Invesco has joined the list of asset managers leaving the Climate Action 100+ investor coalition.
The decision follows the February departures of J.P. Morgan Asset Management, State Street Global Advisors and Pacific Investment Management Co. and BlackRock's transfer of its participation to BlackRock International.
Invesco, with $1.59 trillion under management as of January, said in an emailed statement that the decision to withdraw was made "as we believe our clients' interests in this area are better served through our existing investor-led and client-centric issuer engagement approach."
A spokesman for Climate Action 100+ confirmed the "disappointing" decision but said in a separate emailed statement that the organization "continues to have strong participation from 700 hundred investors globally, including asset owners and managers. Over 60 new investors have joined the initiative since June 2023 underscoring the strong interest and ongoing demand for investor-led climate action."
The world's largest investor-led engagement initiative on climate change is coordinated by five investor networks: the Asia Investor Group on Climate Change, Ceres, Investor Group on Climate Change, Institutional Investors Group on Climate Change and Principles for Responsible Investment.
In June 2023, it started shifting its focus from engaging with 170 companies about disclosing climate risks, to seeing how well companies implement climate transition plans.