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Just days after BlackRock, the world’s largest asset manager, dropped out of Net Zero Asset Managers, the climate change investing initiative suspended its activities on Monday.
On Jan. 9, BlackRock, with more than $10 trillion in assets under management, dropped out of the United Nations-backed Net Zero Asset Managers (NZAM) 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.
However, BlackRock’s exit followed months of escalating pressure from some Republican lawmakers over the coalition’s stance on investing in fossil fuel companies, with concern that such pressure could rise further as President-elect Donald Trump takes office next week.
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