Wall Street giant JPMorgan announced today they will be withdrawing from Climate Action 100+, a $68 trillion investor coalition focused on climate change. In 2023, Attorney General Raúl Labrador and 20 other Attorneys General sent a letter of concern to more than 50 Wall Street asset managers, bringing attention to the legal obligations of asset managers to make sound fiscal decisions for their clients – something that may be violated by prioritizing the political agendas of activist groups.
“I’m glad to see that JPMorgan, one of the most recognized names on Wall Street, is heeding our concerns,” said Attorney General Labrador. “They have a clear fiduciary obligation to their investors to maximize their returns, not prioritize environmental ideology. These investment pools are pension plans for our elderly neighbors and for small businesses in our towns. Retirees can’t afford to play politics with their investments, and neither can JPMorgan. Every other asset management firm should follow JPMorgan’s lead.”
Climate Action 100+ is an investor coalition promoting Environmental Social Governance (ESG) encouraging asset managers to shift their monies away from less-ESG-favored industries, such as fossil fuels, at the expense of their clients who count on solid economic advice and return.
Original source can be found here.