Investment Managers Pull $15.7 Trillion From Climate Pact

Feb 23, 2024

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BlackRock and other U.S. investment management conglomerates are withdrawing from the Climate Action 100+ pact that pushed companies to “reduce greenhouse gas emissions” to net zero by 2050.

State Street and JP Morgan Chase are also part of the U.S. companies withdrawing from the pact, pulling trillions of dollars in assets. BlackRock has technically transferred its membership to an international arm, which limits its involvement in the pact, Reuters reported.

Incredible News

This huge move was urged on by Republican politicians, who accused the financial firms of potentially breaching antitrust laws and fiduciary duties as a result of their involvement in these groups. Yes, we’re talking about things that involve investing in “environmental, social, and governance” (ESG) initiatives. (LEARN MORE: Gen Z Needs To Be ‘Bold’)

Members of BlackRock, Vanguard, State Street, Arjuna Capital, and others were subpoenaed by the House Judiciary Committee in December over their ESG investment decisions. When companies are told to invest in  ESG, what they’re doing is cutting down the value of American capital by ensuring their investment goals are not met. Many states have already divested from BlackRock and other similar companies. The perception and apparent practice is that ESG initiatives don’t actually make money, which is the entire purpose of an investment decision.

Clearly, The Heat Is Still Working

You can tell your local, state, and federally elected officials that you want nothing to do with BlackRock or any other company that prioritizes misleading and unscientific ESG goals. The more we use our voice to call out what we don’t want, the more powerful we become. (LEARN MORE: GOP Impeaches Mayorkas Over Border)

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