WV Treasurer Moore and AG Morrisey applaud JPMorgan and State Street abandonment of Climate Action 100+ group

15 February 2024- West Virginia State Treasurer Riley Moore today commended JPMorgan Asset Management and State Street Global Advisors for their choice to withdraw from Climate Action 100+, an international investor network that attempts to influence corporations to implement net-zero and decarbonization policies that negatively affect states with coal, oil and natural gas industries.

“This is a step in the right direction and significant victory in our states’ fight against the international corporate collusion targeting the coal, oil and natural gas industries,” Treasurer Moore said. “West Virginia and our coalition of states have been fighting for years against these efforts to boycott and curtail capital to our critical energy industries and diminish important economic activity and revenue for our states. This is a sign our efforts are making an impact.”

The Financial Times reported earlier today the two companies – which are two of the largest asset managers in the United States – were quitting the $68 trillion global alliance, determining its policy initiatives were not consistent with the companies’ independent engagement and stewardship efforts.

The Climate Action 100+ group has been under intense scrutiny from members of Congress and state officials due to potential anti-trust and anti-competitive practice concerns. Recently, a coalition of state Attorneys General – including West Virginia Attorney General Patrick Morrisey – wrote a letter to the nation’s 50 largest asset managers warning, “Potential unlawful coordination appears throughout Climate Action 100+’s documents.”

Treasurer Moore said the companies’ decisions were the latest sign the efforts in recent years by his Office and the broader coalition of states to combat environmental, social and governance (ESG) activism in the financial services sector are producing positive results for our citizens and the broader economy.

“Our coalition of states has been proactive in using our collective power in the marketplace to fight back against these anti-American and anti-competitive ESG practices that have pervaded our largest global financial institutions, including those that wish to handle public funds,” Treasurer Moore said.

West Virginia Attorney General Patrick Morrisey, in a separate statement, says he continues to be front and center in taking actions against so-called Environmental, Social and Governance (ESG) investment practices. He has led coalitions in challenging these practices to saddle American businesses and investors with crippling ESG-related requirements. And back in March 2023, Attorney General Morrisey joined a coalition of attorneys general in urging JPMorgan and other investment advisors to withdraw from Climate Action 100+ and similar groups.
 
“It has always been my position that investment firms should only consider the economic value of investments, not work to advance Biden’s far left woke climate change agenda,” Attorney General Morrisey said. “This administration will stop at nothing, even dictating terms to Wall Street, to further Biden’s radical climate agenda and so-called diversity measures at the expense of hard-working American investors.”
 
“I’m encouraged to see that at least some are finally listening,” the Attorney General continued.  “We will continue to fight this for as long as it takes.”