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Skip to contentSkip to site index Search & Section Navigation Section Navigation SEARCH Business SUBSCRIBE FOR $1/WEEKLog in Thursday, February 22, 2024 Today’s Paper SUBSCRIBE FOR $1/WEEK Business|More Wall Street Firms Are Flip-Flopping on Climate. Here’s Why. https://www.nytimes.com/2024/02/19/business/climate-blackrock-state-street-jpmorgan-pimco.html * Share full article * * Advertisement SKIP ADVERTISEMENT Supported by SKIP ADVERTISEMENT MORE WALL STREET FIRMS ARE FLIP-FLOPPING ON CLIMATE. HERE’S WHY. Financial giants were already trimming their climate pledges amid Republican attacks. Then came concerns about legal risks. * Share full article * * * Read in app A climate protest in Manhattan’s financial district last year. Several major firms retreated from a global climate coalition in recent days.Credit...Spencer Platt/Getty Images By David Gelles Gelles writes the Climate Forward newsletter and has reported on Wall Street for more than a decade. Feb. 19, 2024 Many of the world’s biggest financial firms spent the past several years burnishing their environmental images by pledging to use their financial muscle to fight climate change. Now, Wall Street has flip-flopped. In recent days, giants of the financial world including JPMorgan, State Street and Pimco all pulled out of a group called Climate Action 100+, an international coalition of money managers that was pushing big companies to address climate issues. Wall Street’s retreat from earlier environmental pledges has been on a slow, steady glide path for months, particularly as Republicans began withering political attacks, saying the investment firms were engaging in “woke capitalism.” But in the past few weeks, things accelerated significantly. BlackRock, the world’s largest asset manager, scaled back its involvement in the group. Bank of America reneged on a commitment to stop financing new coal mines, coal-burning power plants and Arctic drilling projects. And Republican politicians, sensing momentum, called on other firms to follow suit. Advertisement SKIP ADVERTISEMENT The reasons behind the burst of activity reveal how difficult it is proving to be for the business world to make good on its promises to become more environmentally responsible. While many companies say they are committed to combating climate change, the devil is in the details. “This was always cosmetic,” said Shivaram Rajgopal, a professor at Columbia Business School. “If signing a piece of paper was getting these companies into trouble, it’s no surprise they’re getting the hell out.” Subscribe to The Times to read as many articles as you like. David Gelles reports on climate change and leads The Times’s Climate Forward newsletter and events series. More about David Gelles A version of this article appears in print on Feb. 20, 2024, Section B, Page 2 of the New York edition with the headline: More Wall Street Firms Are Flip-Flopping on Their Climate Pledges. Order Reprints | Today’s Paper | Subscribe * Share full article * * * Read in app Advertisement SKIP ADVERTISEMENT SITE INDEX SITE INFORMATION NAVIGATION * © 2024 The New York Times Company * NYTCo * Contact Us * Accessibility * Work with us * Advertise * T Brand Studio * Your Ad Choices * Privacy Policy * Terms of Service * Terms of Sale * Site Map * Canada * International * Help * Subscriptions Enjoy unlimited access to all of The Times. See subscription options