JPMorgan, BlackRock backs out of biggest climate-investor group
![JPMorgan, BlackRock backs out of biggest climate-investor group](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/02/Untitled-desigxddswdsn.jpg)
JPMorgan Asset Management and State Street Global Advisors announced on Thursday that they are pulling out of Climate Action 100+.
With over 700 members, this investor coalition was formed to push significant oil companies like Exxon Mobil Corp. and BP Plc to reduce their carbon footprint.
BlackRock Inc stated that it would also be withdrawing from the group and was not aligned after its strategies were updated.
This is a hit to the world’s largest investor group, as they are the industry’s biggest money managers.
The company stated it will transfer its membership to BlackRock International, which houses most funds dedicated to reducing carbon emissions.
The parent company will no longer be associated with CA100+.
Also read: BlackRock CEO seeks common ground with Texas post ESG friction
A spokesman for CA100+ told Bloomberg that its members are “committed to managing climate risk and preserving shareholder value through their participation in the initiative.”
He did not comment on JPMorgan Asset Management, State Street Global Advisors, or BlackRock.
Additionally, he mentioned that the group welcomed over 60 new signatories last autumn and continues to be the foremost investor-led engagement initiative concerning climate change.
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