JPMorgan Chase drops out of massive UN climate alliance in stunning move
Story by Thomas Catenacci •
1h
JPMorgan Chase announced Thursday that it is quitting a massive United Nations climate alliance formed to combat global warming through corporate sustainability agreements.
The New York City-based bank explained that it would exit the so-called Climate Action 100+ investor group because of the expansion of its in-house sustainability team and the establishment of its climate risk framework in recent years. JPMorgan Chase's stunning announcement, however, comes as it and other financial institutions face an onslaught of pressure from consumer advocates and Republican states over their environmental, social and governance (ESG) priorities.
"The firm has built a team of 40 dedicated sustainable investing professionals, including investment stewardship specialists who also leverage one of the largest buy side research teams in the industry," the bank said in a statement shared with FOX Business. "Given these strengths and the evolution of its own stewardship capabilities, JPMAM has determined that it will no longer participate in Climate Action 100+ engagements."
https://www.msn.com/en-us/money/markets/jpmorgan-chase-drops-out-of-massive-un-climate-alliance-in-stunning-move/ar-BB1ikDFf?ocid=msedgntp&pc=HCTS&cvid=4d8e81c5ac5a4d46865f13b15781c9d2&ei=18
