Additionally, state attorneys general, financial officers and agriculture commissioners have banded together in recent months to threaten legal action related to banks’ involvement in climate alliances.

“JPMorgan, State Street, and BlackRock’s departure is a necessary step in the right direction, but consumers should wait to trust these companies again,” said Consumers Research executive director Will Hild. “By leaving the Climate Action 100+ climate cartel, they are signaling that the actions of millions of consumers and dozens of elected officials are having an effect.”

“These asset management firms are clearly afraid of the bad press and legal actions taken against their destructive net zero push,” Hild added.