{"id":2177475,"date":"2024-02-15T17:41:02","date_gmt":"2024-02-15T22:41:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/jpmorgan-and-state-street-quit-un-climate-alliance-as-blackrock-pulls-out\/"},"modified":"2024-02-15T17:44:29","modified_gmt":"2024-02-15T22:44:29","slug":"jpmorgan-and-state-street-quit-un-climate-alliance-as-blackrock-pulls-out","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/jpmorgan-and-state-street-quit-un-climate-alliance-as-blackrock-pulls-out\/","title":{"rendered":"JPMorgan and State Street exit UN Climate Alliance, BlackRock follows suit"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fjpmorgan-and-state-street-quit-un-climate-alliance-as-blackrock-pulls-out%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2177475&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><html><body><\/p>\n<div class=\"entry-content\">\n<figure class=\"wp-block-image size-large\"><figcaption class=\"wp-element-caption\">Flags fly above the entrance of the BlackRock\u2063 offices on January 16, 2014 in New\u200d York City.\u200c  Blackrock posted a 22 percent increase in the\u200b most recent quarterly profits \u2063announcement.\u200c  (Photo by Andrew Burton\/Getty Images)<\/figcaption><\/figure>\n<h2>OAN\u2019s <a href=\"https:\/\/www.oann.com\/tag\/james-meyers\/\">James Meyers<\/a><br \/>2:04 PM \u2013 Thursday, February 15, 2024<\/h2>\n<p>Two of the world\u2019s biggest asset managers are quitting a United Nations climate alliance group as BlackRock scales back. <\/p>\n<div id=\"div-gpt-ad-1663871513696-art-3\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-3'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>JPMorgan Asset\u2063 Management and State \u200dStreet Global \u2064Advisors announced on Thursday that they would be leaving the group\u2064 called \u2018Climate Action 100+.\u2019 <\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote data-service=\"twitter\" data-category=\"marketing\" data-placeholder-image=\"https:\/\/c3.oann.com\/wp-content\/plugins\/complianz-gdpr\/assets\/images\/placeholders\/twitter-minimal.jpg\" class=\"cmplz-placeholder-element twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">BREAKING: <a href=\"https:\/\/twitter.com\/BlackRock?ref_src=twsrc%5Etfw\">@BlackRock<\/a> has followed the lead of JPMorgan and State Street by withdrawing their over $9 trillion in assets under management from Climate Action\u2063 100+, after facing increased antitrust scrutiny over their involvement with the climate\u2062 cartel. <a href=\"https:\/\/t.co\/1VyIqyr7RB\">https:\/\/t.co\/1VyIqyr7RB<\/a><\/p>\n<p>\u2014 Will Hild \u200b(@WillHild) <a href=\"https:\/\/twitter.com\/WillHild\/status\/1758166065543024949?ref_src=twsrc%5Etfw\">February 15, 2024<\/a><\/p><\/blockquote>\n<p><script type=\"text\/plain\" data-service=\"twitter\" data-category=\"marketing\" async data-cmplz-src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script> <\/div>\n<\/figure>\n<p>The move comes after BlackRock,\u200b which is the world\u2019s largest money manager, pulled out as a corporate member and transferred its \u200bparticipation to its smaller international arm, limiting\u2062 its involvement. <\/p>\n<p>The latest\u2063 decisions weaken the climate change group\u2019s plans because now none of the world\u2019s five largest asset managers are supporting the climate alliance group.<\/p>\n<p>This comes after Republicans\u2063 have been at odds with the largest U.S.-based \u200basset \u2062managers, over their push\u2063 for climate issues. However, European firms \u200dand smaller competitors have stood by the climate groups.<\/p>\n<p>BlackRock said in a note that it would be dropping its corporate membership\u200d because of \u2064the groups belief in their phase 2 \u2062strategy that takes effect in June. The phase 2 strategy conflicts with U.S. laws requiring money managers to \u200bact only in clients\u2019 long-term economic interest. <\/p>\n<p>JPMorgan commented on the move saying they will not renew its membership of Climate Action 100+. <\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cGiven these \u200dstrengths and\u200c the evolution of\u2063 its own\u200d stewardship capabilities, JPMAM has determined that it will no longer participate in\u2064 Climate Action 100+ engagements.\u201d<\/p>\n<\/blockquote>\n<blockquote class=\"wp-block-quote\">\n<p>Additionally, JPMorgan\u2019s engagement report states that it \u201cdoes not work in concert \u200bwith other investors on\u200c investment matters and makes \u200dits own\u2063 independent decisions concerning investee companies.\u201d<\/p>\n<\/blockquote>\n<p>Meanwhile, BlackRock \u2063said it\u2019s no longer a member of the CA100+ but changed its membership in CA100+ to BlackRock International.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cAs BlackRock made clear when signing up as a member of CA100+ in\u2064 2020, at all times the \u2064firm maintains independence acting on \u200cbehalf of clients, including in choosing which \u200dissuers to engage with, and how to vote proxies,\u201d the company said\u2064 in a press\u2063 release. <\/p>\n<\/blockquote>\n<p>Close to 40% \u200cof BlackRock\u2019s $10 trillion in assets under management are outside the United States.<\/p>\n<p>Stay\u200b informed! Receive breaking news blasts directly to your inbox for free. Subscribe here. <a href=\"https:\/\/www.oann.com\/alerts\">https:\/\/www.oann.com\/alerts<\/a><\/p>\n<\/p>\n<div id=\"rc-widget-10bad2\" data-rc-widget data-widget-host=\"habitat\" data-endpoint=\"\/\/trends.revcontent.com\" data-widget-id=\"278641\"><\/div>\n<p class=\"dpsp-share-text\" style=\"margin-bottom:10px\"> \t\t \t\tShare this post!\t<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Texas Attorney\u2063 General Ken Paxton\u00a0lays our his plan to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-pushed-doj-officials-to-back-claims-that-the-election-was-stolen-documents-show\/\" title=\"Trump Pushed DOJ Officials To Back Claims That The Election Was Stolen, Documents Show\">investigate voter fraud claims<\/a> in Texas.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Kim Klacik<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Amy Peikoff<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Steve Friend<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Shares of smaller AI firms rallied after Nvidia disclosed stake in them.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Nvidia briefly displaced Alphabet as the U.S. stock market\u2019s third\u200d most valuable company.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Hackers from Russia, China, and Iran have been using tools from OpenAI to hone their skills and trick their targets.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Nvidia\u00a0briefly\u200d surpassed Amazon.com \u2062Inc\u00a0in market capitalization on Monday.<\/p>\n<\/p><\/div>\n<p> rnrn  <\/p>\n<h2> What factors\u2063 influenced BlackRock and JPMorgan&#8217;s decisions to limit their involvement in the climate alliance group<\/h2>\n<p><span>  \u200b Ajor asset\u2062 managers like BlackRock, JPMorgan Asset Management, and State Street Global Advisors\u2063 have recently announced \u2062their withdrawal \u2064from the \u200cUnited Nations climate alliance group, \u200b&#8217;Climate Action 100+&#8217;. This move comes as BlackRock scales back its involvement and transfers its participation to its smaller international\u200c arm.<\/p>\n<p>As the\u200c world&#8217;s largest money manager, BlackRock&#8217;s decision to pull out as a corporate member significantly weakens \u200cthe climate change group&#8217;s plans. What makes this development even more\u200b consequential is that none \u2063of the \u2064world&#8217;s five largest asset managers are\u200b now supporting the climate alliance group.<\/p>\n<p>The withdrawal of these asset managers is noteworthy given the ongoing divide between Republicans and the largest U.S.-based\u2063 asset managers over climate issues. While European firms and smaller competitors have \u2063continued \u200cto support the climate groups, the largest asset managers in\u200b the U.S. have <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/actblue-fined-for-facilitating-nearly-44000-in-illegal-contributions\/\" title=\"ActBlue Fined for Facilitating Nearly ,000 in Illegal Contributions\">faced increased scrutiny<\/a> and pushback.<\/p>\n<p>BlackRock cited its phase 2 strategy, which takes\u200b effect in June, as the reason for dropping its corporate membership. \u2063The phase 2 strategy conflicts\u200c with U.S. laws \u200dthat require\u2064 money managers to act solely in the long-term economic interest of their clients. This conflict likely influenced the\u200c decision to limit BlackRock&#8217;s involvement in the climate alliance group.<\/p>\n<p>JPMorgan also announced that \u200bit \u2062will not renew its membership in Climate Action 100+. The company stated that, based on its own stewardship capabilities and\u2062 the evolution of the group, it has determined that it will no longer participate in its engagements.<\/p>\n<p>Furthermore, JPMorgan&#8217;s engagement report emphasized its independence in making investment decisions and stated that \u200cit does not work in concert with other\u200b investors on investment matters.<\/p>\n<p>The departure of these asset managers from\u2064 the climate alliance group is a significant \u2063blow to the group&#8217;s efforts. It highlights the challenges faced by such groups \u2062in gaining support and consensus among major\u2063 industry players.<\/p>\n<p>The decision by these asset managers also \u200bunderscores \u2064the broader debate around corporate responsibility and the role of financial institutions\u2062 in addressing climate change. It is clear that differing perspectives and legal obligations influence these institutions&#8217; actions and \u2064positions.<\/p>\n<p>As discussions around climate change and \u200csustainability intensify,\u200b it will\u2064 be essential \u200cto find ways to bridge the gap between government policies, shareholder \u2062expectations, and the responsibilities of asset\u2063 managers. Encouraging dialogue and collaboration\u2062 among all stakeholders will be crucial in driving meaningful action and progress towards a more sustainable future.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Flags fly above BlackRock offices in NYC on Jan 16, 2014. BlackRock reports a 22% rise in quarterly profits. OAN&#8217;s James Meyers reports that two major asset managers are leaving a United<\/p>\n","protected":false},"author":2301,"featured_media":2177476,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/c3.oann.com\/wp-content\/uploads\/2024\/02\/GettyImages-462980601-e1708033672912.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2177475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/c3.oann.com\/wp-content\/uploads\/2024\/02\/GettyImages-462980601-e1708033672912.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2177475","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2301"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2177475"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2177475\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2177476"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2177475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2177475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2177475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}