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Sean D. Reyes
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Asset Management Companies Withdraw From Radical ESG Group After Continual AGO Efforts

SALT LAKE CITY, UTAH – After persistent efforts by Attorney General Sean D. Reyes to enforce the law and protect the financial interests of all Americans, J.P. Morgan and State Street announced Thursday that they would be withdrawing their assets from Climate Action 100+, while BlackRock is substantially scaling back involvement. The association “is an investor-led initiative to ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change.”

AG Reyes states:

This is a monumental day for the rule of law and the American people. It validates our fight against the radical, environmental agenda, perpetuated by Climate Action 100+ and similar entities.

Since the earliest days of ESG, my office has been unrelenting in opposing actions taken by a cabal of powerful public and private institutions wielding a disproportionate amount of power over everyday Americans. I applaud BlackRock, JP Morgan, State Street, and other firms who have withdrawn active participation in CA100+ and similar entities. It seems these companies have finally come to their senses and now realize not only the negative policy implications but also the potential legal ramifications of entanglement with CA100+. 

I appreciate the coalition of attorneys general who have consistently joined us in holding accountable large, powerful organizations and institutions while ensuring they adhere to all applicable laws and protect the interests of those they claim to serve.

Attorney General Reyes’ efforts include the following: 

  • On March 31, 2023, General Reyes co-led a letter to more than 50 of the nation’s largest asset managers, including Blackrock, J.P. Morgan, and State Street, about ESG investments being made with Americans’ hard-earned money. The coalition of attorneys general reminded asset managers of their extensive legal duties under federal and state law to act as fiduciaries.
  • On May 10, 2023, General Reyes appeared before the U.S. House Committee on Oversight and Accountability to provide testimony on the critically important issue of how ESG factors distort the American financial system and harm consumers. In his testimony, Reyes wrote, “Since the signing of the Paris Agreement in 2015, there has been an open conspiracy to bypass Congress and instead impose costly changes on American consumers using the power of horizontal agreements by key players in our financial system, including Climate Action 100+.
  • In 2023, General Reyes filed a Motion to Intervene and a Motion for Relief regarding BlackRock, Inc.’s blanket authorization from the U.S. Federal Regulatory Commission. The States argued that BlackRock violated the statutes for reauthorization because it was a signatory to horizontal associations like Climate Action 100+ that coordinate shareholder voting power across their members to influence FPA-covered utilities’ operations, and because it was not acting as “passive, non-controlling investors” as it represented in seeking authorization.

The exodus from Climate Action 100+ follows a number of firms that have withdrawn from the Net-Zero Insurance Alliance and other organizations also committed to the ESG agenda.