Naturally the Big Bankers dress up in trees and rivers… they wouldn’t wear the Dracula Cape when people are looking, would they?
By Jo Nova
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.
An ESG Asset Manager ExodusThe Wall Street Journal
