JPMorgan AM exits $68tn climate action group - Financial News
JPMorgan AM exits $68tn climate action group
JPMorgan's asset management business has pulled out of a $68tn climate coalition as US politicians continue to pile pressure on firms over their green commitments.
JPMorgan Asset Management has not renewed its membership with Climate Action 100+, a spokesperson for the $3.1tn fund group said, becoming the latest firm to drop out of a major industry-wide environmental initiative.
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”