Exclusive: House Judiciary Chairman Jim Jordan (R-Ohio) welcomed the news that several large U.S. banks and financial institutions will withdraw from the $68 trillion Climate Change Alliance created by the United Nations.
in A series of unexpected announcements On Thursday, JPMorgan Chase, the world’s largest bank, and State Street Global Advisors, an institutional investor with $3.5 trillion in assets under management, withdrew from the so-called “Climate Action 100+” investor group. At the same time, BlackRock, which manages more than $10 trillion in assets, significantly scaled back its involvement in the partnership.
“This is great news because investment decisions should be made not based on left-wing woke politics, but based on sound business common sense and fiduciary responsibility to investors,” Jordan said in an interview on Fox News Digital. Because it should be done.” “Yes, this is a victory for America, it is a victory for the economy, it is a victory for the American people and investors, and more importantly, it is a victory for freedom.”
“The people behind these banks are smart people, they’re successful people. They’ve done a good job. They believe in the idea that decisions should be based on market, capitalist principles, not politics. “I think we know it deep down,” he added.
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Rep. Jim Jordan (R-Ohio), chairman of the House Judiciary Committee, led an investigation into major banks and nonprofit climate groups over their coordination of net-zero ambitions. (Al Drago/Bloomberg via Getty Images)
As Republicans prepare to take control of the chamber, the House Judiciary Committee, under Jordan’s leadership, will issue an order in December 2022 against what he called a “cartel” of climate-obsessed companies. A large-scale investigation has begun. The commission’s main purpose was to investigate whether the financial sector violated U.S. antitrust laws, with support from nonprofit activist climate groups.
As part of the initial effort, Jordan and several House Republicans wrote a letter to the Climate Action 100+ Steering Committee requesting information about the coalition’s influence network. The partnership “appears to function like a cartel to ‘ensure the world’s largest greenhouse gas emitters take necessary action on climate change,'” the letter said. .
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Since then, Mr. Jordan’s committee has expanded its investigation to include nonprofit organizations Glasgow Financial Alliance for Net Zero and the Net Zero Asset Managers Initiative, as well as BlackRock, State Street and Vanguard. An investigation has begun. And late last year, he issued subpoenas to BlackRock and State Street, forcing them to produce documents related to investigations into possible antitrust violations.
“I think I’ve probably given more subpoenas, given more interviews, written more letters than most of the rest of the members of Congress combined,” Jordan told Fox News Digital.
“We have called for an end to this type of coordination and collusion that we believe is harmful to the economy, freedom, and investors,” the Judiciary Committee Chairman continued. “So we’re just doing our jobs. And I’m happy to see the decisions that the three big banks made today. Like I said before, this is a win for the country. I think so.”
Activists protest in front of BlackRock’s headquarters in New York City on May 25, 2022. (Eric McGregor/LightRocket via Getty Images)
Climate Action 100+ was formally established at the United Nations in December 2017 as a way to bring together the world’s largest private financiers of greenhouse gas emitters. Since its founding, the association has grown to include more than 700 financial institutions, collectively responsible for managing a staggering $68 trillion in assets.
The group, overseen by a non-governmental steering committee made up of ESG activists, calls on its members to engage with companies on “improving climate change governance.” Reducing carbon dioxide emissions Strengthen climate-related financial disclosure policies. Its actions are primarily aimed at investments that benefit the oil and gas industry while promoting green energy investment strategies.
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However, in June 2023, Climate Action 100+ announced its “Phase 2” strategy, calling on its member investors to actively engage with companies to reduce carbon emissions. The program is expected to be implemented in the coming months and has raised concerns from State Street and BlackRock.
“After careful consideration, State Street Global Advisors concludes that the enhanced Climate Action 100+ Phase 2 requirements for signatories are inconsistent with our independent approach to proxy voting and portfolio company engagement. “State Street Global Advisors said in a statement to Fox News. Digital. “As a result, we have decided to withdraw from Climate Action 100+.”
JPMorgan Chase CEO Jamie Dimon (left) and BlackRock CEO Larry Fink (Getty Images)
Blackrock also said the same thing. In Thursday’s note, the “Phase 2” strategy saw the company withdraw its U.S. operations from the Climate Action 100+ in recent weeks and instead increase its involvement in alliances where the majority of its customers pursue decarbonization goals. He said it had been transferred to a smaller international organization.
“This new strategy requires signatories to make a comprehensive commitment to leverage customer assets to pursue emissions reductions in portfolio companies through stewardship engagement,” the company said. . “In our judgment, making this new commitment across our assets under management will trigger legal considerations, particularly in the United States.”
“The majority of the company’s customers seeking investment solutions that help them achieve their climate change, transition and decarbonization commitments are those of our international operations,” it added. “To work with these customers and funds, we have transferred our CA100+ membership to BlackRock International. BlackRock Inc. is no longer a member of CA100+.”
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Separately, JPMorgan Chase said it was leaving the Global Investor Group to expand its sustainability team and establish a recent climate risk framework.
The most recent UN climate summit was held in Dubai, United Arab Emirates, in late November to early December last year. The meeting included various agreements with financial institutions to curb investment in the fossil fuel sector. (Jakub Porzycki/NurPhoto via Getty Images)
Climate Action 100+, in addition to other global climate alliances and investor networks, Anger in Republican states, claimed that their activities could compromise government policy decisions. They also warned that these groups are harming the nation’s energy companies, which employ thousands of Americans and ensure low consumer prices.
As a result, state attorneys general, treasurers, and Agriculture Commissioner They have banded together in recent months to threaten legal action related to banks’ involvement with the nonprofit Climate Alliance and groups like it.
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“More than 700 investors are committed to managing climate risk and preserving shareholder value through their participation in this initiative,” a Climate Action 100+ spokesperson told FOX News Digital on Thursday. “Since its launch, Climate Action 100+ has experienced impressive growth, and that is only going to continue.”
A spokesperson declined to comment on specific member states leaving the alliance.
