{"id":302298,"date":"2024-02-17T10:47:40","date_gmt":"2024-02-17T09:47:40","guid":{"rendered":"https:\/\/climatescience.press\/?p=302298"},"modified":"2024-02-17T10:47:42","modified_gmt":"2024-02-17T09:47:42","slug":"major-american-financial-institutions-withdraw-from-global-climate-investment-org-in-blow-to-green-agenda","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=302298","title":{"rendered":"Major American Financial Institutions Withdraw From Global Climate Investment Org In Blow To Green Agenda"},"content":{"rendered":"\n
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From The Daily Caller<\/a><\/p>\n\n\n

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NICK POPE<\/a><\/p>\n\n\n\n

CONTRIBUTOR<\/p>\n\n\n\n

Several of the largest asset managers in the U.S. are withdrawing from a major coalition of companies focused on advancing green investment strategies and climate-sensitive corporate management.<\/p>\n\n\n\n

JPMorgan Asset Management (JMAM) and State Street Global Advisors will not be renewing membership in Climate Action 100+, a coalition of investors and asset managers with a combined $68 trillion under management that pushes corporations to reduce emissions and adopt climate risk disclosure practices, according<\/a> to Financial Times. BlackRock \u2014 the largest asset manager in the world \u2014 is scaling back its involvement with Climate Action 100+, withdrawing from the coalition as a corporate member but staying involved through its smaller international arm.<\/p>\n\n\n\n

Climate Action 100+ and Ceres<\/a> \u2014 a green shareholder activist group that co-founded the coalition \u2014 are currently under investigation<\/a> by the House Judiciary Committee, which is alleging that the coalition\u2019s advancement of progressive Environmental, Social and Corporate Governance<\/a> (ESG) policies may constitute non-competitive activity in violation of U.S. antitrust law.<\/p>\n\n\n\n

JPMAM has about $3.1 trillion under management,\u00a0according<\/a>\u00a0to Financial News, while State Street\u00a0controlled<\/a>\u00a0about $3.7 trillion in assets as of September 2023 and BlackRock manages assets worth about\u00a0$9 trillion<\/a>. All three firms joined Climate Action 100+ in 2020.\u00a0(RELATED: EXCLUSIVE: Jim Jordan, House Republicans Launch Investigation Into BlackRock, Vanguard, Others Over ESG Practices)<\/a><\/strong><\/p>\n\n\n\n

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\ud83d\udea8EXCLUSIVE\ud83d\udea8 via @henryrodgersdc<\/a>

House Judiciary Chairman Rep. @Jim_Jordan<\/a> , @RepDanBishop<\/a> Threaten Subpoena Of ESG \u2018Cartel\u2019

READ MORE: https:\/\/t.co\/dz7QqWO1uc<\/a><\/p>— Daily Caller (@DailyCaller) May 5, 2023<\/a><\/blockquote>