Opinion: Investing in oil and gas doesn’t make sense anymore [Video]

By Tom Steyer for CNN

OPINION: Earlier this year, during the warmest February in recorded history, the investment giants JPMorgan Chase, State Street, BlackRock and Pimco walked away from some of their boldest climate pledges.

The leaders of these firms, with a combined more than $15 trillion under management, did not deny climate change exists, humans are its cause or its potential consequences are catastrophic. Instead, some pointed to their legal responsibility to shareholders, which they said precluded them from following through on climate pledges.  

Others argued their own climate standards were sufficient or reserved the right to make business-related decisions without having to take the climate pledge into account.

Some might think that, questions of morality aside, fossil fuel investments are just too good to pass up.  

In the wake of Russian President Vladimir Putin’s invasion of Ukraine, the oil and gas industry has seen its profits soar. Even in the US, where President …