Major U.S. bank backs out of UN climate alliance

In what may be an early sign that the tide is turning when it comes to the pseudoscience of global warming, a major U.S. bank issued what is being reported as a “stunning” announcement that it is backing out of the United Nations-backed climate group Climate Action 100+ due to concerns over increased antitrust scrutiny.

“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,” Fox Business reported.

“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,” the network continued. “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.”

Established in December 2017, Climate Action 100+ includes “more than 700 financial institutions that are collectively responsible for a staggering $68 trillion in assets under management,” according to Fox Business.

Given the great importance corporations are placing on their environmental, social and governance (ESG) scoring, the move is stunning — even more so when considering JPMorgan Chase is a woke company that worships at the alter of equity, having announced in 2020 a $30 billion Racial Equity Commitment “to help close the racial wealth gap and advance economic inclusion among Black, Hispanic and Latino customers and communities that are underserved in the U.S.”

“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. “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.”

State Street said in a statement, “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.”

U.S. Rep. Jim Jordan (R-Ohio), chairman of the House Judiciary Committee, responded to the news to say, “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.”

Consumers Research executive director Will Hild said in a statement, “JP Morgan’s departure is a necessary step in the right direction, but consumers should wait to trust the bank again. 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.”

Tom Tillison

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