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(The Epoch Times)—BlackRock, the world’s largest asset manager overseeing approximately $11.5 trillion in assets, has decided to withdraw from a climate pact backed by the United Nations (UN) that advocates for aggressive de-carbonizing of the economy.
A BlackRock spokesperson confirmed to The Epoch Times that the company has decided to withdraw from the Net Zero Asset Managers initiative (NZAM), a coalition comprised of over 325 signatories managing more than $57.5 trillion, all committed to the goal of achieving net-zero greenhouse gas emissions by 2050 by aligning investment strategies with this objective.
Membership in the climate pact did not affect the way BlackRock managed client portfolios, according to the spokesperson, but it did lead to confusion about the company’s practices and subjected it to legal inquiries from public officials. Despite the NZAM exit, BlackRock remains committed to sustainable investing.
Several major Wall Street banks have recently exited a similar climate-focused organization for lenders called the Net-Zero Banking Alliance (NZBA), which similarly pushes a net-zero goal.
Republicans, particularly from energy-producing states, have criticized the participation of banks and asset managers in net-zero coalitions as part of a progressive agenda and have accused them of antitrust violations.
In November, Texas and 10 other Republican-led states sued BlackRock and rivals, alleging that they disrupted coal production and raised energy prices.
“Texas will not tolerate the illegal weaponization of the financial industry in service of a destructive, politicized ‘environmental’ agenda. BlackRock, Vanguard, and State Street formed a cartel to rig the coal market, artificially reduce the energy supply, and raise prices,” Texas Attorney General Ken Paxton said in a statement. “This is a stunning violation of State and federal law.”
BlackRock has rejected the allegations, stating that the lawsuit undermines investments in essential companies that consumers depend on.
In a 2024 letter to shareholders, BlackRock CEO Larry Fink said that the company has “never supported divesting from traditional energy firms” and that it has over $300 billion invested in traditional energy firms on behalf of its clients.
“If they want to invest in hydrocarbons, we give them every opportunity to do it–the same way we invest roughly $138 billion in energy transition strategies for our clients,” Fink wrote. “That’s part of being an asset manager. We follow our clients’ mandates.”
In December, a Republican-controlled congressional committee requested information from BlackRock and dozens of other asset managers regarding their involvement with NZAM.
“The over 60 asset managers with membership in NZAM must answer for their involvement in prioritizing woke investments over their own fiduciary duties,” the House Judiciary Committee said in a statement, while letters sent to various asset managers demanded the preservation of records that may be associated with “NZAM’s collusive activity that would inform potential legislative reforms.”
After a number of financial institutions left the climate pact for lenders, the Texas attorney general praised them for the exit in a Jan. 7 statement. Paxton alleged that the climate pact aims to undermine the vital oil and gas industries and that membership in the alliance could potentially bar banks from entering into contracts with Texas government entities.
Mark Zuckerberg Claims Facebook Is Ditching “Fact-Checkers” and Going to Community Notes Similar to 𝕏
by JD Rucker
Meta CEO Mark Zuckerberg is a scoundrel, a billionaire snake who has backstabbed pretty much everyone he’s personally dealt with ever since rising to prominence. He spent over $400 million of his own money to prevent President Donald Trump from winning in 2020. His “platform” has been amongst the most…
Bill O’Reilly to Donald Trump: “The Press Hates You”
by Podcaster
There has been a very noticeable shift in the way legacy media is covering the transition for President Trump compared to his first victory in 2016. It seems that many in legacy media are toning down their rhetoric and preparing to treat President Trump more “fairly.” According to Bill O’Reilly,…
The Biggest Sale on Beef With 25-Year Shelf-Life EVER
by Sponsored Post
Let’s cut to the chase. Prepper All-Naturals is offering an unprecedented 40% off for its “Beef Steak” survival bags with promo code “steak40”. With a 25-year shelf life and a single ingredient (beef, of course), our most popular product is available for a very limited time with the biggest discount…
The Climate Agenda’s March Through the Institutions: Can It Be Stopped?
by Daily Signal
A spate of stories in the media recently provides a remarkable illustration of how the globalist policy agenda of the climate-industrial complex has captured key international institutions and perverted their original organizational aims. From initially serving broad, laudable objectives for the welfare of their constituents, these institutions have been subverted…
About That Video of Deb Fischer’s Husband and Kamala Harris That’s Circulating on Social Media
by Red State
Social media platforms can be bowls of dumb on any given day (that goes double for BlueSky), and Monday was no exception, with the certification of Donald Trump’s November election victory bringing out some fresh cray-cray from Democrats and their media allies. Though the President-Elect certainly does bring out the…
Trump Denies “Fake News” Report on Changes to Economic Plans
by Publius
President-elect Donald Trump has refuted a Washington Post report suggesting his aides were considering a more restrained tariff policy. The report claimed that Trump’s transition team was contemplating a tariff plan that would be less extensive than his campaign promises, targeting only imports deemed critical to national or economic security….
Radicalized Knife-Wielding Man Attempts to Storm Belgian Prime Minister’s Offices Shouting ‘Allah Akbar’
by RAIR Foundation
Brussels, Belgium — January 6, 2025: A potentially deadly attack was narrowly avoided this morning when a “radicalized” man in his twenties armed with a knife attempted to break into the offices of Belgian Prime Minister Alexander De Croo. The incident occurred at 16 rue de la Loi as the…
Gold Breaks Out With Central Bank Surge and Interest Rate Drops Expected
by Sponsored Post
Precious metals are seeing gains once again following the post-election dip, just as many economists had expected. Even China, which had been holding back for five months, returned to purchasing massive quantities of gold. “Falling U.S. interest rates and ongoing solid demand from central banks are supporting the gold price,”…
JPMorgan: “Debasement Trade” Into Bitcoin and Gold Is Here to Stay
by Tyler Durden, Zero Hedge
(Zero Hedge)—The so-called “debasement trade” into gold and Bitcoin is “here to stay” as investors brace for persistent geopolitical uncertainty, according to a Jan. 3 research note by JPMorgan shared with CoinTelegraph. Gold and BTC “appear to have become more important components of investors’ portfolios structurally” as they increasingly seek to…
Study of 9 Million Exposes ‘Devastating’ Neurological Damage Surge Among Covid-Vaxxed
by Slay News
An explosive new study involving almost 9 million participants has exposed a devasted surge in deadly neurological and psychiatric damage among those who received Covid mRNA “vaccines.” According to the peer-reviewed study, just one dose of an mRNA injection puts recipients at risk of suffering several severe neurological diseases. The…
More Details Emerge Regarding the Plan to Kill a Supreme Court Justice
by Zachary Stieber, The Epoch Times
(The Epoch Times)—A California man allegedly told authorities that he flew to the East Coast to kill Supreme Court Justice Brett Kavanaugh, according to newly filed court documents. Nicholas Roske flew across the country from California to Virginia on June 7, 2022, landing just before midnight. He got into a…
First US Death From H5N1 Bird Flu Reported in Louisiana
by Infowars
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by Local News
A diet high in natural foods has many benefits, from reducing the risk of disease and obesity to the vitamins and nutrients that natural foods contain that can aid in the healing of certain health conditions or diagnoses. Using natural foods in our diets is vital for Americans to become…
Dana White Has Joined Meta’s Board of Directors
by Cactus Williams, Discern Report
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