JPMorgan among Wall Street Giants Shifting Away from Certain Climate Initiatives
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Wall Street Giants Withdraw Support from Climate Action Group
In a surprising turn of events, major Wall Street firms such as JPMorgan, State Street, and Pimco have decided to exit from Climate Action 100+, a group of institutional investors dedicated to addressing climate issues. This move marks a significant shift in stance for these finance giants, which had previously been at the forefront of promoting climate-friendly initiatives.
The decision to withdraw support from Climate Action 100+ comes amid increasing criticism of “woke capitalism” and scrutiny of ESG (Environmental, Social, and Governance) investing. These firms are now facing concerns over potential lawsuits from dissatisfied clients, increased regulatory scrutiny, and the threat of antitrust regulations, leading them to rethink their approach to climate actions.
Climate Action 100+ is a coalition with over 700 members and $68 trillion in assets under management, working together to persuade companies to improve climate crisis governance and reduce emissions. While JPMorgan, State Street, and Pimco have chosen to step back from this initiative, other financial investors such as Neuberger Berman and Wellington Management remain committed members of the coalition.
Notably, other finance giants like BlackRock and Bank of America have also recently scaled back their support for environmentally friendly initiatives. This trend raises concerns about the future of climate advocacy within the financial industry and the potential impact on global efforts to combat climate change. Stay tuned for further updates on this evolving situation.
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