UN Climate Alliance Falls Out Of Favor
Posted on 02/16/2024
Famed institutions including, BlackRock Inc., and State Street Global Advisors (SSGA) and largest bank in the U.S. JPMorgan Chase are no longer as interested in the United Nations climate alliance. BlackRock is keeping a smaller role in the alliance, however. JPMorgan Chase is dropping out of the Climate Action group and pursuing its own sustainability initiative. BlackRock and State Street elaborated that the alliance’s climate initiatives had gone too far. A number of U.S states and consumer advocates have challenged the ESG programs of these various investment companies. These asset managers are leaving the groups also due to the potential political and legal liabilities in the U.S.
Members of the Climate Action 100+ are supposed to engage 170 focus companies and use means to threaten to vote against non-compliant corporate directors and back shareholder resolutions that pressure executive management. The alliance has called for members to publish their voting engagements and how they voted on shareholder resolutions.
Keywords: State Street Corporation.
