A spokeswoman for the money manager, which oversees $3.1 trillion worth of assets, said the firm won't renew its membership in Climate Action 100+ because it has made significant investments in developing its own climate risk engagement framework. The asset management unit of the largest bank in the United States said it now has a team of 40 professionals dedicated to pursuing a "sustainable investment" agenda for the bank. (Related: Climate fanatic wants Biden to declare "climate emergency," making himself DICTATOR over America.)
"I wouldn't be surprised if we see more defections, especially given that there’s now a cost, such as potential litigation, that wasn’t there when companies joined," said Lance Dial, a partner at the Boston-based law firm K&L Gates LLP. "Attorneys general have subpoenaed firms about their membership of these groups."
CA100+ noted that it has over 700 members who are "committed to managing climate risk and preserving shareholder value through their participation in the initiative." A spokesperson for the group declined to comment specifically on JPMorgan Asset Management's withdrawal beyond confirming that the money manager has left the initiative.
Backlash against ESG may have influenced JPMorgan's withdrawal
The bank's involvement in CA100+ was initially seen as a significant step in its ESG (environmental, social and corporate governance) investment journey. However, the initiative, alongside its participants, has faced increasing criticism from Republican circles in the U.S., labeling it and similar ESG efforts as politically motivated.
Human knowledge is under attack! Governments and powerful corporations are using censorship to wipe out humanity's knowledge base about nutrition, herbs, self-reliance, natural immunity, food production, preparedness and much more. We are preserving human knowledge using AI technology while building the infrastructure of human freedom. Learn about our free, non-commercial AI / LLM project here. Support our efforts to build the infrastructure of human freedom by shopping at HealthRangerStore.com, featuring lab-tested, certified organic, non-GMO foods and nutritional solutions.
This criticism has led many other investment firms to retreat from publicly aligning with net zero commitments and downplay their involvement in climate-focused finance groups, which are now considered more of a political burden than merit.
"The political winds aren’t rewarding climate-active firms today, but climate risk and regulations aren’t going away in the mid- to long-run, so short-term decisions may need to be undone when those longer-term threats begin to manifest or regulators clamp down harder," said Michael Sheren, a former senior adviser at the Bank of England. "JPMorgan pulling out matters because it sends the wrong, short-sighted signal and gives cover for others to do the same."
It has been noted that associating with anything involving ESG makes firms marked on Wall Street. In the first quarter of 2022, there was a peak of 28,000 mentions of ESG and related buzzwords like "climate change," "clean energy" and "green energy." Halfway through the first quarter earnings season of 2024, reported mentions have dropped to around 4,800.
The dying off of ESG and "green" investment products over the last few months is expected to continue, especially as politicians now take aim at investment groups that align with ESG principles. House Judiciary Chairman Jim Jordan (R-OH) even went so far as to call CA100+ an "ESG cartel."
Visit GreenTyranny.news for more stories regarding the corporate world's reaction to so-called climate change.
Watch this video of Canadian political commentator Chris Sky reacting to JPMorgan's dropping out of CA100+, calling it a "huge win against the climate change agenda."
This video is from the What is Happening channel on Brighteon.com.
More related stories:
PBS unveils "climate psychology therapist" to help mentally ill climate fanatics cope with carbon.
The 'climate emergency' is a hoax.
Sources include:
Please contact us for more information.
