Posted on 01/11/2025 4:45:05 AM PST by MtnClimber
Blackrock has become the latest financial giant to take a step back from the Net Zero Asset Managers (NZAM) Initiative and its efforts to cut so-called greenhouse gas emissions to zero by the year 2050 or sooner.
Blackrock, which manages $11.5 trillion in assets, joins a growing number of firms who are walking back their support for climate and Environmental, Social and Government (ESG) commitments.
According to Reuters, NZAMI has garnered more than 325 signatories that manage more than $57.5 trillion in assets, all of whom have pledged to support the goal of net zero greenhouse emissions by 2050 through various environmental initiatives.
According to Reuters, a number of major Wall Street lenders have left a similar climate organization for banks in the weeks ahead of President-elect Donald Trump’s return to the White House and Republicans taking control of Congress.
Trump has been openly critical of ESG investing and has voiced skepticism of Electric Vehicles (EVs) and environmental rules that are blocking the creation of new energy and infrastructure projects.
Rep. Jim Jordan (R-OH) who chairs the House Judiciary Committee, called the move by Blackrock “a huge win for freedom and American prosperity.”
Bloomberg reports that a client letter obtained from Blackrock explains that its membership in the net-zero group, “caused confusion regarding BlackRock’s practices and subjected us to legal inquiries from various public officials.”
Rep. Jordan heralded the firm’s departure from NZAMI and urged other U.S. financial institutions to, “follow suit and abandon the climate cartel and woke ESG policies.”
(Excerpt) Read more at amgreatness.com ...
After their clients lost lots of money tilting at windmills.
I don’t believe it is an accident that blue cities are destroyed and left to rot. Democrats think long range and know they can swoop in with Pennys and snatch up land to sell off without ever investing anything just let it rot.NYC and Chicago are both surrounded by water and Milwaukee so they will rot too soon. Only land locked states are safe from democrat evil.
Running scared because they are behind the one world order and they were using climate change as their vehicle to do it. Attention has now been brought to the climate change narrative because of LA burning and they are now severing their ties to the underhanded crap they have been pulling before their proxy soldiers are caught red handed. BlackRock, Vanguard, and State Street are behind every environmental group pushing climate legislation and action with the goal of increasing their global power.
PREDICTION - Going forward any human problem NOT blamed on CLIMATE CHANGE will be blamed on AI.
Humans love to blame others for their own faults.
After Blackrock lost lots of money with clients fleeing in droves.
We shouldn’t kid ourselves, Blackrock views this disaster as a business opportunity. Given the cost of rebuilding is about to skyrocket from sheer demand, even the people who thought they were adequately insured by companies who will actually honor the policies are likely to be under-insured with respect to a rebuild. Those without any insurance at all are looking at ruin.
This merely a re-branding:
“Alex Edmans, who teaches at London Business School… proposing the term “rational sustainability.” It may be bland, he said, but sustainability is about producing long-term value—and that’s hard to politicize”
https://www.esgprofessionalsnetwork.com/changing-the-esg-label-to-rational-sustainability/
IMHO the use of ‘sustainability’ is a red flag.
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