Goldman Sachs Asset Management has withdrawn from Climate Action 100+, an investor network aimed at reducing greenhouse gas emissions and implementing climate transition plans. This move follows the departure of several other investment managers, driven by increasing political pressure in the U.S. A Goldman Sachs spokesperson stated that the firm remains committed to sustainable investing and leveraging its global capabilities. Climate Action 100+, launched in 2017, targets the world’s largest corporate greenhouse gas emitters, focusing on reducing emissions, improving governance, and enhancing climate-related financial disclosures.
The network has expanded to over 700 investors across 33 markets. Recently, the group has faced scrutiny from U.S. Republican politicians, who accuse its members of “boycotting” energy companies. In 2022, Republican attorneys general warned asset managers that participation in groups like the Climate Action 100+ would raise concerns about sanctions and sanctions. In July 2023, Republican leaders of the House Judiciary Committee sent letters to 130 CA100+ participants, including Goldman Sachs, accusing them of colluding with climate activists and violating possibly antitrust laws. Other asset managers including TCW, Mellon Investments, Invesco, JPMorgan Asset Management, State Street Global Advisors and PIMCO have left the group in response to increased political activity. BlackRock has moved the partnership to its global division.