{"id":2183743,"date":"2024-02-22T11:35:01","date_gmt":"2024-02-22T16:35:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/top-us-banks-flee-left-wing-climate-coalition-ahead-of-legal-battle\/"},"modified":"2024-02-22T11:42:40","modified_gmt":"2024-02-22T16:42:40","slug":"top-us-banks-flee-left-wing-climate-coalition-ahead-of-legal-battle","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/top-us-banks-flee-left-wing-climate-coalition-ahead-of-legal-battle\/","title":{"rendered":"US Banks Abandon Left-Wing Climate Coalition Before Legal Clash"},"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\">18<\/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%2Ftop-us-banks-flee-left-wing-climate-coalition-ahead-of-legal-battle%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=2183743&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--><blockquote>\n<h2>Republican State Attorneys General Accuse Climate Action 100+\u2062 of Manipulating Markets and Inflating Energy Prices<\/h2>\n<figure><figcaption>JPMorgan Chase CEO Jamie Dimon (Getty Images)<\/figcaption><\/figure>\n<\/blockquote>\n<div>\n<p>America\u2019s largest investment banks are fleeing a left-wing\u2063 climate coalition ahead of a pending antitrust lawsuit against the group, in the latest blow to corporate environmental activism\u200b policies.<\/p>\n<p>JP Morgan Chase, BlackRock, and State Street Advisors have all dropped out of the Climate Action 100+ network, a United Nations-backed\u2063 coalition of some of the world\u2019s largest\u200b asset managers, as reported by Fox News last week.<\/p>\n<p>The exodus came as a group of Republican attorneys general\u200d are wrapping \u2062up a years-long investigation and preparing to file a major antitrust lawsuit against the left-wing climate network and its investment bank members this spring,\u2062 the <em>Washington Free \u200cBeacon<\/em> has learned.<\/p>\n<p>The news is the latest signal that industry leaders could be moving away from coordinated corporate environmental, social, and governance (ESG) policies due to concerns about legal fallout. The departures \u2062at Climate Action 100+ come as other industry-specific climate coalitions have been\u2063 rocked by\u2062 legal threats.\u200c Last spring, the Net-Zero Insurance Alliance, a U.N.-backed network of major\u200d insurance companies, lost nearly half its members after Republican attorneys general sent a warning that the group could be in violation of U.S. antitrust laws.<\/p>\n<p>Climate Action 100+\u200b was launched in \u20632017 with the goal of \u200bcoordinating its members\u2019 investment decisions to comply with global &#8220;Net \u2062Zero&#8221; <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inconvenient-truth-al-gores-woke-firm-invests-in-chinese-slave-labor\/\" title=\"Inconvenient Truth: Al Gore\u2019s \u2018Woke\u2019 Firm Invests in Chinese Slave Labor\">carbon emissions standards<\/a>. Critics say such coordination between\u2062 global investors unfairly targets certain\u2064 industries,\u2064 such as oil and gas, \u200band could harm consumers\u200c by \u2063<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-may-meet-saudi-crown-prince-amid-israel-peace-push-report\/\" title=\"Biden could meet Saudi Crown Prince in Israel peace effort.\">inflating energy prices<\/a>.<\/p>\n<p>For the past three years, at\u200c least\u200b 20\u2063 state attorneys general\u2062 have been investigating whether\u2062 asset managers such as BlackRock engaged in illegal market manipulation.<\/p>\n<p>One of them is Montana \u2064attorney general Austin Knudsen.\u200c He said\u2063 companies that engage\u200b in such coordination could be &#8220;violating their fiduciary obligation.&#8221;<\/p>\n<p>&#8220;The point of these investment groups is to make \u2064profit for their clients,&#8221; he told the <em>Free Beacon<\/em>. &#8220;They&#8217;re not supposed to be worrying about all these woke liberal issues that they&#8217;re now foisting \u200dupon\u200b boardrooms.&#8221;<\/p>\n<p>Iowa\u2064 attorney general Brenna Bird said she felt &#8220;very \u200bencouraged&#8221; after seeing major investors drop out of Climate Action 100+. She chalked up the departures to the &#8220;pressure that Republican \u2062AGs from around the country have been bringing.&#8221;<\/p>\n<p>&#8220;Radical politics shouldn&#8217;t \u200cbe guiding investment decisions,&#8221; she told the <em>Free Beacon<\/em>. &#8220;When a pension makes investment decisions based on politics, rather than return on investment and stability, that hurts people with pensions.&#8221;<\/p>\n<p>Tennessee attorney general\u200b Jonathan Skrmetti, whose office is \u200csuing BlackRock in a first-of-its-kind consumer protection lawsuit related to ESG, said he was\u2064 pleased to see companies\u200c reconsidering such policies.<\/p>\n<p>&#8220;We&#8217;ve seen a significant trend recently\u200d in companies\u200d distancing themselves from the \u2064more aggressive commitments \u200cand ESG,&#8221; Skrmetti told the <em>Free Beacon<\/em>. &#8220;I think you&#8217;ll see asset managers and other financial institutions \u2026 using ESG as an option, rather\u2063 than trying\u2063 to retool their entire business model.&#8221;<\/p>\n<p>&#8220;The concern that we \u2062had, collectively, with the Climate Alliance, and with some other coalitions, is the concentration of market power in the same\u2063 direction, in a way\u200c that hurts consumers,&#8221; he added.<\/p>\n<\/div>\n<p> <\/p>\n<h2> What are\u200c the potential\u200c consequences for consumers and the overall economy\u2064 of alleged manipulation of \u2062energy \u2063prices through coordinated investment decisions?<\/h2>\n<p><span>  Ion can manipulate markets and inflate energy prices\u200b, \u2062as well as potentially \u200dviolate antitrust laws. The pending lawsuit\u200d by Republican state attorneys general \u200cis a significant development in the ongoing\u2062 debate over climate activism and its impact on the economy.<\/p>\n<p>The departure of JP Morgan Chase, BlackRock, \u2062and State Street\u2062 Advisors from Climate Action 100+ is \u2063a clear indication that\u2064 these major \u200cinvestment banks are distancing themselves from the coalition \u200cahead of potential legal action. This move follows\u2063 a \u2062trend of industry \u200bleaders reevaluating their involvement in \u2063coordinated ESG policies amid concerns about legal\u200b consequences.<\/p>\n<p>The\u2064 antitrust lawsuit being prepared by the Republican \u2063attorneys general raises \u2064important questions about the nature of corporate environmental activism. Critics argue that when investment \u200ddecisions are\u200c coordinated \u2063across such a large network, \u2063it can distort the market and lead to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-republicans-reveal-the-one-policy-they-want-biden-to-announce-at-state-of-the-union\/\" title=\"House Republicans Reveal The One Policy They Want Biden To Announce At State Of The Union\">increased energy prices<\/a>. Such alleged manipulation of\u2062 energy prices, if proven, could have significant consequences for consumers and the \u200coverall economy.<\/p>\n<p>Furthermore, there \u200care concerns that coordinated ESG policies\u200b may run afoul \u2063of antitrust\u2063 laws. The warning\u200b sent to\u2062 the Net-Zero Insurance Alliance by Republican attorneys general last year,\u200c which resulted \u200cin the loss of nearly half of its members, highlights the legal\u2064 uncertainties surrounding these climate\u200b coalitions. This legal scrutiny serves\u2062 as a further deterrent for industry leaders considering participation in such networks.<\/p>\n<p>Climate Action 100+ was \u200bestablished in 2017 with \u2063the aim\u2063 of aligning investment\u2062 decisions\u2064 with global &#8220;Net Zero&#8221; carbon \u200bemissions standards. While the goal of reducing carbon emissions\u200d is \u200dlaudable,\u200b critics argue \u2064that coordination \u2064among asset managers can create\u200c a \u200bconcentration of power that distorts markets \u200cand \u2063hinders competition.<\/p>\n<p>As the Republican\u200c attorneys general prepare to file\u200b their antitrust lawsuit, it\u2063 is clear that the\u2062 debate over the\u200d role \u2063of \u2062climate\u200c activism in the corporate world is intensifying. While environmental\u2063 and\u2062 social\u2063 concerns are important, it is \u2062equally crucial \u200bto consider \u2063the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-nixes-offshore-oil-leases-thru-2023-while-tapping-strategic-oil-reserve\/\" title=\"Biden Nixes Offshore Oil Leases Thru 2023 While Tapping Strategic Oil Reserve\">potential economic consequences<\/a> of coordinated ESG policies. The\u2064 pending \u2064lawsuit \u200bagainst Climate Action 100+ and its investment bank members will undoubtedly shape the future of \u200dcorporate environmental activism and \u200cits \u2064impact on the economy.<\/p>\n<p>It \u200cremains \u2063to be seen \u200chow the lawsuit will unfold and what implications it\u200b will have for other climate coalitions and their\u2062 members. However, it is clear\u200c that\u2064 the legal scrutiny faced by these networks reflects a growing concern among industry leaders \u2063about the potential risks associated with coordinated ESG policies. The outcome \u2062of this lawsuit \u2062will likely have far-reaching consequences\u2062 for the\u200c future of climate activism in the corporate sector.<\/p>\n<p>In conclusion, the withdrawal of major investment banks from Climate Action 100+ and\u2064 the \u2062impending antitrust lawsuit by Republican\u2062 state attorneys general highlight the legal and \u2062economic challenges facing corporate environmental activism. The alleged\u2062 manipulation of markets and inflation of energy prices, as well as the potential violation of antitrust laws, raise \u2064significant concerns about \u200bthe impact of coordinated\u200d ESG policies. The outcome of the lawsuit will undoubtedly shape\u200c the future of climate activism in the\u200c corporate\u200b world and its effects on\u200c the \u2063economy.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Other major financial institutions are withdrawing from the Climate Action 100+ coalition. Republican state attorneys general argue that the coalition raises energy costs and unfairly influences the market. This move comes as the coalition faces an impending antitrust lawsuit, dealing a significant blow to corporate environmental activism efforts<\/p>\n","protected":false},"author":120,"featured_media":2183744,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/freebeacon.com\/wp-content\/uploads\/2022\/04\/jpmorgan-chase-ceo-jamie-dimon-and-detroit-mayor-duggan-disc_736x514.jpg","fifu_image_alt":"","footnotes":""},"categories":[544],"tags":[],"class_list":["post-2183743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon"],"fifu_image_url":"https:\/\/freebeacon.com\/wp-content\/uploads\/2022\/04\/jpmorgan-chase-ceo-jamie-dimon-and-detroit-mayor-duggan-disc_736x514.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2183743","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\/120"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2183743"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2183743\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2183744"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2183743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2183743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2183743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}