Net Zero Asset Managers (NZAM) Coalition — United Nations —sponsored A collection of financial services companies that pledged to reduce greenhouse gas emissions from their portfolios to zero by 2050 has suspended its activities after investment firm BlackRock announced it was leaving the group, according to a press release. That’s what it means.
black rock is manage The firm, which has more than $10 trillion in assets and is a leader in environmental, social and governance (ESG) investing, announced its departure from NZAM on Thursday, with vice chairman Philip Hildebrand joining the Environmental Coalition. said the firm’s involvement “has caused confusion and distress regarding BlackRock’s practices.” We respond to legal inquiries from various public officials. ”Currently, NZAM has hit full pause, suspending operations while it conducts a review of its activities. press release It was announced on Monday. (Related: UN reportedly moving to secure tens of millions of dollars in climate funding for countries run by terrorists)
In the letter, NZAM said: “Due to recent developments in the US and differences in regulations and customer expectations in investors’ respective jurisdictions, NZAM has taken steps to ensure it remains fit for purpose in the new global context. We have decided to begin a review of our efforts.” “As this initiative undergoes this review, we are suspending our efforts to track the implementation and reporting of signatories. NZAM will also suspend the commitment and the list of NZAM signatories, as well as its We plan to remove the goal and related examples from our website.
JUST IN: The United Nations-backed Net Zero Asset Managers (NZAM) Group has announced it will permanently close its doors following: @BlackRockDeparture. pic.twitter.com/o5htgvFEiH
— Will Hild (@WillHild) January 13, 2025
A number of other financial services had pulled out of NZAM before BlackRock pulled out on Thursday. include Goldman Sachs Group, Wells Fargo, Citigroup, Bank of America, Morgan Stanley, and JPMorgan Chase. BlackRock’s exit comes amid a broader shift in corporate strategy away from environmental, social and governance (ESG) investing. 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 has been a big supporter of ESG investing for several years, and in 2020 CEO Larry Fink declared that “climate risk is an investment risk” and that climate change is “the fundamentals of capital.” He argued that this would lead to “a redistribution.”
“The destruction of NZAM is a huge victory for consumers,” Will Hild, executive director of Consumers Research, a conservative nonprofit, told the Daily Caller News Foundation. “While much work remains to be done, what was essentially a cartel of asset managers has shifted the focus of companies away from consumers and is now in the hands of ordinary Americans everywhere from gas stations to grocery stores. We finally stopped raising prices.”
When asked for comment, NZAM referred the press release to the Daily Caller News Foundation.
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