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‘A Huge Win’: Woke Climate Cartel Goes Belly Up

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From the Daily Caller News Foundation

By Owen Klinsky

The Net Zero Asset Managers (NZAM) coalition — a United Nationssponsored collection of financial services companies that have pledged to negate their portfolio’s greenhouse gas emissions by 2050 or sooner — suspended activities after investment firm BlackRock announced its departure from the group, according to a press release.

BlackRock, which manages more than $10 trillion and has been a leader in environmental, social and governance (ESG) investing, announced its exit from NZAM Thursday, with its Vice-Chair Philipp Hildebrand saying the firm’s involvement in the environmental coalition “caused confusion regarding BlackRock’s practices and subjected us to legal inquiries from various public officials.” Now, NZAM has pressed pause altogether, halting operations while it conducts a review of its activities, an NZAM press release published Monday said.

“Recent developments in the U.S. and different regulatory and client expectations in investors’ respective jurisdictions have led to NZAM launching a review of the initiative to ensure NZAM remains fit for purpose in the new global context,” NZAM reportedly wrote in the letter. “As the initiative undergoes this review, it is suspending activities to track signatory implementation and reporting. NZAM will also remove the commitment statement and list of NZAM signatories from its website, as well as their targets and related case studies, pending the outcome of the review.”

A slew of other financial services had left NZAM prior to BlackRock’s Thursday exit, including Goldman Sachs Group, Wells Fargo & Co., Citigroup, Bank of America, Morgan Stanley and JPMorgan Chase & Co. BlackRock’s exit came amid a broader corporate strategy shift away from ESG investing, with the firm only supporting about 4% of the 493 environmental and social investment proposals that shareholders put forward between the end of June 2023 and the end of June 2024, down from a rate of 47% in 2021.

BlackRock was a major supporter of ESG investing in years prior, with CEO Larry Fink saying in 2020 that “climate risk is investment risk” and that climate change would lead to a “fundamental reallocation of capital.”

“The destruction of NZAM is a huge win for consumers,” Will Hild, executive director of the conservative nonprofit Consumers’ Research, told the Daily Caller News Foundation. “Although there is a lot of work left to be done, what was effectively a cartel of asset managers has finally ceased taking the focus of businesses off of consumers, raising prices for everyday Americans everywhere from the gas pump to the grocery store.”

When reached for comment, NZAM referred the Daily Caller News Foundation to its press release.

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Taxpayers Federation calls on politicians to reject funding for new Ottawa Senators arena

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By Noah Jarvis

The Canadian Taxpayers Federation is calling on the federal, Ontario and municipal governments to publicly reject subsidizing a new arena for the Ottawa Senators.

“Politicians need to stand up for taxpayers and tell the Ottawa Senators’ lobbyists NO,” said Noah Jarvis, CTF Ontario Director. “Prime Minister Mark Carney, Ontario Premier Doug Ford and Ottawa Mayor Mark Sutcliffe all need to publicly reject giving taxpayers’ money to the owners of the Ottawa Senators.”

The Ottawa Citizen recently reported that “the Ottawa Senators have a team off the ice lobbying federal and provincial governments for funds to help pay the hefty price tag for a new arena.”

The Ottawa Senators said they don’t intend on asking the city of Ottawa for taxpayer dollars. However, the Ottawa Citizen reported that “it’s believed Senators’ owner Michael Andlauer would like a similar structure to the [Calgary] arena deal.” The Calgary arena deal included municipal subsidies.

As of December 2024, the Ottawa Senators were worth just under $1.2 billion, according to Forbes.

Meanwhile, both the federal and Ontario governments are deep in debt. The federal debt will reach $1.35 trillion by the end of the year. The Ontario government is $459 billion in debt. The city of Ottawa is proposing a 3.75 per cent property tax increase in 2026.

“Governments are up to their eyeballs in debt and taxpayers shouldn’t be forced to fund a brand-new fancy arena for a professional sports team,” said Franco Terrazzano, CTF Federal Director. “If the owners of the Ottawa Senators want to build a fancy new arena, then they should be forced to fund it with ticket sales not tax hikes.”

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Albertans give most on average but Canadian generosity hits lowest point in 20 years

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From the Fraser Institute

By Jake Fuss and Grady Munro

The number of Canadians donating to charity—as a percentage of all tax filers—is at the lowest point in 20 years, finds a new study published by the
Fraser Institute, an independent, non-partisan Canadian public policy think-tank.

“The holiday season is a time to reflect on charitable giving, and the data shows Canadians are consistently less charitable every year, which means charities face greater challenges to secure resources to help those in need,” said Jake Fuss, director of Fiscal Studies at the Fraser Institute and co-author of Generosity in Canada: The 2025 Generosity Index.

The study finds that the percentage of Canadian tax filers donating to charity during the 2023 tax year—just 16.8 per cent—is the lowest proportion of Canadians donating since at least 2003. Canadians’ generosity peaked at 25.4 per cent of tax-filers donating in 2004, before declining in subsequent years.

Nationally, the total amount donated to charity by Canadian tax filers has also fallen from 0.55 per cent of income in 2013 to 0.52 per cent of income in 2023.

The study finds that Manitoba had the highest percentage of tax filers that donated to charity among the provinces (18.7 per cent) during the 2023 tax year while New Brunswick had the lowest (14.4 per cent).

Likewise, Manitoba also donated the highest percentage of its aggregate income to charity among the provinces (0.71 per cent) while Quebec and Newfoundland and Labrador donated the lowest (both 0.27 per cent).

“A smaller proportion of Canadians are donating to registered charities than what we saw in previous decades, and those who are donating are donating less,” said Fuss.

“This decline in generosity in Canada undoubtedly limits the ability of Canadian charities to improve the quality of life in their communities and beyond,” said Grady Munro, policy analyst and co-author.

Generosity of Canadian provinces and territories

Ranking (2025)                         % of tax filers who claiming donations     Average of all charitable donations     % of aggregate income donated

Manitoba                                                                18.7                                                              $2,855                                                        0.71
Ontario                                                                   17.2                                                              $2,816                                                         0.58
Quebec                                                                    17.1                                                              $1,194                                                          0.27
Alberta                                                                    17.0                                                              $3,622                                                        0.68
Prince Edward Island                                          16.6                                                              $1,936                                                        0.45
Saskatchewan                                                        16.4                                                              $2,597                                                        0.52
British Columbia                                                  15.9                                                              $3,299                                                        0.61
Nova Scotia                                                           15.3                                                               $1,893                                                        0.40
Newfoundland and Labrador                            15.0                                                              $1,333                                                         0.27
New Brunswick                                                     14.4                                                               $2,076                                                        0.44
Yukon                                                                     14.1                                                               $2,180                                                        0.27
Northwest Territories                                         10.2                                                              $2,540                                                        0.20
Nunavut                                                                   5.1                                                               $2,884                                                        0.15

NOTE: Table based on 2023 tax year, the most recent year of comparable data in Canada

 

Generosity in Canada: The 2025 Generosity Index

  • Manitoba had the highest percentage of tax filers that donated to charity among the provinces (18.7%) during the 2023 tax year while New Brunswick had the lowest (14.4%).
  • Manitoba also donated the highest percentage of its aggregate income to charity among the provinces (0.71%) while Quebec and Newfoundland and Labrador donated the lowest (both 0.27%).
  • Nationally, the percentage of Canadian tax filers donating to charity has fallen over the last decade from 21.9% in 2013 to 16.8% in 2023.
  • The percentage of aggregate income donated to charity by Canadian tax filers has also decreased from 0.55% in 2013 to 0.52% in 2023.
  • This decline in generosity in Canada undoubtedly limits the ability of Canadian charities to improve the quality of life in their communities and beyond.

 

Jake Fuss

Director, Fiscal Studies, Fraser Institute

Grady Munro

Policy Analyst, Fraser Institute
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