JPMorgan, State Street quit and BlackRock scales back involvement in UN climate action group

https://expose-news.com/2024/02/17/jpmorgan-state-street-quit-un-climate-action-group/ JPMorgan Chase, BlackRock, and State Street Global Advisors have announced their withdrawal or reduction of involvement in the United Nations climate alliance known as Climate Action 100+. JPMorgan Chase cited the expansion of its in-house sustainability team and the establishment of its climate risk framework as reasons for its exit. BlackRock and State Street expressed concerns over potential legal issues and claimed that the alliance’s climate initiatives had gone too far. These announcements come as major financial institutions face pressure from consumer advocates and Republican states over their environmental, social, and governance (“ESG”) priorities. Established at the UN in 2017, Climate Action 100+ has grown to include over 700 financial institutions with $68 trillion in assets under management.  Overseen by a nongovernmental steering committee comprised of ESG activists, the group calls for members to engage companies on “improving climate change governance,” curbing carbon emissions and strengthening climate-related financial disclosure policies. Climate Action 100+, in addition to other global climate alliances and investor networks, has drawn criticism from US Republican states and lawmakers who argue that these activities may infringe on government policymaking and harm domestic energy companies. House Judiciary Chairman Jim Jordan subpoenaed Ceres, a non-profit organisation overseeing Climate Action 100+, alleging the group may be facilitating collusion through its climate-focused initiatives in violation of US antitrust law. State attorneys general, financial officers and agriculture commissioners have threatened legal action related to banks’ involvement in climate alliances. The departures of JPMorgan Chase, BlackRock, and State Street have been hailed by critics as a step in the right direction, although trust in these companies may still need time to rebuild. Critics also attribute the exits to the pressure from consumers and elected officials. “By leaving the Climate Action 100+ climate cartel, they are signalling that the actions of millions of consumers and dozens of elected officials are having an effect,” Consumers Research executive director Will Hild said. “These asset management firms are clearly afraid of the bad press and legal actions taken against their destructive net zero push,” Hild added. Vanguard, the world’s second-biggest asset manager, never joined Climate Action 100+ and, in late 2022, dropped out of another well-known climate grouping, the Net Zero Asset Managers (NZAM) initiative. Read the full article ‘JPMorgan Chase, BlackRock drop out of massive UN climate alliance in stunning move’ on Fox News HERE .