(BOISE) – Wall Street giant JPMorgan announced today they will be withdrawing from Climate Action 100+, a $68 trillion investor coalition focused on climate change.
In 2023, Attorney General Raúl Labrador and 20 other Attorneys General sent a letter of concern to more than 50 Wall Street asset managers, bringing attention to the legal obligations of asset managers to make sound fiscal decisions for their clients – something that may be violated by prioritizing the political agendas of activist groups.
“I’m glad to see that JPMorgan, one of the most recognized names on Wall Street, is heeding our concerns,” said Attorney General Labrador. “They have a clear fiduciary obligation to their investors to maximize their returns, not prioritize environmental ideology. These investment pools are pension plans for our elderly neighbors and for small businesses in our towns. Retirees can’t afford to play politics with their investments, and neither can JPMorgan. Every other asset management firm should follow JPMorgan’s lead.”
Climate Action 100+ is an investor coalition promoting Environmental Social Governance (ESG) encouraging asset managers to shift their monies away from less-ESG-favored industries, such as fossil fuels, at the expense of their clients who count on solid economic advice and return.
One reply on “Press Release: JPMorgan Quits Climate Action 100+”
Climate is largely determined by the activity of the sun. The climate goes through nearly regular cycles due to sun activity. Fossil fuels that create Carbon Dioxide are accused of creating climate change. However, 98% of the CO2 is located in the oceans. CO2 does not cause global warming, but with higher temperatures from sun activity creates more Carbon Dioxide. The very small amount of CO2 in the atmosphere at 420 PPM will only occupy 42 seats if the atmosphere is represented by a 100,000 seat football stadium. Carbon Dioxide can NEVER destroy the Earth, but is essential in the process of photosynthesis to produce the food we eat and the oxygen we breathe. Green energy wind and solar will NEVER supply the needed energy to power production agriculture and industries. Getting raw materials, manufacture, transportation from China and installation creates MORE CO2 than just using coal and natural gas in the first place. Wind & solar require a 24/7 backup with natural gas, a fossil fuel, as neither are 24/sources of electricity.