ESG backlash

Fidelity, Federated Hermes, Invesco, JPMorgan and Wells Fargo remain on the SFOF list as documents reveal details of sponsorship packages.

Tom Cotton claimed the investor did not respond to his 14 July letter, despite providing comment to Responsible Investor. 

Move comes as a further group of the world’s largest asset managers have denied that they boycott fossil fuels, in response to Texas bill.

Fight over role of green finance continues as Goldman Sachs and Morgan Stanley tell state treasurer they don’t boycott fossil fuels.

Federated Hermes, Invesco, Fidelity Investment and Wells Fargo listed as “sponsors” by US foundation, while JP Morgan and KKR are flagged as “friends of SFOF sponsors”.

The firms are to be placed on the Restricted Financial Institution List in 45 days unless they provide information demonstrating they are not engaged in a boycott of energy companies.

Fossil fuel boycott bill comes amid a revolt against ESG investing and divestments by certain US states.

World’s largest banks and managers deny they meet Texas’s legal threshold for boycotting fossil fuels

'You see legislators tying themselves in knots in writing these laws that don’t make sense,' says one market participant.

Texas law requires divestment from financial firms who boycott fossil fuels