The GOP is energized like never before. And they are moving fast.
Now House Republicans scored a huge victory quicker than anyone anticipated.
A growing number of corporations are cutting ties with a Left-wing “climate cartel” under increasing pressure from congressional Republicans.
The House Judiciary Committee, which has been spearheading efforts to expose these organizations, shared the latest developments with The Daily Wire on Friday.
The investigation has centered on initiatives like the Net Zero Asset Managers (NZAM) initiative and Climate Action 100+, which have been accused of collaborating with corporations to enforce leftist Environmental, Social, and Governance (ESG) goals and drive decarbonization efforts in the U.S. economy.
Earlier this month, NZAM announced it was pausing its activities after several high-profile members, including BlackRock, abruptly withdrew.
The exodus from NZAM is significant. Alongside BlackRock, companies like AllianceBernstein, Northern Trust Asset Management, HASI, Muzinich & Co., Breckinridge Capital Advisors, Stonepeak, V-Square Quantitative Management, and SKY Harbor Capital Management have also severed ties.
According to the Judiciary Committee, many of these companies, including Northern Trust Asset Management and SKY Harbor, left after receiving direct communication from the committee.
“More than 70 companies have left woke ESG organizations like NZAM and Climate Action 100+ since the Committee’s investigation started,” Committee Chair Jim Jordan (R-OH) told The Daily Wire.
“This is a huge win for freedom and American prosperity. All U.S. financial institutions should follow suit and abandon the climate cartel.”
At its peak, NZAM touted an impressive roster of members managing over $57 trillion in assets, with a shared goal of achieving net-zero greenhouse gas emissions by 2050 or sooner. However, the departures have brought its operations to a halt, with NZAM suspending all activities.
BlackRock, a global investment giant managing over $11 trillion in assets, was one of the most notable departures. The company exited NZAM on January 9, just one day before a Judiciary Committee deadline to answer questions about whether its investment policies were influenced by its membership in climate-focused groups.
In a letter explaining the decision, BlackRock executives acknowledged that their involvement with NZAM had created confusion and attracted legal scrutiny.
“Our participation in NZAM didn’t impact the way we managed client portfolios,” the letter stated. “Therefore, our departure doesn’t change the way we develop products and solutions for clients or how we manage their portfolios.”
The Judiciary Committee has been investigating the relationship between climate organizations and corporations for the past two years.
In June, the committee released a report titled “Climate Control: Exposing The Decarbonization Collusion in Environmental, Social, and Governance (ESG) Investing,” which detailed the scope of its findings.
The backlash against companies like BlackRock isn’t limited to the federal level. State officials have also joined the fight against ESG policies.
In November, a coalition of 11 Republican attorneys general, led by Texas Attorney General Ken Paxton, filed a lawsuit against BlackRock over its affiliations with groups like NZAM.
The momentum against ESG-centric initiatives appears to be growing, signaling a broader pushback against what conservatives have criticized as a top-down, politicized approach to economic and environmental policy.
With dozens of companies stepping away from these organizations, the Judiciary Committee is declaring it a victory for transparency, freedom, and economic independence.
Stay tuned to the DC Daily Journal.
