republican state attorneys general sent a letter to large asset managers warning that participation in groups such as CA100+ raised concerns about the investors’ adherence to fiduciary duties and compliance with anti-trust rules.

State officials who were all part of the action had a few measured, but kind words for JP Morgan.

…Texas Attorney General Ken Paxton applauded the news, saying financial companies had undertaken an “unlawful” campaign to force environmental, social and corporate governance on customers.

“I’m pleased JPMorgan has exited the Climate Action 100+,” Paxton said on X, the former Twitter. “This is a critical step toward putting customers’ financial well-being first.”

Those words, I’m sure, gave the next company who was already behind JP Morgan as they went out the door a warm fuzzy that, climate cultists aside, this was the right decision for the business.

… A second large asset manager, State Street Global Advisors, with $3.7 trillion, also dropped out, saying Climate Action’s approach “will not be consistent with our independent approach to proxy voting and portfolio company engagement,” according to a statement.

You’ll never guess who “scaled back” next – only the ESG arch-villain themselves.

Yeah. Blackrock.

Larry “Have to Force Behavioral Changes” Fink’s company. THIS execrable narcissist.

Blackrock pulled their U.S. division out, leaving a smaller European cohort in place.

Bond manager PIMCO withdrew from Climate Action 100+ first thing this afternoon. It’s kinda looking like a stampede for the corral door, huh?

The Florida Agriculture Commissioner was taking a victory lap today. He was part of the concerted effort of the state of Florida along with ten others to bring pressure on these firms.

Florida Agriculture Commissioner Wilton Simpson celebrated massive banking organizations exiting or intensely scaling back involvement in a United Nations climate group Friday.

Simpson was among 11 other agriculture commissioners nationwide who demanded “accountability” from banks for left-wing, environmental social governance practices, or ESG.

…“I was proud to stand with 11 other state agriculture commissioners demanding accountability from America’s largest banks over their commitments to left-wing, anti-agriculture, ESG-driven, and anti-consumer climate policies,” Simpson said.

“If these banks had their way, they would unilaterally force America’s farmers and ranchers – through the threat of withholding capital and financing – to adopt ‘green’ infrastructure, technology, and equipment,” he said. “We will not stand idly by and allow unelected individuals and woke institutions to make unchecked decisions that would intentionally cripple American agriculture and threaten our food security and national security.”

Simpson makes the point about ESG firms shutting farmers down for not adhering to NetZero farming standards by cutting off their access to capitol.

There’s another potentially huge reason these firms are suddenly reluctant to continue as climate tyrants – the return on their clients’ investments. Whatever their penchant of the moment, these are “investment” firms, and as such, they have a fiduciary duty first to their clients – not to Greta Thunberg or Davos. With as many disastrous Green schemes as there have been losing money hand over fist, including the ruinously expensive strictures these firms require those seeking their capital to abide by, have JP Morgan, etc., done their fiduciary duty by their investors?

Asset managers are tasked with optimizing investments, not indulging in advocacy.

Their sojourn into Green governance could very well cost them dearly soon, and it could be the lesson they need to keep their more authoritarian tendencies in check.

This is pretty terrific.

The Green walls will come crumblin’, tumblin’ down.



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