Major US Financial Firms Withdraw from Climate Initiative Amid Political Pressure

Texas Comptroller remains skeptical of financial institutions' withdrawal from Climate Action 100+, citing concerns over transparency and political motives.

Texas Comptroller Glenn Hegar questions the sincerity of financial giants like J.P. Morgan and BlackRock in their recent withdrawal from Climate Action 100+, an investor-led initiative to combat climate change.
Despite the withdrawals, Texas continues to enforce divestment provisions against companies that boycott the oil and natural gas industry, with 15 companies and 353 investment funds currently listed.
The withdrawals come amid increasing political and regulatory pressure in the US, with some states and lawmakers opposing ESG criteria and accusing firms of antitrust violations.
Climate Action 100+ aims to reduce emissions and combat global warming, with over 700 investors and $68 trillion in assets, but faces challenges as major firms seek to maintain decision-making autonomy.
Texas leads in oil and natural gas production and emissions reductions, highlighting the state's commitment to environmental stewardship and the economic importance of the industry.