JPMorgan Asset Management and State Street Global Advisors have said they are withdrawing from Climate Action 100+, the largest investor coalition focused on putting pressure on corporations to act on climate change.

The departure has come after Climate Action 100+ asked its signatories to increase pressure on companies to do more towards reducing greenhouse gas emissions.

JPMorgan’s fund business said it will not be renewing its membership in the investor group after claiming that it has made significant investments in its stewardship capabilities in the last few years building a team of 40 sustainable investing professionals.

Last year Climate Action 100+ announced it would be moving from putting pressure on companies to disclose climate results to encourage them to actively reduce greenhouse gas emissions. It called for signatories to engage with policymakers and for some to publish details on their talks with companies they invest in.

The coalition has been criticised by US Republican politicians who have accused the financial firms that belong to climate coalitions of working too closely together.

This is the latest in a number of firms leaving the coalition with 13 including Walter Scott & Partners and Loomis Sayles dropping out since the coalition begun.

However, the coalition has still grown and last autumn saw 60 new firms join, taking the total to more than 700 firms.

---