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Climate Alliance

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politics1 year ago

"Major Banks Exit $68 Trillion UN Climate Alliance, Prompting Victory Lap from Judiciary Chair"

House Judiciary Chair Jim Jordan celebrates as major U.S. banks, including JPMorgan Chase and BlackRock, withdraw from the $68 trillion Climate Action 100+ investor group, citing concerns about left-wing politics influencing investment decisions. Jordan's committee has been investigating potential antitrust violations by financial institutions and nonprofit climate groups, issuing subpoenas to BlackRock and State Street. The banks' departure is seen as a win for capitalism and freedom, while activists and Climate Action 100+ maintain their commitment to managing climate risk and preserving shareholder value.

via Yahoo News|
#antitrust-investigation#banks#climate-action-100
politics1 year ago

"Major Banks Withdraw from $68 Trillion UN Climate Alliance, Chair Jim Jordan Celebrates Victory"

House Judiciary Chair Jim Jordan celebrates as major U.S. banks, including JPMorgan Chase and BlackRock, exit the $68 trillion Climate Action 100+ investor group, citing concerns about the alliance's "phase 2" strategy. Jordan's committee has been investigating potential antitrust violations and coordination between financial institutions and nonprofit climate groups, with subpoenas issued to BlackRock and State Street. The move is seen as a win for America, the economy, and freedom, with Jordan emphasizing the importance of making investment decisions based on market principles rather than politics.

via Fox News|
#banks#climate-action-100#climate-alliance
business1 year ago

"JPMorgan and BlackRock's Departure from UN Climate Alliance Sends Shockwaves"

JPMorgan Chase, BlackRock, and State Street Global Advisors are withdrawing from the Climate Action 100+ investor group, citing concerns about the alliance's climate initiatives and potential legal issues. The move comes amid increasing pressure on financial institutions over their environmental, social, and governance priorities. Climate Action 100+ was formed to combat global warming through corporate sustainability agreements and includes over 700 financial institutions collectively responsible for $68 trillion in assets under management. The withdrawals have sparked debate about the impact of such alliances on government policymaking and the economy, with some viewing the departures as a positive step while others remain skeptical.

via New York Post |
#blackrock#business#climate-action-100
climate-change2 years ago

Climate Alliance Faces Mass Exodus from Insurance Industry Leaders

Three more insurance companies, including Tokio Marine, have left the United Nations-backed Net-Zero Insurance Alliance, leaving the group with only 17 members, down from 30 in March. Some Republican politicians have criticized financial institutions collaborating to curb carbon emissions, and a group of Republican attorneys general have accused insurers of potentially breaching antitrust laws in the US. Legal experts say it would be hard to make a case against insurers on antitrust grounds, but cautious international insurers are worried about being sucked into a tussle with US Republicans.

via Reuters|
#climate-alliance#climate-change#greenhouse-gas-emissions
business2 years ago

Climate Alliance Exodus Sparks Insurance Industry Turmoil.

The insurance industry is facing turmoil as several major players have withdrawn from a climate alliance aimed at addressing environmental risks. The move has sparked concerns about the industry's commitment to corporate responsibility and its ability to manage climate-related risks. The alliance, which includes over 50 insurers and reinsurers, aims to promote sustainable business practices and encourage companies to take action on climate change.

via Financial Times|
#business#climate-alliance#corporate-responsibility
environment2 years ago

Insurance Companies Abandon Climate Alliance Amid Political Pressure.

At least three more insurers, including the chair of the Net-Zero Insurance Alliance (NZIA), have left the United Nations-convened climate alliance for insurers, due to opposition from some U.S. Republican politicians who accuse the group of violating antitrust laws. The NZIA requires members to commit to reducing their greenhouse gas emissions. The group has lost at least seven members, including five of the eight founding signatories. Legal experts say it would be difficult to make a legal case using antitrust rules against a company collaborating on tackling climate change through an alliance.

via Reuters|
#antitrust-laws#climate-alliance#environment