Posted by Neil Hague - memes and headline comments by David Icke Posted on 18 February 2024

JPMorgan Chase and BlackRock Drop Out of Major UN Climate Alliance

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.

Read more: JPMorgan Chase and BlackRock Drop Out of Major UN Climate Alliance

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