‘Toxic’ Attacks on ESG Lead Wall Street to Mount a New Defense
- Finance climate groups clarify language on their websites
- Change comes as some GOP lawmakers seek to criminalize ESG
The adjustments follow a wave of threats alleging that climate alliances represent a form of collusion that warrants antitrust lawsuits.
Photographer: Michael Nagle/BloombergClimate alliances backed by Wall Street heavyweights have struck upon a subtle way to blunt increasingly aggressive attacks by the GOP.
This month, a $3.3 trillion alliance calling itself the Paris Aligned Asset Owners became the latest green coalition to change the language on its website to clarify that signatories make “individual” commitments in line with their “fiduciary obligations.” Other net zero groups have made similar adjustments to show that members aren’t coordinating CO2 reductions, and that the ultimate goal is to protect asset values. Their members include BlackRock Inc., Citigroup Inc. and JPMorgan Chase & Co.