Wall Street’s Climate Retreat
BlackRock, which has been criticized for its embrace of environmental considerations in investing, was among the firms that scaled back or withdrew from a climate coalition.Credit…Victor J. Blue for The New York Times
A $14 trillion exit
Climate hawks have long questioned the financial industry’s commitment to sustainable investing. But few foresaw JPMorgan Chase and State Street quitting Climate Action 100+, a global investment coalition that has been pushing companies to decarbonize. Meanwhile, BlackRock, the world’s biggest asset manager, scaled back its ties to the group.
All told, the moves amount to a nearly $14 trillion exit from an organization meant to marshal Wall Street’s clout to expand the climate agenda.
The retreat jolted the political landscape. Representative Jim Jordan, the Ohio Republican who compared the coalition to a “cartel” forcing businesses to cut emissions, called for more financial companies to follow suit. And Brad Lander, New York City’s comptroller,
