FT News Briefing
Asset managers cool on climate group
Feb 16, 2024
The European Commission's push for military enhancement sparks crucial discussions about defense needs. Notably, major asset managers like JPMorgan and State Street are exiting a climate-focused investor group, raising eyebrows about corporate commitment to sustainability. Meanwhile, big food companies explore innovative farming practices that could sequester carbon but face numerous obstacles. Additionally, the cocoa market is experiencing a price surge due to supply issues, attracting hedge fund investors like never before.
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Quick takeaways
- European Commission President proposes incentivizing defense production within the EU to strengthen military capabilities.
- JP Morgan, State Street, and BlackRock are distancing themselves from Climate Action 100 Plus due to conflicting legal obligations and pressure on companies to change their business models.
Deep dives
Boosting the Bloc's Military
European Commission President Ursula Lavondarlyan proposes ramping up production and consolidation in the bloc's defense industry. The EU is exploring incentives to support joint contracts for weapons between member states. The move is prompted by increased military spending in response to Russia's invasion of Ukraine.
