Financial institutions pull $14 trillion from ESG initiative

J.P. Morgan Chase and State Street Global Advisors—two of the largest asset managers in the world—withdrew on February 15 from Climate Action 100+, an asset manager initiative aimed at making companies reduce their carbon emissions through environmental, social, and corporate governance (ESG) investing. BlackRock, the largest asset manager in the world, announced it would reduce its involvement in the initiative, leaving only BlackRock International committed to the coalition and pulling the rest of the company’s funds, totaling about $6.6 trillion. The three companies in total removed about $14 trillion in funds from the initiative.

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