The world’s largest investor group formed to fight climate change suffered a blow when two of the industry’s biggest money managers left the coalition.
JPMorgan Asset Management and State Street Global Advisors said Thursday they’re withdrawing from Climate Action 100+. The investor group, which boasts more than 700 investor signatories, was created to pressure oil giants such as Exxon Mobil Corp. and BP Plc to decarbonize their operations.
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