JPMorgan Chase and State Street move away from climate alarmism

An SSGA spokesperson said the new priorities set by CA100+ threatened its ability to act independently.

Two large companies have distanced themselves from climate alarmism. JPMorgan Chase and State Street Global Advisors (SSGA) left CA100+, an investor group that pressured companies to rein in emissions it views as climate-damaging.

In addition, they are not the only companies taking a step back as it was also learned that BlackRock (BLK.N) limited its stake in CA100+. According to Reuters, which had access to the information, together, "the decisions together remove nearly $14 trillion of total assets from efforts to coordinate Wall Street action" to address the alleged climate emergency.

Likewise, the withdrawals became known after Climate Action 100+ asked its members to take stronger measures on the issue. In that sense, although the companies did not make clear the reasons for their departure from the group, a spokesperson for State Street Global Advisors (SSGA), which manages $4.1 trillion, told Reuters that "new priorities set by CA100+ threatened its ability to act independently."

According to the media outlet, the organization's new priorities call for CA100+ members to "to engage with policymakers and for some to publish details on their talks with companies towards the goal of getting them to lower emissions to zero on a net basis by 2050."

More and more companies are moving away from the progressive agenda on climate change. A Reuters tally detailed that at least 13 companies had abandoned CA100+ over the years. Among the notable companies that have taken a step back have been Walter Scott & Partners and Loomis Sayles.