JPMorgan Chase, 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 major United Nations climate alliance. FOX Business has more.
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 decarbonisation 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.
Worth reading in full.
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What could possibly go wrong.
The threat to us of Chinese firms with connections to the CCP is almost insignificant compared to the immediate and massive threat we face right now on a daily basis from our own ruling class who have in the last few days revealed with astonishing clarity that they don’t understand the difference between the environment and climate change.
Boris Johnson and Kemi Badenoch and presumably all the rest of them thought Net Zero was a good idea because it would improve the environment, clearly not realising that it is a project to eliminate CO2 which is no way related to how clean the environment is.
That level of stupidity and ignorance from people with actual power over us is far far more dangerous than any Chinese company.
Indeed – and which was the more dangerous – the “Chinese virus” or the catastrophic “reaction” to it by governments all over the rich world?
Never trust anything branded SMART – In a past life, we had work objectives that were meant to be Specific, Measurable, Achievable, Relevant and Timed.
In that line of business, few objectives ever survived contact with reality for very long.
Know thine enemy.
The Chinese will rule the world without a single shot being fired, and our dopey government thinks the Chinese are a state to trust with our energy supply and infrastructure. Barking mad.
That is their plan, and has been for many, many years…
Bogeyman China. Just imagine what would happen to UK’s energy grid if China switched off all our solar power – nothing?
If you do not wish to buy Chinese products then buy another country’s products or, better still, make your own.
Ah but that would require thinking further ahead than a week next Tuesday, AND it might be a few quid more… can’t have that!