Several large asset managers withdraw from green investment coalition

by ian

Several large finance corporations are rethinking their commitment to the climate movement.

According to the Financial Times, JP Morgan and State Street Global Advisors will not renew their combined trillion-dollar investments in climate initiatives. This comes as the House Judiciary Committee has been investigating Climate Action 100+, a green shareholder activist group that founded a coalition these financial giants used to be a part of.

The committee alleges that the coalition’s push for ESG policies could lead to unlawful control of the market, violating U.S. antitrust law.

As of today, only BlackRock remains a top five asset management company under Climate Action 100+. Meanwhile, House Judiciary Committee Chairman Jim Jordan (R-Ohio) applauded JP Morgan and State Street’s decision. He said he is hoping more companies will follow suit.