Wall Street Firms Withdraw from Climate Action 100+ Coalition Amid Political Pressure and Legal Risks
Why Wall Street firms are flip-flopping on climate 🔗
The recent retreat of Wall Street firms from environmental pledges, including backing out of the Climate Action 100+ coalition, has been attributed to political pressure, legal risks, and concerns about antitrust regulations. This move showcases the challenges faced by financial firms in fulfilling their promises to combat climate change. Despite the withdrawal, these firms maintain their commitment to addressing climate risks and continue to consider climate in their operations.
- Wall Street firms, including JPMorgan Chase, State Street, Pimco, and BlackRock, have pulled out of the Climate Action 100+ coalition, signaling a shift in their approach to climate-related initiatives.
- The withdrawal is linked to concerns over potential legal risks and antitrust regulations, as well as political pressure from Republicans criticizing firms for engaging in "woke capitalism."
- Despite the retreat, the firms emphasize that they remain committed to addressing climate risks and continue to consider climate in their operations, adapting to the current regulatory and political environment.