"Major Financial Players Withdraw Trillions from Climate Action Groups in Shocking Exodus"
Financial giants JPMorgan, State Street, and Black Rock are withdrawing a total of $14 trillion from the Climate Action 100+ organization, which advocates for ESG initiatives and controls $68 trillion in assets. Republicans have praised the move, claiming that ESG initiatives harm the economy. State Street cited a misalignment with its proxy voting and engagement approach, while JPMorgan stated it no longer needs to rely on Climate Action 100+. Climate Action, with over 700 investors, engages companies to improve climate change governance and disclosure. Republican officials have lauded the withdrawals as victories against what they perceive as collusive ESG actions.