It’s a Positive Development that BlackRock and JPMorgan are Reconsidering ‘Net Zero’ Commitments

City Comptroller Brad Lander has lamented that BlackRock and JPMorgan’s departure from the Net-Zero Banking Alliance and the Net Zero Asset Managers Initiative represents “a stark betrayal of the responsibility that they have in addressing the climate crisis.”

Lander, seemingly eager to bolster his progressive credentials for a mayoral campaign, is once again mistaken—though he’s not alone in his misguided views, which have become standard among Democrats nationwide and leftists globally.

Let’s make one point abundantly clear: The pursuit of net-zero carbon emissions at any cost is as misguided as it is detrimental.

This demand, pushed by individuals shielded from its repercussions, compels advanced industrial nations to engineer intentional energy shortages in an effort to achieve carbon neutrality by a narrowly defined date in the mid-21st century.

The consequences of these policies will inevitably lead to starvation and death in developing nations, along with severe declines in living standards in developed countries.

This ideology resembles a cult and strays entirely from scientific rationale.

Globally, fossil fuels account for over 80% of energy production, and despite significant subsidies, the increase in wind and solar energy production has not met the rising demand for power—neither in Western nations nor in developing regions.

If any advocate for Net Zero had a rational approach to climate change, they would be advocating loudly for 100% nuclear power across the US, Europe, and northern Asia, along with 100% LNG in other regions until they can transition to nuclear energy themselves.

Just observe how Net Zero has been executed in Western Europe.

In England, with a target set for 2050, energy costs are soaring, leading to a decline in the industrial sector.

The origin of the Industrial Revolution is now significantly dependent on energy and goods imports—many of which are produced with CO2 emissions far exceeding those of maintaining domestic factories and power facilities.

In New York, where an extreme climate law mandates net-zero power generation by 2040 and overall net zero by 2050, the state will eliminate carbon-producing resources without having sufficient wind and solar alternatives to replace them.

Therefore, it’s beneficial that JP Morgan and BlackRock are exiting this destructive energy agreement; their involvement in it at all was utterly outrageous.

The quicker that governments and major corporations abandon this approach, the better it will be for everyone.