Investor climate group suspends activities after BlackRock exit
Live Mint* Net-Zero Asset Managers initiative writes to members * Follows exit of BlackRock amid U.S. political backlash * Network partners say have launched review of structure By Simon Jessop and Ross Kerber LONDON/BOSTON, Jan 13 - A flagship coalition aimed at aligning the asset management industry with global climate goals said it was suspending its activities on Monday, days after BlackRock, the world's biggest investor, left amid a political backlash in the United States. BlackRock, which manages some $11.5 trillion in assets, left the Net-Zero Asset Managers initiative on Jan. 9 citing confusion over its climate efforts and legal inquiries from public officials. "Recent developments in the U.S. and different regulatory and client expectations in investors’ respective jurisdictions have led to NZAM launching a review of the initiative to ensure NZAM remains fit for purpose in the new global context. CONTAGION EFFECT Changes by the NZAM initiative could prevent the sort of flight by asset managers that diminished the influence of another investor climate group, the Climate Action 100, last year.
History of this topic
BlackRock part ways with major climate group after being targeted by Republicans for its efforts on global warming
Live Mint
Big banks flee climate coalition formed to reduce carbon emissions
Live MintWorld's largest fund manager BlackRock cuts thermal coal exposure on climate concerns
ABCDiscover Related
)
)
)
