- Pope kicks off Christmas under shadow of war
- Catholics hold muted Christmas mass in Indonesia's Sharia stronghold
- Japan's top diplomat in China to address 'challenges'
- Thousands attend Christmas charity dinner in Buenos Aires
- Demand for Japanese content booms post 'Shogun'
- As India's Bollywood shifts, stars and snappers click
- Mystery drones won't interfere with Santa's work: US tracker
- Djokovic eyes more Slam glory as Swiatek returns under doping cloud
- Australia's in-form Head confirmed fit for Boxing Day Test
- Brazilian midfielder Oscar returns to Sao Paulo
- 'Wemby' and 'Ant-Man' to make NBA Christmas debuts
- US agency focused on foreign disinformation shuts down
- On Christmas Eve, Pope Francis launches holy Jubilee year
- 'Like a dream': AFP photographer's return to Syria
- Chiefs seek top seed in holiday test for playoff-bound NFL teams
- Panamanians protest 'public enemy' Trump's canal threat
- Cyclone death toll in Mayotte rises to 39
- Ecuador vice president says Noboa seeking her 'banishment'
- Leicester boss Van Nistelrooy aware of 'bigger picture' as Liverpool await
- Syria authorities say armed groups have agreed to disband
- Maresca expects Man City to be in title hunt as he downplays Chelsea's chancs
- South Africa opt for all-pace attack against Pakistan
- Guardiola adamant Man City slump not all about Haaland
- Global stocks mostly higher in thin pre-Christmas trade
- Bethlehem marks sombre Christmas under shadow of war
- 11 killed in blast at Turkey explosives plant
- Indonesia considers parole for ex-terror chiefs: official
- Postecoglou says Spurs 'need to reinforce' in transfer window
- Le Pen says days of new French govt numbered
- Villa boss Emery set for 'very difficult' clash with Newcastle
- Investors swoop in to save German flying taxi startup
- How Finnish youth learn to spot disinformation
- 12 killed in blast at Turkey explosives plant
- Panama leaders past and present reject Trump's threat of Canal takeover
- Hong Kong police issue fresh bounties for activists overseas
- Saving the mysterious African manatee at Cameroon hotspot
- India consider second spinner for Boxing Day Test
- London wall illuminates Covid's enduring pain at Christmas
- Poyet appointed manager at South Korea's Jeonbuk
- South Korea's opposition vows to impeach acting president
- The tsunami detection buoys safeguarding lives in Thailand
- Teen Konstas to open for Australia in Boxing Day India Test
- Asian stocks mostly up after US tech rally
- US panel could not reach consensus on US-Japan steel deal: Nippon
- The real-life violence that inspired South Korea's 'Squid Game'
- Blogs to Bluesky: social media shifts responses after 2004 tsunami
- Tennis power couple de Minaur and Boulter get engaged
- Supermaxi yachts eye record in gruelling Sydney-Hobart race
- Hawaii's Kilauea volcano erupts, spewing columns of lava
- El Salvador Congress votes to end ban on metal mining
Big firms with $7 tn exit climate investment pressure group
A pair of large investment companies with nearly $7 trillion in assets, said Thursday they exited a climate change investor initiative that aims to pressure companies to quickly cut carbon emissions.
JPMorgan Asset Management, which manages $3.1 trillion in assets, has not renewed its membership in Climate Action 100+, saying through a spokesperson that it will oversee its stewardship on climate change with companies with its bank staff.
A second large asset manager, State Street Global Advisors, with $3.7 trillion, also dropped out, saying Climate Action's approach "will not be consistent with our independent approach to proxy voting and portfolio company engagement," according to a statement.
BlackRock, the world's biggest asset manager, is also scaling back its work with the group, a spokesperson confirmed.
Launched in 2017, Climate Action 100+ aims to work with companies to halve their greenhouse gas emissions by 2030, through governance reforms, the elimination of emission through the value chain and enhanced disclosure. Its website boasts $68 trillion in assets under management.
The moves come as Republican officials in Washington and some state governments criticize financial companies for prioritizing climate change, in some cases blocking the firms from state contracts.
Texas Attorney General Ken Paxton applauded the news, saying financial companies had undertaken an "unlawful" campaign to force environmental, social and corporate governance on customers.
"I'm pleased JPMorgan has exited the Climate Action 100+," Paxton said on X, the former Twitter. "This is a critical step toward putting customers' financial well-being first."
JPMorgan said in light of its 40 "dedicated sustainable investing professionals" and other staff, the asset manager "has determined that it will no longer participate in Climate Action 100+ engagements," according to a company statement.
"We believe that climate change continues to present material economic risks and opportunities to our clients, and our analysts will continue to factor this into engagement with companies around the world."
E.Ramalho--PC