Yeah, they made a lot of pledges initially, but, were they really serious, or simply placating the cultists?
Some Wall Street giants, many of which have spent the last few years pledging to fight climate change through corporate responsibility, are now retreating from some of their environmental initiatives.
Large financial institutions including investment bank JPMorgan, asset manager State Street, and investment management firm Pimco have in the last few days pulled out of Climate Action 100+, a group of hundreds of institutional investors that collectively push large companies to address climate issues.
The departures are a stark change for finance firms that have previously spent years working to improve their public images by loudly championing the fight against climate crisis, The New York Times reported.
Indeed, big banks and asset managers previously built up teams in a bet that environmental, social, and governance (ESG) investing was a good bet — both morally and economically.
Yeah, that was fun for a while for them, but, then they came back to reality and realized their purpose was to make money
In recent months, however, many financial intuitions have come under more fire from Republicans criticizing their climate work, framing it and other ESG initiatives as “woke capitalism,” Politico reported. Regulators, meanwhile, have begun looking more closely at firms offering ESG products.
Other concerns included that clients may disapprove of the work and sue, or that this many large companies working together to pressure change in other companies could fly in the face of antitrust regulations, the New York Times said.
Doing the ESG thing sounds great, but, most of the high mucky-mucks in the companies rarely practice what they preach, and it is mostly BS greenwashing.
Other finance giants have similarly stepped back from previous environmentally friendly initiatives, The New York Times reported. They include BlackRock, which scaled back its participation with Climate Action 100+ in recent weeks, as well as Bank of America, which walked back a pledge to stop financing coal.
If it doesn’t help the companies make money it’s kinda worthless.
Read: Bummer: Wall Street Firms Pulling Out Of Climate Crisis (scam) Pledges »
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