JPMorgan Chase, BlackRock and State Street confirmed they are exiting the world's largest climate alliance which seeks to push investors away from funding the fossil fuel sector.
JPMorgan Chase and institutional investors BlackRock and State Street Global Advisors announced Thursday that they are quitting or, in the case of BlackRock, substantially scaling back involvement in a massive United Nations climate alliance formed to combat global warming through corporate sustainability agreements.
Climate Action 100+ was formally established in December 2017 at the U.N. as a way of aligning the world's largest private sector financiers of greenhouse gas producers. Since the association was created, it has grown to include more than 700 financial institutions that are collectively responsible for a staggering $68 trillion in assets under management.
More than 700 investors are committed to managing climate risk and preserving shareholder value through their participation in the initiative," a spokesperson for Climate Action 100+ told FOX Business on Thursday. "Since its inception, Climate Action 100+ has experienced remarkable growth — and that has only continued." "The initiative has recently entered its second phase, which offers more ways investor signatories can participate," the spokesperson continued.
In June, House Judiciary Chairman Jim Jordan, R-Ohio, issued a subpoena to Ceres, a nonprofit advocacy organization that helps to oversee Climate Action 100+, alleging the group may be facilitating collusion through its climate-focused initiatives in violation of U.S. antitrust law.
Additionally, state attorneys general, financial officers and agriculture commissioners have banded together in recent months to threaten legal action related to banks' involvement in climate alliances. "JPMorgan, State Street, and BlackRock's departure is a necessary step in the right direction, but consumers should wait to trust these companies again," said Consumers Research executive director Will Hild.
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