https://joannenova.com.au/2024/02/es...te-action-100/
The biggest climate bullies on the planet just got a bit smaller. There are two monster climate banker clubs in the world, and yesterday, one of them, the “Climate Action 100+” lost three of the six largest asset management funds in the world, namely JP Morgan Chase, State Street and BlackRock.
State Street manages about $3.6 trillion in funds, JP Morgan Chase about $3 or $4 trillion, and BlackRock $10 trillion, so that’s something like $17,000 billion dollars that just left the ranch. The fact that this kind of money was all grouped together in a cabal of any sort is bad enough, but ponder that now, after the biggest fish have left the tank, there’s still $50 trillion left in assets on the inside.
It appears the Climate Action 100+ group had grown too big for its boots — the new Climate Action 100+ “phase 2” strategy expected asset managers to actively hound companies to cut their emissions.
Climate Action 100+ started in 2017 and the day before yesterday it had 700 investors who managed $68 trillion in assets, yet mysteriously has no Wikipedia page (like the ghost that walks?). According to InfluenceWatch it was “conceived by members of the California Public Employees’ Retirement System (CalPERS) in 2016 at the French Mission to the United Nations.” So it was set up by the largest government pension fund in the US in cahoots with the UN in order to use workers money to boss around companies and to force left wing policies on right wing states through a back door.
It’s big brother — the other climate banker cabal called GFANZ — was set up in 2021 by the UN and Mark Carney (former governor of the Bank of England). At one point GFANZ grew to an obscenely unbelievable $130 trillion in “funds under management”, giving it the financial power equivalent to a black hole. The largest 20 national economies in the world have a combined GDP of $87 trillion. So when a collective managing $130 trillion says “jump” there are not many Presidents or Prime Ministers inclined to say “No”. In October 2020, the CEO of BlackRock told the Australian government he wanted them to shut coal plants faster and three weeks later, Scott Morrison and the treasurer signed us up for Net Zero, even though the voters had picked them to do less climate action rather than more.
But it was all a big bluff, as I explained — all the giant funds use other people’s money to bully and cajole boards, ministers, and global leaders into doing things that none of them might want. They were supposed to be investing pension funds to earn money for workers to retire on, instead it looked and smelled a lot like they were squandering the returns in order to prop up socialist ideologies, dodgy companies, and to coerce governments to legislate policies that the voters didn’t vote for.
Larry Fink the CEO of Blackrock, and his pals, turned our pension funds into a leftist activist machine. Thankfully 19 US States fought back by asking the legal bombshell questions about whether these funds were cooperating in a way that breached antitrust laws and neglected their fiduciary duty. Ron deSantis in Florida took $2 billion of state pension funds back from Blackrock. It doesn’t sound like much, but it pulled the string on the big bluff, and threatened to unleash an exodus. Now a year later, many funds are backing away slowly.
Make no mistake, the term ESG or Environmental Social Governance is a dead dog, but all these conglomerate Financial Swamp Monsters like BlackRock et al, will still be buying and leveraging up their renewables investments whenever it suits them. They’ll still be flying to Davos to consort and coordinate behind the scenes.
Govt gives you nothing because it creates nothing - Javier Milei
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