(The Center Square) – Texas’ comptroller remains skeptical about financial institutions recently claiming to have withdrawn from environmental, social and governance investing policies touted as fighting climate change.
J.P. Morgan Asset Management and State Street Global Advisors recently announced they would withdraw from the Climate Action 100+, “an investor-led initiative to ensure the world’s largest corporate greenhouse gas emitter take necessary action on climate change.”
Climate Action 100+ says to have more than 700 investors who have $68 trillion in assets. The group created a “net zero standard for oil and gas” targeting 10 companies, several of which are headquartered in Texas.
State Street recently said the Phase 2 requirements of Climate Action 100+ for participants “are not consistent with our independent approach to proxy voting and portfolio company engagement.”
BlackRock Inc. also recently announced it would scale back its commitment to but transferred its membership to a subsidiary, BlackRock
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