Goldman Sachs Group Inc (NYSE:GS, ETR:GOS)’ asset management division is the latest US firm to exit investor engagement group Climate Action 100+ amid broader political backlash against climate-focused coalitions.
Republican lawmakers have argued these groups may violate antitrust laws by encouraging companies to reduce their emissions.
Goldman Sachs confirmed in an email to Bloomberg on Tuesday it has withdrawn from Climate Action 100+.
“We’ve made investments in our ability to meet the sustainable investing needs of our clients and remain committed to leveraging our global capabilities,” a spokesperson said.
Other firms that have also left the alliance in the last few weeks are Aristotle Credit, Aristotle Pacific Capital, TCW Group, Vert Asset Management, Mellon Investment Corp, and Water Asset Management.
JPMorgan Chase’s asset management arm AllianceBernstein Holding LP and State Street Global Advisors withdrew earlier this year.
Climate Action 100+ did not comment on Goldman’s withdrawal. In a statement earlier this week, a spokesperson commented: “These recent letters to Climate Action 100+ investors are another attempt to deter investors from considering and acting on climate risks and opportunities. Investors are independent fiduciaries, responsible for their investment and voting decisions.”
It said last month it has more than 600 members with more than $50 trillion of assets under management.