JPMorgan fund arm quits Climate Action 100+ investor group - Nasdaq
JPMorgan fund arm quits Climate Action 100+ investor group | Nasdaq
LONDON, Feb 15 (Reuters) - The fund arm of JPMorgan JPM.N, the biggest U.S. lender, said on Thursday it had decided to leave an investor coalition focused on pushing companies over their climate plans.
JPMorgan Asset Management said it had decided not to renew its membership of the Climate Action 100+ investor group after "significant investment" in its investment stewardship capabilities over the last couple of years.
"The firm has built a team of 40 dedicated sustainable investing professionals, including investment stewardship specialists who also leverage one of the largest buy side research teams in the industry," it said in a statement.
"Given these strengths and the evolution of its own stewardship capabilities, JPMAM has determined that it will no longer participate in Climate Action 100+ engagements."
The news was first reported by the Financial Times.
(Reporting by Simon Jessop Editing by Tommy Reggiori Wilkes)
(( simon.jessop@thomsonreuters.com; +44 (0) 207 542 5052; Reuters Messaging: Reuters Messaging: simon.jessop.thomsonreuters.com@reuters.net))
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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Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”