Financial Giants Pull $14 Trillion From Climate Group That Pressures Companies To Take ‘Action On Climate Chan ge’
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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 told The Financial Times.
JPMorgan said that it was making the move because it doesn’t have to rely on Climate Action 100+ anymore. “Given these strengths and the evolution of its own stewardship capabilities, JPMAM has determined that it will no longer participate in Climate Action 100+ engagements,” the group said.
Climate Action, formed in 2017, says that it has over 700 investors who engage “companies on improving climate change governance, cutting emissions and strengthening climate-related financial disclosure” and pushing the world’s biggest companies “take necessary action on climate change.”
House Judiciary Chair Jim Jordan praised the news and urged Black Rock to disengage from Climate Action. “Today’s decisions by JPMorgan and State Street are big wins for freedom and the American economy, and we hope more financial institutions follow suit in abandoning collusive ESG actions.”
Today’s decisions by JPMorgan and State Street are big wins for freedom and the American economy, and we hope more financial institutions follow suit in abandoning collusive ESG actions. https://t.co/PT3LlDjMSa
— Rep. Jim Jordan (@Jim_Jordan) February 15, 2024
West Virginia State Treasurer Riley Moore, a frequent critic of ESG policies, also praised the decision from JPMorgan and State Street. Moore previously cut ties with Black Rock over their policies toward coal and natural gas.
“This is a step in the right direction and significant victory in our states’ fight against the international corporate collusion targeting the coal, oil and natural gas industries,” Treasurer Moore said. “West Virginia and our coalition of states have been fighting for years against these efforts to boycott and curtail capital to our critical energy industries and diminish important economic activity and revenue for our states. This is a sign our efforts are making an impact.”
A coalition of Republican attorneys general previously wrote to financial asset managers about their involvement with Climate Action warning them about using American’s savings to “push political goals.”
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