BlackRock, JPMorgan Chase and State Street are quitting or scaling back their ties to an influential global investment coalition.

BlackRock, which has been criticized for its embrace of environmental considerations in investing, was among the firms that scaled back or withdrew from a climate coalition.Victor J. Blue for The New York TimesA $14 trillion exit

Climate hawks have long questioned the financial industry’s commitment to sustainable investing. But few foresaw JPMorgan Chase and State Street quitting Climate Action 100+, a global investment coalition that has been pushing companies to decarbonize. Meanwhile, BlackRock, the world’s biggest asset manager, scaled back its ties to the group.

All told, the moves amount to a nearly $14 trillion exit from an organization meant to marshal Wall Street’s clout to expand the climate agenda.

The retreat jolted the political landscape. Representative Jim Jordan,

Keep reading this article on Andrew Ross Sorkin – Author New York Times.

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