US assets managers skip COP30, echoing Trump’s boycott

Major US investors skipped COP30 as fossil fuel lobbyists dominated climate talks, raising doubts about Wall Street’s commitment to Paris goals.

US asset managers such as Vanguard, State Street, and Goldman Sachs significantly reduced their presence at this year's COP30 climate talks in Belém, Brazil.

Notably, BlackRock only sent one delegate compared to ten last year, according to the list of participants.

By contrast, two European investors, namely: UBS and Amundi, maintained and increased their presence at the conference.

Large US investors have a history of voting against Paris-aligned shareholder proposals at oil and gas companies such as Shell. For example, BlackRock’s support for climate resolutions dropped from 47% in 2021 to 4% in 2024, according to the manager’s 2024 Investment Stewardship Report.

Mark van Baal at Follow This, pointed out that: “The largest asset managers face the biggest financial risks when the climate crisis hits the global economy.”

The lack of presence from major US asset managers appears to echo President Trump’s anti-climate rhetoric as he said at a UN speech in September: “If you don’t get away from this green scam, your country is going to fail.”

This has left the door open for fossil fuel lobbyists as they outnumbered delegates from nearly every country.

One in every 25 attendees at COP30 represented oil, gas or coal interests, analysis by Global Witness showed.