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Asset management behemoth BlackRock wrote a letter to institutional investors Thursday announcing its exit from an emissions-focused investor group, according to the Financial Times (FT). The firm, which manages over…
Asset management behemoth BlackRock wrote a letter to institutional investors Thursday announcing its exit from an emissions-focused investor group, according to the Financial Times (FT).
The firm, which manages over $10 trillion and has been a leader in environmental, social and governance (ESG) investing, has left the Net Zero Asset Managers (NZAM) coalition — a United Nations–sponsored collection of financial services companies that have pledged to achieve net-zero portfolios by 2050 or sooner, the FT reported. The move comes less than two weeks before President-elect Donald Trump, who plans to embrace fossil fuels in his second term, takes office, and follows the exits of a slew of other corporations, including Goldman Sachs Group, Wells Fargo & Co., Citigroup, Bank of America, Morgan Stanley and JPMorgan Chase & Co.
In the letter to investors, vice-chair Philipp Hildebrand wrote that the asset manager’s membership in NZAM had “caused confusion regarding BlackRock’s practices and subjected us to legal inquiries from various public officials,” according to the FT.