JPMorgan Chase, BlackRock, and SSGA Exit Climate Alliance Amidst Growing ESG Pressure

JPMorgan Chase, along with other institutional heavyweights BlackRock and State Street Global Advisors (SSGA), have announced their departure or substantial scaling back from the United Nations-backed Climate Action 100+ investor group. This move underscores the intensifying scrutiny that large financial institutions face regarding their environmental, social, and governance (ESG) priorities.

JPMorgan Chase cited the expansion of its in-house sustainability team and the establishment of its climate risk framework as reasons for exiting the Climate Action 100+ group. BlackRock and State Street, which collectively manage trillions of dollars in assets, expressed concerns over the alliance’s climate initiatives, suggesting potential legal implications and conflicts with their internal investing policies.

This departure comes amid mounting pressure from consumer advocates and Republican states, who have been critical of the ESG priorities of major financial institutions. These entities argue that such alliances may encroach upon government policymaking and harm domestic energy companies, which are significant employers and contribute to consumer affordability.

Climate Action 100+ was established in 2017 as a coalition aimed at engaging the world’s largest private-sector financiers to address Climate change. With over 700 financial institutions representing $68 trillion in assets under management, the alliance focuses on improving Climate change governance, reducing carbon emissions, and enhancing climate-related financial disclosures.

The alliance’s “phase 2” strategy, set to be implemented later this year, emphasizes active engagement with companies to reduce their carbon footprint. Despite the exits of key players, Climate Action 100+ remains steadfast, with continuous growth in membership and expanding avenues for investor participation. While some view the departure of JPMorgan Chase, BlackRock, and State Street as a positive step, others remain cautious.

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