US House committee targets another investor climate group

Source: Reuters

December 23, 2024 12:01 PM EST Updated 17 min ago


Dec 23 (Reuters) - The Republican-led U.S. House of Representatives Judiciary Committee is seeking information from some 60 U.S. asset managers about their involvement with an investor climate group, adding pressure against environmental efforts by large investors.

Letters sent on Friday to members of the Net Zero Asset Managers initiative, or NZAM, were signed by committee Chairman Jim Jordan and Representative Thomas Massie. They made claims in line with a committee report released on Dec. 13 that Republicans say showed fund firms colluded to cut emissions. The committee's Democrats have dismissed such claims, and big fund firms have denied similar charges.

Representatives for companies that received the letter including BlackRock (BLK.N), State Street (STT.N), and JPMorgan Asset Management (JPM.N) did not immediately comment when contacted late on Friday. Republicans previously have taken credit for prompting those three fund managers to step back from another investor group, the Climate Action 100+.

NZAM says it is an international group with more than 325 signatories managing $57.5 trillion, according to its website. Members pledge to support the goal of net zero greenhouse gas emissions by 2050, using influence such as how they vote their proxies at corporate meetings.

Read more: https://www.reuters.com/sustainability/sustainable-finance-reporting/us-house-committee-targets-another-investor-climate-group-2024-12-23/