Top US Banks Flee Left-Wing Climate Coalition Ahead of Legal Battle
Republican state attorneys general say Climate Action 100+ inflates energy prices and unfairly manipulates market
Alana Goodman
February 22, 2024
America’s largest investment banks are fleeing a left-wing climate coalition ahead of a pending antitrust lawsuit against the group, in the latest blow to corporate environmental activism policies.
JP Morgan Chase, BlackRock, and State Street Advisors have all dropped out of the Climate Action 100+ network, a United Nations-backed coalition of some of the world’s largest asset managers, Fox News reported last week.
The exodus came as a group of Republican attorneys general are wrapping up a years-long investigation and preparing to file a major antitrust lawsuit against the left-wing climate network and its investment bank members this spring, the Washington Free Beacon has learned.
The news is the latest signal that industry leaders could be moving away from coordinated corporate environmental, social, and governance (ESG) policies due to concerns about legal fallout. The departures at Climate Action 100+ come as other industry-specific climate coalitions have been rocked by legal threats. Last spring, the Net-Zero Insurance Alliance, a U.N.-backed network of major insurance companies, lost nearly half its members after Republican attorneys general sent a letter warning that the group could be in violation of U.S. antitrust laws.
https://freebeacon.com/energy/top-us-banks-flee-left-wing-climate-coalition-ahead-of-legal-battle/
