A pair of large investment companies with nearly $7 trillion in assets, said Thursday they exited a climate change investor initiative that aims to pressure companies to quickly cut carbon emissions. JPMorgan Asset Management, which manages $3.1 trillion in assets, has not renewed its membership in Climate Action 100+, saying through a spokesperson that it will oversee its stewardship on climate change with companies with its bank staff.
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," according to a statement. BlackRock, the world's biggest asset manager, is also scaling back its work with the group, a spokesperson confirmed. 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 disclosur
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Moneyweb - 🏆 5. / 77 Read more »
Source: Moneyweb - 🏆 5. / 77 Read more »
Source: ITWeb - 🏆 45. / 51 Read more »