ESG backlash

Fidelity Investments and Wells Fargo declined to comment on whether they planned on following suit and/or reviewing their sponsorship.

Officials from New York City, California, Rhode Island, Washington and Oregon are among the signatories.

Documents show that provider's ESG ratings and data were used to identify first tranche of financial firms to target under new legislation.

Investment Company Institute tells state officials to prioritise Texas families over partisanship as 10 firms and 350 funds are added to divestment list.

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.