From Reuters, January 13:
Exclusive: Investor climate group suspends activities after BlackRock exit
- Net-Zero Asset Managers initiative writes to members
- Follows exit of BlackRock amid U.S. political backlash
- Network partners say have launched review of structure
LONDON/BOSTON, Jan 13 (Reuters) - A flagship coalition aimed at aligning the asset management industry with global climate goals said it was suspending its activities on Monday, days after BlackRock, the world's biggest investor, left amid a political backlash in the United States.
The pause raised concerns that companies will lower their efforts on climate change even after the hottest year on record, but could buy organizers time to review what actions might still be acceptable for U.S. fund firms.BlackRock, which manages some $11.5 trillion in assets, left the Net-Zero Asset Managers(NZAM) initiative on Jan. 9 citing confusion over its climate efforts and legal inquiries from public officials.The step followed months of escalating pressure from some Republican politicians over its stance on investing in fossil fuel companies, with concern that such pressure could rise further as President-elect Donald Trump prepares to take office.The group counted more than 325 signatories managing more than $57.5 trillion in assets as members, according to its website as of last week, before the departure of BlackRock.In a letter to its members first reported by Reuters, the partner groups which help manage the NZAM said they had decided to conduct a review of its activities....
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