Goldman Sachs’ fund division to depart local weather investor group By Reuters


By Iain Withers and Simon Jessop

LONDON (Reuters) -Goldman Sachs’ fund division is to depart investor engagement group Local weather Motion 100+, becoming a member of different monetary providers corporations which have pulled out amid a political backlash in the USA.

U.S. members of world climate-focused coalitions have come beneath stress as some Republican lawmakers have criticised them for doubtlessly breaching antitrust guidelines by pushing corporations to chop climate-damaging emissions.

On the finish of July, the Republican chief of a U.S. congressional committee wrote to demand greater than 130 buyers clarify their environmental, social and governance (ESG) objectives.

A Goldman Sachs spokesperson mentioned the fund division would go away the group and highlighted its skill to interact with corporations by itself account.

“We have made investments in our skill to satisfy the sustainable investing wants of our purchasers and stay dedicated to leveraging our world capabilities,” the spokesperson mentioned.

Others funding corporations to depart previously couple of weeks embody Aristotle Credit score and Aristotle Pacific Capital on July 31, TCW Group on Aug. 1, Vert Asset Administration, Mellon Funding Corp and Water Asset Administration on Aug. 2.

Some large gamers have additionally left this yr, together with Invesco, JPMorgan’s fund division and State Avenue (NYSE:) International Advisors.

CA100+ had no rapid touch upon Goldman’s determination.

© Reuters. FILE PHOTO: A screen displays the trading information for Goldman Sachs on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 17, 2022. REUTERS/Brendan McDermid/File Photo

In an announcement earlier this week, a CA100+ spokesman mentioned the way in which CA100+ operates was “nicely described” on its web site and in paperwork produced for the U.S. Home Judiciary Committee.

“These latest letters to Local weather Motion 100+ buyers are one other try to discourage buyers from contemplating and appearing on local weather dangers and alternatives. Traders are impartial fiduciaries, chargeable for their funding and voting choices,” he mentioned.



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