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Black Rock latest to leave Net Zero Alliance

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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 havenā€™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 wonā€™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 didnā€™t impact the way we managed client portfolios. Therefore, our departure doesnā€™t change the way we develop products and solutions for clients or how we manage their portfolios. ā€¦ 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 cartelā€™ 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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Argentinaā€™s Javier Milei gives Elon Musk chainsaw

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Quick Hit:

Elon Musk made a dramatic appearance at the Conservative Political Action Conference (CPAC) on Thursday, wielding a chromed-out chainsaw gifted by Argentina’s President Javier Milei. The prop symbolized Musk’s commitment to slashing bureaucratic red tape through his Department of Government Efficiency (DOGE).

Key Details:

  • Musk received the chainsaw from Milei before his sit-down interview at CPAC in Maryland.
  • The chainsaw was engraved with Milei’s catchphrase, ā€œViva la libertad carajo!ā€ which translates to ā€œLong live freedom, Goddammit!ā€
  • Musk brandished the chainsaw on stage, declaring it the “chainsaw for bureaucracy” to a cheering conservative crowd.

 

Diving Deeper:

Argentina’s President Javier MileiĀ presented the symbolic chainsaw to Elon MuskĀ ahead of his interview at CPAC, reinforcing their shared vision of reducing governmental influence. The chainsaw, emblazoned with Milei’s signature slogan, was meant to represent Musk’s mission with the Department of Government Efficiency (DOGE) to cut waste, fraud, and abuse within federal agencies.

Musk enthusiastically accepted the gift and held it aloft, declaring it the “chainsaw for bureaucracy.” The bold gesture was well-received by the conservative audience, with Musk adding a simple yet effective rallying cry: ā€œChainsaw!ā€ The theatrics were in line with his commitment to DOGEā€™s mission of downsizing federal bureaucracy, drawing inspiration from Mileiā€™s aggressive government-cutting measures in Argentina.

Mileiā€™s fiscal conservatism has gained international attention, influencing Muskā€™s approach to DOGE. The Argentine presidentā€™s radical budget cuts and advocacy for limited government resonate with Muskā€™s goals for the United States. By symbolically passing the chainsaw to Musk, Milei reinforced a partnership rooted in economic freedom and governmental reform.

Musk later posted a photo of himself with the chainsaw on his social media platform, X, captioning it, ā€œThis is a real picture,ā€ underscoring his commitment to his bureaucratic overhaul agenda. The image quickly went viral, amplifying the message of aggressive government reform.

The bold display at CPAC not only solidified Muskā€™s role as a disruptor within the political landscape but also strengthened the ideological bond between Musk and Milei, signaling an international alliance against government inefficiency.

 

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Federal Heritage Minister recommends nearly doubling CBC funding and reducing accountability

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The Canadian Taxpayers Federation is calling for the CBC to be completely defunded in the wake of the federal Liberal governmentā€™s recommendation to nearly double the state broadcasterā€™s cost to taxpayers and hide its budget reporting.

ā€œIt is outrageous for the government to try to hide the cost of the CBC from the taxpayers who are paying its bills,ā€ said Franco Terrazzano, CTF Federal Director. ā€œThis government is totally out touch if it thinks it can nearly double CBCā€™s cost to taxpayers and try to hide its costs.ā€

Heritage Minister Pascale St-OngeĀ saidĀ the government should nearly double the amount of money the CBC takes from taxpayers every year.

The CBC will cost taxpayers about $1.4 billion this year.

ā€œThe average funding for public broadcasters in G7 countries is $62 per person, per year,ā€ St-Onge said. ā€œWe need to aim closer to the middle ground, which is $62 per year per person.ā€

Canada’s population is about 41.5 million people. If the government funded the CBC the way the minister is recommending, the CBC would cost taxpayers about $2.5 billion per year.

That amount would cover the annualĀ grocery billĀ of about 152,854 Canadian families.

St-Onge also recommended the annual taxpayer funding for the CBC be removed from the government budget report and instead be entrenched in government statutory appropriations.

ā€œI propose that it be financed directly in the legislation instead of in the budget through statutory appropriation,ā€ St-OngeĀ said.

ā€œCanadians have told this government that the CBC costs them too much money, that it is not accountable to taxpayers and they donā€™t watch it, and now the government wants to double down on all those problems,ā€ said Kris Sims, CTF Alberta Director. ā€œThe CBC is an enormous waste of money and journalists should not be paid by the government.

ā€œThe CBC must be defunded.ā€

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