Investment giant BlackRock, with more than $10 trillion in assets under management, has officially dropped out of the Net Zero Asset Managers initiative, a coalition of top corporations who pledge to reach zero-carbon emissions by 2050 – a significant blow to the corporate push to embrace progressive policies on energy conservation. Over the last month, Morgan Stanley, Citigroup, Bank of America, Wells Fargo and Goldman Sachs and, most recently, JP Morgan Chase have all withdrawn from the climate coalition.

BlackRock’s exit is particularly notable as CEO Larry Fink became vocal about climate change, asking companies that his firm invests in to disclose a plan for how their business model would be compatible with a net-zero economy. When BlackRock, who had been a leader in ESG investing, joined the Net Zero Initiative in 2021 with other major asset managers and corporations, it was seen as a way to institutionalize so-called sustainable investing in the corporate ecosystem.