Keep up the heat. Just because Big Green, Inc. stops bragging about all the bad they do doesn't mean they're stopping.
Bloomberg (2/15/24) reports: "JPMorgan Asset Management has left a $68 trillion investor coalition that’s focused on pressing the world’s biggest emitters of greenhouse gases to decarbonize. A spokeswoman for the money manager, which oversees $3.1 trillion of assets, said the firm won’t renew its membership in Climate Action 100+ because it has made significant investments in developing its own climate risk engagement framework. The asset management unit of the largest US bank said it now has a team of 40 dedicated sustainable investing professionals. CA100+ was set up in 2017 and counts Amundi SA, BlackRock Inc. and Legal & General Investment Management among its members. JPMorgan Asset Management’s departure from the climate group was earlier reported by the Financial Times. 'I wouldn’t be surprised if we see more defections, especially given that there’s now a cost, such as potential litigation, that wasn’t there when companies joined,' said Lance Dial, a Boston-based partner at law firm K&L Gates LLP. 'Attorneys general have subpoenaed firms about their membership of these groups.'...The political pushback has been gaining pace since 2021 when Texas was among the first states to pass laws that restrict government contracts with businesses that take what they regard as punitive stances toward the fossil-fuel industry. Since then, GOP officials across the country have launched investigations into banks and asset managers, introduced anti-ESG laws and pulled funds from Wall Street firms such as BlackRock, which was a champion of ESG investing."
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"In general, the [California's zero-emission truck rule] will require massive capital investments in new trucks and in charging infrastructure that will raise the costs of shipping in nearly every commercial sector of the U.S. economy nationwide, almost certainly driving a large portion of interstate motor carriers out of business. It also will cause many smaller out-of-state carriers to avoid doing business in California at all."
– Steven G. Bradbury,
The Heritage Foundation
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