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Black Rock latest to leave Net Zero Alliance

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From The Center Square

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US House committee investigating 60 companies over ESG policies

Blackrock Inc. is the latest to announce it has left a United Nations-backed Net-Zero Banking Alliance (NZBA), among several within one month and not soon after Donald Trump was elected president. It did so as it and roughly 60 companies are being investigated by Congress for allegedly colluding as a ā€œwoke ESG cartelā€ to ā€œimpose radical environmental, social, and governance goals on American companies.ā€

Last month, Goldman Sachs was the first to withdraw from the alliance, followed by Wells Fargo, The Center SquareĀ reported. Citigroup, Bank of America, Morgan Stanley and JPMorganĀ next announced their departure.

According toĀ the “bank-led and UN-convened” alliance, global banks joined, pledging to align their lending, investment and capital markets activities with a net-zero greenhouse gas emissions target by 2050.

Major U.S. banks began leaving the alliance after President-elect Donald Trump vowed to increase domestic oil and natural gas production and pledged to go after ā€œwokeā€ companies.

They also announced their departure two years after 19 state attorneys general launched an investigation into them for alleged deceptive trade practices connected to ESG.

While the companies haven’t appeared to seem daunted by state investigations, Trump’s reelection appears to be a different matter.

ā€œBlackRock has hung in there as long as it could, but the pressure has become too great, and the reputational and legal risks too high, just before Trump takes office. It won’t be the last financial organization to quit a net zero initiative,ā€ Hortense Bioy, Morningstar Analytics director of sustainable investing research,Ā told Bloomberg News.

Texas Comptroller Glenn Hegar has expressed skepticism about companies claiming to withdraw from ESG commitments, noting there is often doublespeak in announcements, The Center SquareĀ reported. This includesĀ statementsĀ made by Goldman Sachs, JPMorgan and Blackrock.

Blackrock claims its ā€œparticipation in NZAMi didn’t impact the way we managed client portfolios. Therefore, our departure doesn’t change the way we develop products and solutions for clients or how we manage their portfolios. … Our commitment to helping our clients achieve their investment goals remains unwavering,ā€ Bloomberg reported.

Last month, the U.S. House Judiciary Committee announced it was investigating more than 60 US-based asset managers’ involvement in the alliance, including BlackRock, Inc., JP Morgan Asset Management, Rockefeller Asset Management, State Street Global Advisors, among others.

The committee also issued aĀ report, “Climate Control: Exposing the Decarbonization Collusion in Environmental, Social, and Governance (ESG) Investing,” saying it found ā€œdirect evidence of a ā€˜climate cartel’ consisting of left-wing activists and major financial institutions that collude to impose radical environmental, social, and governance goals on American companies.ā€

Under the Trump administration, the committee will continue to investigate if ā€œexisting civil and criminal penalties and current antitrust law enforcement efforts are sufficient to deter anticompetitive collusion to promote ESG-related goals in the investment industry.ā€ It also maintains that the companies ā€œmust answer for their involvement in prioritizing woke investments over their own fiduciary duties.ā€

The committee sent letters to dozens of entities in 12 states and the District of Columbia requesting them to provide information by Jan. 10. The majority are located in New York, Massachusetts and California.

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2025 Federal Election

Poilievre will cancel Mark Carney’s new Liberal packaging law and scrap the Liberal plastic ban!

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From Conservative Party Communications

Conservative Leader Pierre Poilievre promised today that a new Conservative government will stop Mark Carney’s proposed Liberal food tax and scrap the existing Liberal plastic ban. Poilievre will:

  • Stop proposed new labelling and packaging requirementsĀ that will raise the cost of fresh produce by as much as 34% and cost the average Canadian household an additional $400 each year.
  • Scrap the Liberal plastics ban, including the ban on straws, grocery bags, food containers and cutlery, and other single-use plastics, letting consumers and businesses choose what works for them.
  • Protect restaurants, grocers, and low-income CanadiansĀ from one-size-fits-all packaging rules that disproportionately affect those who can least afford it.

ā€œAfter the Lost Liberal Decade, many Canadians can barely afford to put food on the table. And now Mark Carney and the Liberals want to make it even harder with a new food packaging law that will raise the price of food–again,ā€ said Poilievre. ā€œA new Conservative government will keep food prices down by scrapping the Liberal plastic ban and stopping Carney’s new Liberal food tax.ā€

After a decade of out-of-control spending and massive tax increases, families are spendingĀ $800 more on foodĀ this year than they did in 2024, and food banks had to handle a recordĀ two million visitsĀ in a single month. In Montreal,Ā 44 percentĀ of CEGEP students are experiencing some form of food insecurity, while places likeĀ Hawkesbury,Ā Kingston,Ā TorontoĀ andĀ MississaugaĀ have all declared food insecurity emergencies.

And food prices are still rocketing upwards,Ā surging by 3.2%Ā over the last year, with no end in sight. In the last month alone, food inflation increased byĀ 1.9 percentage points—the largest monthly jump in food prices in decades.

As if this wasn’t bad enough, Liberals have made life even more expensive and inconvenient for Canadians by banning plastics – including everything from straws to bags to food packaging. The current Liberal ban on single-use plastics will cost CanadiansĀ $1.3 billion dollarsĀ over the next decade.

Now Mark Carney wants to make it worse by adding complicated and costly new food packaging rules that will drive up the price of food even more–in effect, a new Liberal food tax. Plastic food packaging makes upĀ 1/3 of all plastic packagingĀ in Canada. The proposed Liberal food tax will cost the average Canadian household an additional $400 each year, wasteĀ half a million tonnes of food, decrease access to imported fruit and produce, and increase food inflation. The Chemistry Industry Association of Canada has also warned that this tax will put up toĀ 60,000 CanadiansĀ out of work.

ā€œThe Liberals’ ideological crusade against convenience has already driven up food prices and the last thing Canadians need is Mark Carney’s new food tax added directly to your grocery bill,ā€ said Poilievre. ā€œThe choice for Canadians is clear, a fourth Liberal term that will make food even more expensive or a new Conservative government that will axe the food tax and bring back straws, grocery bags and other items, to make life more affordable and convenient for Canadians – For a Change.ā€

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Business

Ted Cruz, Jim Jordan Ramp Up Pressure On Google Parent Company To Deal With ā€˜Censorship’

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From theĀ Daily Caller News Foundation

By Andi Shae Napier

Republican Texas Sen. Ted Cruz and Republican Ohio Rep. Jim Jordan are turning their attention to Google over concerns that the tech giant is censoring users and infringing on Americans’ free speech rights.

Google’s parent company Alphabet, which also owns YouTube, appears to be the GOP’s next Big Tech target. Lawmakers seem to be turning their attention to Alphabet after Mark Zuckerberg’s MetaĀ endedĀ its controversial fact-checking program in favor of a Community Notes system similar to the one used by Elon Musk’s X.

Cruz recently informed reporters of his and fellow senators’ plans toĀ protectĀ free speech.Ā 

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ā€œStopping online censorship is a major priority for the Commerce Committee,ā€ CruzĀ said, as reported by Politico. ā€œAnd we are going to utilize every point of leverage we have to protect free speech online.ā€

Following his meeting with Alphabet CEO Sundar Pichai last month, CruzĀ toldĀ the outlet, ā€œBig Tech censorship was the single most important topic.ā€

Jordan, Chairman of the House Judiciary Committee, sentĀ subpoenasĀ toĀ AlphabetĀ and other tech giants such asĀ Rumble,Ā TikTokĀ andĀ AppleĀ in February regarding ā€œcompliance with foreign censorship laws, regulations, judicial orders, or other government-initiated effortsā€ with the intent to discover how foreign governments, or the Biden administration, have limited Americans’ access to free speech.

ā€œThroughout the previous Congress, the Committee expressed concern over YouTube’s censorship of conservatives and political speech,ā€ JordanĀ wroteĀ in a letter to Pichai in March. ā€œTo develop effective legislation, such as the possible enactment of new statutory limits on the executive branch’s ability to work with Big Tech to restrict the circulation of content and deplatform users, the Committee must first understand how and to what extent the executive branch coerced and colluded with companies and other intermediaries to censor speech.ā€

JordanĀ subpoenaedĀ tech CEOs in 2023 as well, including Satya Nadella of Microsoft, Tim Cook of Apple and Pichai, among others.

Despite the recent action against the tech giant, the battle stretches back to President Donald Trump’s first administration. Cruz began his investigation of Google in 2019 when heĀ questionedĀ Karan Bhatia, the company’s Vice President for Government Affairs & Public Policy at the time, in a Senate Judiciary Committee hearing. Cruz brought forth a presentation suggesting tech companies, including Google, were straying from free speech and leaning towards censorship.

Even during Congress’ recess, pressure on Google continues to mount as a federal courtĀ ruledĀ Thursday that Google’s ad-tech unit violates U.S. antitrust laws and creates an illegal monopoly. This marks the second antitrust ruling against the tech giant as a different courtĀ ruledĀ in 2024 that Google abused its dominance of the online search market.

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