JPMorgan, BlackRock drop out of massive UN climate alliance in stunning move

The stunning announcements come as the largest financial institutions in the US and worldwide face…

New York Post

By Thomas Catenacci, Fox Business

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.

In a statement, the New York-based Jamie Dimon’s JPMorgan explained that it would exit the so-called Climate Action 100+ investor group because of the expansion of its in-house sustainability team and the establishment of its climate risk framework in recent years.

Larry Fink’s BlackRock and State Street, which both manage trillions of dollars in assets, said the alliance’s climate initiatives had gone too far, expressing concern about potential legal issues as well.

The stunning announcements come as the largest financial institutions in the US and worldwide face an onslaught of pressure from consumer advocates and Republican states over their environmental, social and governance (ESG) priorities.

“The firm has built a team of 40 dedicated sustainable investing professionals, including investment stewardship specialists who also leverage one of the largest buy side research teams in the industry,” the bank said in a statement shared with FOX Business. “Given these strengths and the evolution of its own stewardship capabilities, JPMAM has determined that it will no longer participate in Climate Action 100+ engagements.”…

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