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J.P. Morgan, State Street withdraw from Climate Action 100+ (2024)
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J.P. Morgan Chase and State Street—two of the largest asset managers in the world—withdrew on February 15 from Climate Action 100+, an asset manager initiative aimed at making companies reduce their carbon emissions. BlackRock, the largest asset manager in the world, announced it would reduce its involvement in the initiative:
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Climate hawks have long questioned the financial industry’s commitment to sustainable investing. But few foresaw JPMorgan Chase and State Street quitting Climate Action 100+, a global investment coalition that has been pushing companies to decarbonize. Meanwhile, BlackRock, the world’s biggest asset manager, scaled back its ties to the group. All told, the moves amount to a nearly $14 trillion exit from an organization meant to marshal Wall Street’s clout to expand the climate agenda. … Last summer, the group shifted its focus from pressuring companies to disclose their net-zero progress to getting them to reduce emissions. State Street said the new priorities compromised its 'independent approach to proxy voting and portfolio company management.' And BlackRock, which has become a political lightning rod over its embrace of climate considerations in investing, said those tactics 'would raise legal considerations, particularly in the U.S.' (Hence the transfer to an overseas division.)[1] |
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See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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