Even before he took office, President Trump was having an impact on the financial sector of America. It was obvious to everyone that climate policies were going to be eliminated.
On January 10th, The Daily Caller reported:
Asset management behemoth BlackRock wrote a letter to institutional investors Thursday announcing its exit from an emissions-focused investor group, according to the Financial Times (FT).
The firm, which manages over $10 trillion and has been a leader in environmental, social and governance (ESG) investing, has left the Net Zero Asset Managers (NZAM) coalition — a United Nations–sponsored collection of financial services companies that have pledged to achieve net-zero portfolios by 2050 or sooner, the FT reported. The move comes less than two weeks before President-elect Donald Trump, who plans to embrace fossil fuels in his second term, takes office, and follows the exits of a slew of other corporations, including Goldman Sachs Group, Wells Fargo & Co., Citigroup, Bank of America, Morgan Stanley and JPMorgan Chase & Co.
Obviously, financial survival is more important to these companies than actually having principles (even if those principles are misguided).
The article notes:
The firm began its ESG initiative in 2020, with CEO Larry Fink stating that “climate risk is investment risk” and that climate change would spark a “fundamental reallocation of capital.” However, the world’s largest asset manager exit has been backpedaling on its ESG efforts as of late, only supporting about 4% of the 493 environmental and social investment proposals shareholders put forward between the end of June 2023 and the end of June 2024, down from a rate of 47% in 2021.
Lest we forget, this is a quote from an article I wrote in 2016:
If they were honest, the climate alarmists would admit that they are not working feverishly to hold down global temperatures — they would acknowledge that they are instead consumed with the goal of holding down capitalism and establishing a global welfare state.
Have doubts? Then listen to the words of former United Nations climate official Ottmar Edenhofer:
“One has to free oneself from the illusion that international climate policy is environmental policy. This has almost nothing to do with the environmental policy anymore, with problems such as deforestation or the ozone hole,” said Edenhofer, who co-chaired the U.N.’s Intergovernmental Panel on Climate Change working group on Mitigation of Climate Change from 2008 to 2015.
So what is the goal of environmental policy?
“We redistribute de facto the world’s wealth by climate policy,” said Edenhofer.
Hang in there–reasonable energy and finance policies are coming!