[ad_1]
NEW YORK (AFP) – Two major investment firms with nearly $7 trillion in assets announced Thursday that they have withdrawn from the Climate Investor Initiative, which aims to pressure companies to quickly reduce carbon emissions.
Publication of:
1 minute
JPMorgan Asset Management, which manages $3.1 trillion in assets, has not renewed its membership in Climate Action 100+, and through a spokesperson said it and bank staff are working with companies on climate change stewardship. He said he would supervise.
State Street Global Advisors, the second-largest asset manager with $3.7 trillion, also said in a statement that its approach to combating climate change reflects “our independent approach to voting and engaging with portfolio companies. The company withdrew as it did not match the current situation.
BlackRock, the world’s largest asset manager, is also scaling back its work with the group, a spokesperson confirmed.
Launched in 2017, Climate Action 100+ aims to work with companies to halve greenhouse gas emissions by 2030 through governance reform, reducing emissions across the value chain, and strengthening information disclosure. There is. Its website boasts $68 trillion in assets under management.
The move comes as Republican officials in Washington and some state governments criticize financial companies for prioritizing climate change and, in some cases, blocking them from state contracts.
Texas Attorney General Ken Paxton praised the news, saying the financial companies had engaged in an “unlawful” campaign to enforce environmental, social and corporate governance on their customers.
“I’m pleased that JPMorgan has withdrawn from Climate Action 100+,” Paxton said on X (formerly Twitter). “This is an important step in putting the financial well-being of our customers first.”
JPMorgan said in consideration of its 40 “dedicated sustainable investment professionals” and other staff, the asset manager “has decided to no longer participate in more than 100 climate initiatives,” according to a statement from the company. said.
“We believe climate change continues to pose significant economic risks and opportunities for our clients, and our analysts continue to factor this into our engagement with companies around the world.”
© 2024 AFP
[ad_2]
Source link
