Financial giants JPMorgan and State Street announced this week that they were leaving the Climate Action 100+ organization, an investors group that pushes ESG initiatives and controls about $68 trillion in assets.
Black Rock, the world’s largest asset manager, also announced that it would be pulling some investment away from Climate Action, meaning that the total investment value lost by the group is around $14 trillion. The moves were praised by Republicans, who have said that companies engaging in ESG initiatives harm the economy and use customers’ money for political purposes.
State Street said Climate Action 100+ requirements were no longer in line with company policy. “SSGA has concluded the enhanced Climate Action 100+ phase 2 requirements for signatories are not consistent with our independent approach to proxy voting and portfolio company engagement,” State Street
