According to the Financial Times (FT), asset management giant BlackRock sent a letter to institutional investors on Thursday announcing its withdrawal from the emissions-focused investor group.
The company is manage With more than $10 trillion, it is a leader in environmental, social and governance (ESG) investing and has left the Net Zero Asset Managers (NZAM) Coalition (United Nations).sponsored FT, a group of financial services companies committed to making their portfolios net zero by 2050. reported. The move comes less than two weeks before the inauguration of President-elect Donald Trump, who plans to embrace fossil fuels in his second term, and follows a number of other companies’ exits. include Goldman Sachs Group, Wells Fargo, Citigroup, Bank of America, Morgan Stanley, and JPMorgan Chase & Co. (Related: UN reportedly moving to secure tens of millions of dollars in climate funding for countries run by terrorists)
According to the FT, deputy chairman Philip Hildebrand said in a letter to investors that the asset manager’s membership in NZAM “has caused confusion regarding BlackRock’s business practices, and the company has faced legal inquiries from various public officials.” I decided to accept it,” he said.
This is a huge win for consumers and a good start for them. @BlackRock It is about reversing its devastating effects on our economy. But we still need to undo many of the terrible incentives we have put in place for corporate executives through ESG. Not only are NetZero’s targets demanding… https://t.co/aUlQ28OIcs
— Will Hild (@WillHild) January 9, 2025
The company began its ESG efforts in 2020, with CEO Larry Fink saying that “climate risk is an investment risk” and that climate change would cause a “fundamental reallocation of capital.” However, the withdrawal of the world’s largest asset management company has recently set back ESG initiatives. support About 4% of the 493 environmental and social investment proposals submitted by shareholders between the end of June 2023 and the end of June 2024, down from 47% in 2021.
BlackRock also rescinded some of its diversity, equity, and inclusion (DEI) initiatives and edited its DEI language to be less racially oriented.
Fellow investment firm Vanguard left NZAM in 2022, but financial services firm State Street remained in the environmental coalition.
“The news of BlackRock’s departure from NZAM should be music to the ears of every American consumer,” Will Hild, executive director of conservative nonprofit Consumers Research, told the Daily Caller News Foundation. ” he said. “NZAM is an illegal cartel of asset managers promoting net-zero policies that are harmful and costly to the entire economy. The activities of NZAM and its members are destroying Americans everywhere from gas stations to grocery stores. prices have been raised.”
When asked for comment, BlackRock referred DCNF to a report confirming its departure from NZAM.
All content produced by the Daily Caller News Foundation, an independent, nonpartisan news distribution service, is available free of charge to legitimate news publishers with large audiences. All republished articles must include our logo, reporter byline, and DCNF affiliation. If you have any questions about our guidelines or our partnership, please contact us at licensing@dailycallernewsfoundation.org.
