They stated: " J.P. Morgan Asset Management (JPMAM) is not renewing its membership in Climate Action 100+ in recognition of the significant investment it has made in its investment stewardship team and engagement capabilities, as well as the development of its own climate risk engagement framework over the past couple of years. " SSGA, however, expressed concerns about the group's "phase 2" requirements, which shift the focus from mere disclosure to active emissions reduction. They said: " SSGA has concluded the enhanced Climate Action 100+ phase 2 requirements for signatories are not consistent with our independent approach to proxy voting and portfolio company engagement. " BlackRock echoed similar concerns, citing potential conflicts with US laws regarding fiduciary duties. These decisions cannot be viewed in isolation. The growing political pressure in the US, particularly from Republican lawmakers and certain states, has significantly impacted ESG investing and groups like Climate Action 100+.