Launched in 2017, Climate Action 100+ aims to work with companies to halve their greenhouse gas emissions by 2030, through governance reforms, the elimination of emission through the value chain and enhanced disclosure. Its website boasts $68 trillion in assets under management.
JPMorgan Asset Management, which manages $3.1 trillion in assets, has not renewed its membership in Climate Action 100+.
A second large asset manager, State Street Global Advisors, with $3.7 trillion, also dropped out, saying Climate Action’s approach “will not be consistent with our independent approach to proxy voting and portfolio company engagement.”
BlackRock, the world’s biggest asset manager, is also scaling back its work with the group.
Texas Attorney General Ken Paxton applauded the news, saying financial companies had undertaken an “unlawful” campaign to force environmental, social and corporate governance on customers.
“I’m pleased JPMorgan has exited the Climate Action 100+,” Paxton said on X. “This is a critical step toward putting customers’ financial well-being first.”