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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  • JPMorgan Chase, State Street Global Advisors, and BlackRock have withdrawn from the Climate Action 100+ alliance, citing concerns over the group's new strategy and political backlash.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.
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