{"id":326810,"date":"2024-05-07T07:25:47","date_gmt":"2024-05-07T05:25:47","guid":{"rendered":"https:\/\/climatescience.press\/?p=326810"},"modified":"2024-05-07T07:25:50","modified_gmt":"2024-05-07T05:25:50","slug":"surprise-the-worlds-biggest-bankers-are-suddenly-energy-pragmatists","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=326810","title":{"rendered":"Surprise! The World\u2019s biggest bankers are suddenly energy pragmatists"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From JoNova <\/a><\/p>\n\n\n\n

By Jo Nova<\/a><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

JP Morgan, BlackRock drop out of climate banker cabal, and admit the Net Zero transition is \u201cdelayed\u201d<\/h4>\n\n\n\n

In February three of the four largest financial houses in the world, left the giant financial cabal called\u201cClimate 100+\u201d <\/a>(the fourth one left a year ago<\/a>). BlackRock, JP Morgan and State Street all parted way<\/a>s with the billionaire-club of philanthropists trying to bully the world into buying their own renewables.  In the two months since then, two of their CEO\u2019s have put out \u201cletters to shareholders\u201d predicting how the transition is going to be slower and harder and how we still need fossil fuels.<\/p>\n\n\n\n

Suddenly everyone sounds like an energy skeptic.<\/p>\n\n\n\n

There are lots of reasons for this shift:<\/p>\n\n\n\n

1: US Republican States are pointing the \u201cAntiTrust\u201d gun at the billionaire banker club because it looks exactly like a monopolistic cabal doing its best to collude to reduce competition. The States are also firing up the fiduciary duty canon.  Hence the bankers not only want to back away from the cabal, they want to sound like bankers that care about investing their clients funds.<\/p>\n\n\n\n

2. The renewables bubble is deflating  fast, and the CEO\u2019s can see what\u2019s coming. Think of their renewable energy passion a few years ago as a pump-n-dump scheme and it all makes more sense. Right now smart bankers are smoothing the exit ramp out of the bubble they created and hoping no one notices how wrong all their previous statements were.<\/p>\n\n\n\n

3. Maybe there\u2019s a point where smart banker billionaires realize they don\u2019t want their own homeland to hit the skids. They\u2019ve all made a fortune in the last four years, but who wants that fifth private jet if there is no homeland to come home too? Jamie Dimon astonished people when came out in January saying Trump\u2019s policies were \u201ckinda right\u201d<\/a>. Billionaires might want to visit China, but they don\u2019t want to live there. And as I said at the time, maybe the wake up call was when the paratroopers-of-death dropped into a democracy and the Ivy league started cheering them on.<\/p>\n\n\n\n

4. And besides, Trump might even win.<\/p>\n\n\n\n

How times have changed<\/h4>\n\n\n\n

A year ago the CEO of the JP Morgan was calling for forced property seizure in a climate emergency:<\/p>\n\n\n\n

Wall Street titan Jamie Dimon says seize private land for wind and solar builds<\/a><\/h3>\n\n\n\n

6 April 2023 10:29 GMT, Recharge<\/em><\/p>\n\n\n\n

By Andrew Lee<\/a><\/p>\n\n\n\n

One of the world\u2019s highest-profile bankers \u2013 JP Morgan Chase CEO Jamie Dimon \u2013 said the US government should consider seizing private property to boost the number of green energy projects coming through the pipeline. Dimon told the bank\u2019s shareholders that availability of wind and solar projects needs to be accelerated urgently as \u201cthe window for action to avert the costliest impacts of global climate change is closing\u201d.<\/p>\n\n\n\n

This year we need a reality check:<\/p>\n\n\n\n

JP Morgan Warns of Delay to Global Energy Transition<\/a><\/h3>\n\n\n\n

By Irina Slav, OilPrice, April 19th, 2024<\/p>\n\n\n\n

Inflation, interest rates, and wars may well delay the energy transition by quite a long time, JP Morgan has warned in a call for \u201ca reality check\u201d on its shift from hydrocarbons to alternatives.<\/p>\n\n\n\n

\u2026the bank\u2019s head of global energy strategy, Christyan Malek, \u2026 forecasts that governments will dial down the push to transition from oil and gas to wind and solar as their financial resources dwindle.<\/p>\n\n\n\n

Jamie Dimon\u2019s Letter to Shareholders in 2024, is a 30,000 word 70 page letter<\/a>. Despite being a small book it mentions \u201cclimate\u201d just 13 times. He\u2019s now more concerned about China (18 mentions) and uses the word military<\/em> 24 times. He criticizes the Inflation Reduction Act because it angered all the allies of the US and he argues the US should dig up gas and sell it for political gain as well as the money:<\/p>\n\n\n\n

Trade is realpolitik<\/strong>, and the recent cancellation of future liquified natural gas (LNG) projects is a good example of this fact. The projects were delayed mainly for political reasons \u2014 to pacify those who believe that gas is bad and that oil and gas projects should simply be stopped. This is not only wrong but also enormously na\u00efve. One of the best ways to reduce CO2 for the next few decades is to use gas to replace coal. When oil and gas prices skyrocketed last winter, nations around the world \u2014 wealthy and very climate-conscious nations like France, Germany and the Netherlands, as well as lower-income nations like Indonesia, the Philippines and Vietnam that could not afford the higher cost \u2014 started to turn back to their coal plants. This highlights the importance of safe, secure and affordable<\/strong> energy. Second, the export of LNG is a great economic boon for the United States. But most important is the realpolitik goal: Our allied nations that need secure and affordable energy resources, including critical nations like Japan, Korea and most of our European allies, would like to be able to depend on the United States for energy. This now puts them in a difficult position \u2014 they may have to look elsewhere for such supplies, turning to Iran, Qatar, the United Arab Emirates or maybe even Russia. We need to minimize anything that can tear at our economic bonds with our allies.<\/p>\n\n\n\n

The strength of our domestic production of energy gives us a \u201cpower advantage\u201d \u2014 cheaper and more reliable energy, which creates economic and geopolitical advantages.<\/p>\n\n\n\n

Meanwhile Larry Fink, CEO of BlackRock, the largest asset fund in the world, has undergone a very similar transformation. In 2021, he was raving how the existential crisis and how this was the beginning of a long and rapidly accelerating transition:<\/p>\n\n\n\n

Larry Fink\u2019s letter to CEO\u2019s 2021<\/a><\/h4>\n\n\n\n

I believe that the pandemic has presented such an existential crisis \u2013 such a <\/strong>stark<\/strong> reminder of our fragility \u2013 that it has driven us to confront the global threat of climate change more forcefully and to consider how, like the pandemic, it will alter our lives. <\/strong>It has reminded us how the biggest crises, whether medical or environmental, demand a global and ambitious response.<\/p>\n\n\n\n

\u2026I believe that this is the beginning of a long but rapidly accelerating transition<\/a> \u2013 one that will unfold over many years and reshape asset prices of every type. We know that climate risk is investment risk.<\/strong><\/p>\n\n\n\n

But now, after the bubble came and went, now he\u2019s telling us energy security is just as important as the climate crisis:<\/p>\n\n\n\n

Oil, gas needed for years: BlackRock\u2019s Larry Fink says in annual [2024] letter<\/a><\/h4>\n\n\n\n

By Eric Johnston, March 27, 2024, The Australian Business Review<\/em><\/p>\n\n\n\n

One of the world\u2019s most influential investors <\/a>has said the switch is on to \u201cenergy pragmatism\u201d that recognises energy security is just as important in the move to net zero. Larry Fink of the $US10 trillion ($15.3 trillion) BlackRock <\/a>has acknowledged the world will need to rely on oil and gas \u201cfor years to come\u201d through the uneven energy transition.<\/p>\n\n\n\n

\u2026 his letter \u2026 which runs to almost 30 pages, only mentions climate change in passing and the discussion is limited to strategies under way in the energy transition.<\/p>\n\n\n\n

Larry Fink\u2019s letter to investors in 2024<\/a> didn\u2019t even mention ESG.<\/p>\n\n\n\n

These are the levers of power you see shifting. BlackRock manages $10 trillion dollars in assets, and according to Jamie Dimon\u2019s letter<\/a>,  JP Morgan was managing assets of $7.6 trillion. When these men write long letters, Wall Street studies them.<\/p>\n\n\n\n

A lot of people have suddenly started to say in April that \u201cwe always knew the transition would be expensive\u201d \u2014 the phase change is following the bankers.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

In February three of the four largest financial houses in the world, left the giant financial cabal called\u201cClimate 100+\u201d (the fourth one left a year ago). BlackRock, JP Morgan and State Street all parted ways with the billionaire-club of philanthropists trying to bully the world into buying their own renewables. In the two months since then, two of their CEO\u2019s have put out \u201cletters to shareholders\u201d predicting how the transition is going to be slower and harder and how we still need fossil fuels.<\/p>\n","protected":false},"author":121246920,"featured_media":326814,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691819146,691828512,691818618,691818124,691818154,691824798],"class_list":{"0":"post-326810","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-blackrock","9":"tag-climate-banker","10":"tag-energy-transition","11":"tag-jp-morgan","12":"tag-net-zero","13":"tag-renewable-green-energy-2","15":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/05\/sostenibilita.jpg?fit=1668%2C1668&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1n18","jetpack-related-posts":[{"id":214404,"url":"https:\/\/climatescience.press\/?p=214404","url_meta":{"origin":326810,"position":0},"title":"19 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