Major Financial Firms Exit Climate Alliance Amid Political Backlash
The departure of JPMorgan, State Street, and BlackRock from Climate Action 100+ raises questions about commitment to climate goals and investor influence.
- JPMorgan Chase, State Street Global Advisors, and BlackRock have withdrawn from the Climate Action 100+ alliance, citing concerns over the group's new strategy and political backlash.
- The departures have sparked a debate over 'greenhushing' versus genuine commitment to climate goals, with some accusing the firms of caving to anti-ESG pressure.
- New York City Comptroller criticizes the financial giants for failing in their fiduciary duty by backing out of their commitment to Climate Action 100+.
- Climate Action 100+ is a global initiative that engages with companies on net-zero strategies, but its effectiveness and the role of investor engagement in achieving climate goals are now in question.
- The withdrawals and the ensuing debate highlight the growing tension between financial institutions, political forces, and the urgency of addressing climate change.