Northern Trust leaves Net Zero Asset Managers initiative, following BlackRock’s exit

LONDON – November 4, 2020: Northern Trust logo and sign at the top of the 50 Bank Street Northern Trust building, Canary Wharf. Credit: Dave Cooil/Adobe Stock

The climate change retreat is growing, as trillion dollar asset manager Northern Trust exits Net Zero Asset Managers Initiative just weeks after BlackRock, the world’s largest asset manager, quit the initiative. Northern Trust, which is the third major asset manager to exit NZAM, has also withdrawn from Climate Action 100+, an investor-led initiative to ensure the world’s largest corporate greenhouse gas emitters take action on climate change to mitigate financial risk.

Northern Trust’s exit from CA100+, announced the day after President Trump’s inauguration, leaves Wellington the only asset manager with more than $1 trillion in Climate Action 100+, which has included asset managers whose members manage trillions in assets and whose goal is to “engage” large corporations, such as Home Depot and American Airlines, to zero out CO2 emissions by 2050. Franklin Templeton and JPMorgan have also exited CA100+.