There's good news coming from the world of investment today.
Massive investment groups like BlackRock and Vanguard have shown a strong commitment to ESG goals like "net-zero" carbon emissions and other insane woke and climate goals to benefit "stakeholders" instead of shareholders and please the woke folks higher up in the World Economic Forum.
The goal has been to ally corporations and government in policy to create total control of societies around the world in a move that totally isn't fascism.
For a time, companies were really benefiting with this agreement. They could virtue signal to the masses and the elites would throw them a bone. Now, however, the tide is changing as people rise up against their would-be overlords.
Vanguard Group Inc is pulling out of a major investment-industry initiative on tackling climate change, the world's biggest mutual fund manager said on Wednesday, explaining it wants to demonstrate independence and clarify its views for investors.
Top investors including Pennsylvania-based Vanguard, face mounting pressure from Republican U.S. politicians over their use of environmental, social and governance (ESG) factors in picking and managing securities.
Would you look at that?
Pressuring the market to not support woke things actually works (because capitalism works).
One focus of criticism has been the effort known as the Net Zero Asset Managers (NZAM) initiative, launched in late 2020 to encourage fund firms to reach net zero emission targets by 2050 and limit the rise in global temperatures. As of Nov. 9, NZAM counted 291 signatories representing some $66 trillion in assets under management.
The exit from the initiative of Vanguard, which manages about $7 trillion in assets, is a blow to efforts to organize industries to move away from fossil fuels even though the fund manager insisted it "will not affect our commitment to helping our investors navigate the risks that climate change can pose to their long-term returns."
Poor Reuters news is so sad that Vanguard is pulling out of a literally impossible virtue-signaling goal of net-zero global emissions set by globalists without regard to what's best for the people who have their money in Vanguard.
"We have decided to withdraw from NZAM so that we can provide the clarity our investors desire about the role of index funds and about how we think about material risks, including climate-related risks — and to make clear that Vanguard speaks independently on matters of importance to our investors," Vanguard said in the statement.
Closely held Vanguard did not make executives available for comment. But its statement addresses a criticism from some investors and U.S. Republican officials that efforts like NZAM go against antitrust rules. That concern that had already led NZAM's U.N.-affiliated parent to soften a policy on fossil fuel financing.
Vanguard rivals including BlackRock Inc (BLK.N) have taken the opposite stand and said their NZAM participation does not conflict with their independence. A BlackRock spokesman said on Wednesday the company remains part of NZAM
If you are investing in BlackRock or any of these other woke investing groups, I would suggest you pull all your money out like Ron DeSantis did in Florida.