BlackRock, JP Morgan’s Pullout From UN Climate Group Signals Broad Backlash Against ESG, Experts Say

Published on February 23, 2024

The decisions last week by JPMorgan Chase, State Street, and BlackRock to withdraw from or sharply limit their participation in the United Nations Climate Action 100+ coalition signals a broad shift in the asset management space against strict adherence to the environmental, social, and governance (ESG) doctrine that has helped set policy for years, business experts have told The Epoch Times. JPMorgan and State Street will no longer support the coalition at all, while BlackRock will pare down its involvement significantly by making participation a prerogative of its foreign-based investment management division. These developments are surprising only to those who fail to appreciate how much pressure asset managers are under to perform well and satisfy shareholders, and how arbitrary and nettlesome ESG requirements are, observers say....

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