Major American Financial Institutions Withdraw from Global Climate Investment Organization in Blow to Green Agenda

Several of the largest asset managers in the U.S. are withdrawing from a major coalition of companies focused on advancing green investment strategies and climate-sensitive corporate management.

JPMorgan Asset Management (JMAM) and State Street Global Advisors will not be renewing membership in Climate Action 100+, a coalition of investors and asset managers with a combined $68 trillion under management that pushes corporations to reduce emissions and adopt climate risk disclosure practices, according to Financial Times. Climate Action 100+ and Ceres — a green shareholder activist group that co-founded the coalition — are currently under investigation by the House Judiciary Committee, which is alleging that the coalition’s advancement of progressive Environmental, Social and Corporate Governance (ESG) policies may constitute non-competitive activity in violation of U.S. antitrust law.

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Ford Slashes Production of EV Truck Biden Drove to Promote Green Agenda

EV Ford

Ford is cutting back production of its F-150 Lightning electric vehicle (EV), a model that President Joe Biden took for a test drive to market his administration’s EV agenda.

Ford made the official announcement that it will be reducing its F-150 Lightning output in 2024 amid slower-than-projected growth in EV demand. Biden test drove a F-150 Lightning in Michigan in May 2021 to promote his administration’s EV agenda, which aims for EVs to make up 50% of all new auto sales by 2030.

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