{"id":1511346,"date":"2025-01-02T17:20:00","date_gmt":"2025-01-02T22:20:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1511346"},"modified":"2025-01-02T17:20:00","modified_gmt":"2025-01-02T22:20:00","slug":"another-esg-rat-jumps-ship-morgan-stanley-quits-net-zero-banking-alliance-ahead-of-trump-2-0","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/another-esg-rat-jumps-ship-morgan-stanley-quits-net-zero-banking-alliance-ahead-of-trump-2-0\/1511346\/","title":{"rendered":"“Another ESG Rat Jumps Ship”:\u00a0Morgan Stanley Quits\u00a0Net-Zero Banking Alliance Ahead Of Trump 2.0"},"content":{"rendered":"

“Another ESG Rat Jumps Ship”:\u00a0Morgan Stanley Quits\u00a0Net-Zero Banking Alliance Ahead Of Trump 2.0<\/span><\/p>\n

\n

The US could be in the very early stages of recovery after a decade of toxic\u00a0ESG and Net Zero initiatives,\u00a0widely criticized as one of the biggest financial and ideological blunders in a generation. Wall Street firms\u00a0increasingly recognize that the “woke capitalism” era in corporate America will come to an abrupt end under Trump 2.0.\u00a0<\/p>\n

Bloomberg<\/a> reports that\u00a0Morgan Stanley is the latest Wall Street firm to abandon the Net-Zero Banking Alliance (NZBA), a group of\u00a0banks worldwide that push woke climate initiatives.\u00a0<\/p>\n

Morgan Stanley’s exit comes after\u00a0Wells Fargo and\u00a0Goldman Sachs left\u00a0NZBA early last month.\u00a0<\/p>\n

“Another ESG rat jumps ship,”\u00a0<\/strong>Steve Milloy, a lawyer who served under Trump 1.0, wrote on X.<\/p>\n

Another ESG rat jumps ship@MorganStanley<\/a> leaves the illegal Net Zero Banking Alliance. https:\/\/t.co\/IcbIdcBnmJ<\/a>@Citi<\/a> and @BankofAmerica<\/a> abandoned ship earlier this week. https:\/\/t.co\/AHshWWTdPq<\/a> pic.twitter.com\/7KiizZFWFL<\/a><\/p>\n

\u2014 Steve Milloy (@JunkScience) January 2, 2025<\/a><\/p>\n

According to Bloomberg, “NZBA coordinates its work with the Glasgow Financial Alliance for Net Zero, which is backed by the United Nations. GFANZ said earlier this week it’s making changes that will “redouble its efforts to mobilize private capital” and support the energy transition.”\u00a0<\/p>\n

<\/a><\/p>\n

On X, Bloomberg’s\u00a0Javier Blas wrote, “Wall Street is quitting en masse the Net-Zero Banking Alliance.”\u00a0<\/p>\n

Wall Street is quitting en masse the Net-Zero Banking Alliance:<\/p>\n

Today, Morgan Stanley says goodbye. Earlier this week, Citigroup Inc. and Bank of America announced they had left. And Goldman Sachs Group and Wells Fargo quit in December. #ESG<\/a> #ClimateChange<\/a><\/p>\n

\u2014 Javier Blas (@JavierBlas) January 2, 2025<\/a><\/p>\n

Data from Preqin Pro shows ESG fundraising peaked in 2022 and has since plunged into the first half of 2024. Wall Street discovered that ESG and woke capitalism don’t translate into solid returns.\u00a0The green bubble<\/a> has popped.<\/p>\n

<\/a><\/p>\n

In November, Texas\u00a0Attorney General Ken Paxton<\/a> and ten other states sued BlackRock, State Street Corporation, and Vanguard Group “for\u00a0conspiring to artificially constrict the market for coal through anticompetitive trade practices.”\u00a0<\/p>\n

Paxton wrote in a statement:<\/p>\n

“Texas will not tolerate the illegal weaponization of the financial industry in service of a destructive, <\/em>politicized ‘environmental’ agenda<\/em><\/strong>. BlackRock, Vanguard, and State Street formed a cartel to rig the coal market, artificially reduce the energy supply, and raise prices. Their conspiracy has <\/em>harmed American energy production and hurt consumers<\/em><\/strong>. This is a stunning violation of State and federal law.”<\/em><\/p>\n

After billions of dollars were poured “straight into the dumpster” of risky climate investments, as one X user explained…<\/p>\n

\u201cCitigroup said it\u2019s leaving the Net-Zero Banking Alliance,\u201d<\/p>\n

ESG\/DEI<\/p>\n

Billions of dollars straight into the dumpster. pic.twitter.com\/y1eBDQCGHv<\/a><\/p>\n

\u2014 Douglas Ritz (@douglasritz) January 1, 2025<\/a><\/p>\n

We have highlighted that nuclear<\/a> is the only sustainable clean energy solution.<\/p>\n

<\/a><\/p>\n

Everything else is just a scheme to siphon taxpayer dollars.<\/p>\n

oh no, it was all a charade https:\/\/t.co\/f9lt9jkbmi<\/a> pic.twitter.com\/w3rNXOEsPQ<\/a><\/p>\n

\u2014 zerohedge (@zerohedge) January 2, 2025<\/a><\/p>\n

In other words, a giant political shift is underway. So, about BlackRock’s Larry Fink…\u00a0<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nThu, 01\/02\/2025 – 12:20<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/political\/another-esg-rat-jumps-ship-morgan-stanley-quits-net-zero-banking-alliance-amid-esg<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

“Another ESG Rat Jumps Ship”:\u00a0Morgan Stanley Quits\u00a0Net-Zero Banking Alliance Ahead Of Trump 2.0 The US could be in the very early stages of recovery after…<\/p>\n","protected":false},"author":0,"featured_media":1511347,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1511346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1511346","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1511346"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1511346\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1511347"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1511346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1511346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1511346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}