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Climate Change Coalition Cracking Up

Here’s the headline from Reuters in case you haven’t seen it:

This is a gigantic blow to the radical global green agenda as it removes at least $14 trillion managed by these firms from the UN’s anti-fossil fuels control. Four of the largest money management firms in the world – including Vanguard, which never joined the climate coalition in the first place – are now nonparticipants in the “Climate 100” movement.

The firms will bring their climate change investment strategy in-house, and that could still steer them toward the left’s ESG agenda.

But we were cheered to hear these firms argue that they must follow their fiduciary duty to their shareholders. That’s what we have been urging in our highly-publicized report “Putting Politics Over Pensions”.  It grades investment houses on how often they ignored their fiduciary obligation to get the best returns possible for their shareholders, instead pursued the green agenda, including UN climate alliance protocols.

The Sierra Club is fuming that State Street and the others “have caved under pressure” from groups like CTUP.

That’s about the nicest thing anyone has ever said about us.

Our next report card on the ESG agenda of the investment firms will be out in a few weeks.

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