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IPFS News Link • Climate Change

Green Tyrants Get Horrible News as Finance Giants Pull Out Left and Right

•, By Joe Saunders

The announcement last week that investment giants JPMorgan Chase and State Street have pulled out of the world's largest coalition of groups waging financial war on fossil fuels is a sign that even spineless bankers can find a backbone if they're pushed too hard.

And it's going to cost the climate activists dearly.

According to Reuters, JPMorgan and State Street made the move to quit the group Climate Action 100+ on Thursday. At the same time, BlackRock, the world's largest investment manager, transferred its membership in Climate Action 100+ to its international arm.

According to The New York Times, the decisions total a hit worth $14 trillion (with a "tr") to Climate Action 100+, a coalition that aims to use its "environmental, social and corporate governance" metrics — "ESG" in corporate-woke shorthand — to decide what money goes where in the investment world.

Now, there's no argument that — even amid the spiraling inflation of President Joe Biden's America — $14 trillion (with a "tr") is a hefty chunk of change. But the implications of the moves might be even bigger, since they show not only fractures in the climate-nuts coalition, they also show that the major monetary institutions haven't turned themselves solely into subsidiaries of Green Inc. (though they're still on the hook for hypocrisy).

According to The Washington Times, JPMorgan and State Street cited a demand announced by Climate Action 100+ last year that it wanted members to "disclose more details about their investment decisions."

In other words, it was tightening the reins on some of the wealthiest, most powerful corporations in the world to try to force them into ever greater compliance with the green agenda.

That was apparently too much for the masters of the universe, who claimed such disclosures would threaten "fiduciary duties," according to The Washington Times.