Climate Interruptus? Financial Giants JPMorgan Chase And State Street Pull Assets From ESG Group (ESG Is A Losing Game!)

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ESG (Environmental, social, and corporate governance is a losing game.

Two of the world’s largest financial institutions cut ties Thursday with Climate Action 100+, delivering the latest setback to the world’s biggest coalition of investors pressuring corporations to ditch fossil fuel assets.

The asset management arms of JPMorgan Chase and State Street dropped out of Climate Action 100+, home to more than 700 investment firms totaling $68 trillion in assets under management.

BlackRock, the world’s largest asset manager, with more than $10 trillion in assets, distanced its U.S.-based operations from Climate Action 100+ by transferring its membership to BlackRock International.

The coalition, founded in 2017, revealed plans last year to hold members more accountable by encouraging them to disclose more details about their investment decisions. Some high-profile members raised legal concerns about maintaining their fiduciary duties.

State Street said the changes jeopardized the company’s independence. Climate Action 100+ officials say they need the disclosure standards to chart a better course for corporations to reach net-zero emission portfolios by 2050.

“After careful review, State Street Global Advisors has concluded the enhanced Climate Action 100+ Phase 2 requirements for signatories will not be consistent with our independent approach to proxy voting and portfolio company engagement,” State Street spokesman Randall Jensen said. “As a result, we have decided to withdraw from Climate Action 100+.”

JPMorgan suggested that its in-house guidelines for environmental, social and corporate governance, or ESG, investing already exceeded the Climate Action 100+ goals.

Aka, MARXISM.

Ford learned that their ESG Ford F-150 Lightning Electric pick up truck was NOT in demand, so production is being curtailed. Harvard (which should be renamed Harvurd thanks to President Gay’s horrible record of plagiarism) and Biden’s leadership team of unqualified but ESG-friendly faces (“Admiral” Rachel Levine, formerly Richard Levine) symbolizes the failure of ESG.

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