So much for initial reports that JPMorgan, BlackRock, and State Street were going to back away from supporting Climate Action 100+.

Texas’ comptroller remains skeptical about financial institutions recently claiming to have withdrawn from environmental, social and governance investing policies touted as fighting climate change.

J.P. Morgan Asset Management and State Street Global Advisors recently announced they would withdraw from the Climate Action 100+, “an investor-led initiative to ensure the world’s largest corporate greenhouse gas emitter take necessary action on climate change.” 

Climate Action 100+ says to have more than 700 investors who have $68 trillion in assets. The group created a “net zero standard for oil and gas” targeting 10 companies, several of which are headquartered in Texas. 

According to The Center Square, Texas’ comptroller, Glenn Hegar, says that while companies involved in Climate Action 100+ was a good sign, his staff told him that they were giving other states different information.

“We heard firms telling Texas one thing but then providing very different and often contradictory information to states like New York or California,” Hear said. “Unfortunately, some of that doublespeak continues in these announcements.” 

He pointed to a J.P. Morgan spokesman touting “the significant investment it has made in its investment stewardship team and engagement capabilities, as well as the development of its own climate risk engagement framework” and to BlackRock “attempting a kind of shell game by shifting its membership to another entity under the BlackRock umbrella.”

Hegar says his office will continue to monitor the situation. Either companies are going to back out or they aren’t. Glenn Hegar says he’s glad that 3 of the largest investment firms (presumably JP Morgan, State Street, and BlackRock) have withdrawn, the differing statements are concerning. Unless they’re trying to be strategic in order not to ruffle feathers in places like the Empire and Golden State.

The comptroller is right to raise concerns and be suspicious since the last thing he, the citizens of Texas and Americans overall need is to be underhandedly stabbed in the back.

PHOTO CREDIT: Pixabay