{"id":361713,"date":"2025-01-12T10:06:42","date_gmt":"2025-01-12T09:06:42","guid":{"rendered":"https:\/\/climatescience.press\/?p=361713"},"modified":"2025-01-12T10:06:44","modified_gmt":"2025-01-12T09:06:44","slug":"a-huge-win-woke-cartel-of-financial-giants-dealt-death-blow-11-days-before-trump-takes-office","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=361713","title":{"rendered":"\u2018A Huge Win\u2019: Woke \u2018Cartel\u2019 Of Financial Giants Dealt Death Blow 11 Days Before Trump Takes Office"},"content":{"rendered":"\n
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From Watts Up With That?<\/a><\/p>\n\n\n\n

The Daily Caller<\/a><\/p>\n\n\n

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Owen Klinsky<\/a>
Contributor<\/strong><\/p>\n\n\n\n

Asset management behemoth BlackRock wrote a letter to institutional investors Thursday announcing its exit from an emissions-focused investor group, according to the Financial Times (FT).<\/p>\n\n\n\n

The firm, which manages<\/a> over $10 trillion and has been a leader in environmental, social and governance (ESG) investing, has left the Net Zero Asset Managers (NZAM) coalition \u2014 a United Nations<\/a>\u2013sponsored<\/a> collection of financial services companies that have pledged to achieve net-zero portfolios by 2050 or sooner, the FT reported<\/a>. The move comes less than two weeks before President-elect Donald Trump, who plans to embrace<\/a> fossil fuels in his second term, takes office, and follows the exits of a slew of other corporations, including<\/a> Goldman Sachs Group, Wells Fargo & Co., Citigroup, Bank of America, Morgan Stanley and JPMorgan Chase & Co. (RELATED: UN Reportedly Moves To Unlock Tens Of Millions In <\/strong><\/a>Climate Funding For Country Run By Terrorists)<\/a><\/strong><\/p>\n\n\n\n

In the letter to investors, vice-chair Philipp Hildebrand wrote that the asset manager\u2019s membership in NZAM had \u201ccaused confusion regarding BlackRock\u2019s practices and subjected us to legal inquiries from various public officials,\u201d according to the FT.<\/p>\n\n\n

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https:\/\/twitter.com\/WillHild\/status\/1877446080994111992<\/a><\/figcaption><\/figure>\n<\/div>\n\n\n

The firm began its ESG initiative in 2020, with CEO Larry Fink<\/a> stating that \u201cclimate risk is investment risk\u201d and that climate change would spark a \u201cfundamental reallocation of capital.\u201d However, the world\u2019s largest asset manager exit has been backpedaling on its ESG efforts as of late, only supporting<\/a> about 4% of the 493 environmental and social investment proposals shareholders put forward between the end of June 2023 and the end of June 2024, down from a rate of 47% in 2021.<\/p>\n\n\n\n

BlackRock has also walked back<\/a> some of its diversity, equity and inclusion (DEI) efforts, editing their DEI language to be less racially oriented.<\/p>\n\n\n\n

Fellow investment firm Vanguard left NZAM in 2022, while financial services firm State Street remains in the environmental coalition.<\/p>\n\n\n\n

\u201cThe news of BlackRock\u2019s departure from NZAM should be music to the ears of every American consumer,\u201d Will Hild, executive director of conservative nonprofit Consumers\u2019 Research, told the Daily Caller News Foundation. \u201cNZAM is an illegitimate cartel of asset managers pushing harmful and costly net zero policies across the entire economy. The activities of NZAM and its members raise prices on Americans everywhere from the gas pump to the grocery store.\u201d<\/p>\n\n\n\n

When reached for comment, BlackRock referred the DCNF to a report confirming their departure from NZAM.<\/p>\n\n\n\n

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter\u2019s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org<\/a>.<\/em><\/p>\n\n\n\n

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

Asset management behemoth BlackRock wrote a letter to institutional investors Thursday announcing its exit from an emissions-focused investor group, according to the Financial Times 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