Goldman Sachs Asset Management has ended its participation in Climate Action 100+, a climate-focused investor network focused on engaging with companies to reduce their greenhouse gas emissions and implement climate transition plans, joining several other investment manager departures as political pressure on group participants builds in the U.S.

In a statement provided to ESG Today, a Goldman Sachs spokesperson said:

“We’ve made investments in our ability to meet the sustainable investing needs of our clients and remain committed to leveraging our global capabilities.”

Launched in 2017, Climate Action 100+ (CA100+) is an investor initiative that has targeted the world’s largest corporate greenhouse gas (GHG) emitters through engagement to reduce emissions, improve governance and strengthen climate-related financial disclosures. The network has grown to include more than 700 investors across 33 markets, according to the CA100+ website.

The group, however, has also become a key target for anti-ESG politicians, and fueling claims that its members are “boycotting” energy companies. Last year, a group of U.S. Republican state attorneys general sent a letter to large asset managers warning that participation in groups such as CA100+ raised concerns about the investors’ adherence to fiduciary duties and compliance with anti-trust rules.

More recently, Republican leaders on the House Judiciary Committee sent letters in July to 130 CA100+ participants, including Goldman Sachs Asset Management, accusing them of “colluding with climate activists through initiatives like Climate Action 100+ to adopt left-wing environmental, social, and governance (ESG)-related goals,” and warning that they were “potentially in violation of U.S. antitrust law.”

In a statement accompanying the letters, the House Judiciary Committee said:

“The Committee continues to examine whether existing civil and criminal penalties and current antitrust law enforcement efforts are sufficient to deter anticompetitive collusion to promote ESG-related goals in the investment industry. The over 130 companies, retirement systems, and government pension programs with membership in Climate Action 100+ must answer for their involvement in prioritizing woke investments over their own fiduciary duties.”

In addition to Goldman Sachs, media reports have indicated that several other asset managers, including TCW and Mellon Investments, who were also sent the Committee letters last month, have also left CA100+.

The departures follow announced exits from the group earlier this year by investors including Invesco, JPMorgan Asset Management (JPMAM), State Street Global Advisors (SSGA), and PIMCO, and BlackRock’s transfer of its participation in the initiative to BlackRock International.

Climate Action 100+’s website includes a “response regarding the investors that have left the initiative,” stating:

“We know that the political pressure some investors are facing in certain markets is pushing investors to carefully consider how to best manage climate risks in their portfolios. However, despite the challenging backdrop in some markets, the initiative has the backing and support from hundreds of investors globally, including asset owners and managers.”

The statement adds that “Climate Action 100+ is a voluntary initiative that investors are free to request to join or withdraw from at any time.”