BlackRock said on Thursday it will leave the Net Zero Asset Managers Initiative, the latest Wall Street firm to leave an environmentally focused investor group under pressure from Republican politicians
BlackRock, the world’s biggest asset manager, said on Thursday it will leave the Net Zero Asset Managers Initiative, the latest Wall Street firm to leave an environmentally focused investor group under pressure from Republican politicians.
Its departure, BlackRock said, “does not change the way we develop products and solutions for clients or how we manage their portfolios.” The firm said its active portfolio managers “continue to assess material climate-related risks.” In December a Republican-led congressional committee sought information from BlackRock and dozens of other asset managers involved with NZAMI. In November BlackRock and rivals were sued by Texas and 10 other Republican-led states that claimed their activism cut coal production and boosted energy prices.
Leslie Samuelrich, president of Green Century Funds, had dropped out of NZAMI in 2023 even though her firm avoids oil and coal stocks. On Thursday she called the departures by bigger firms “disheartening” since their memberships showed investors want lower-carbon portfolios.
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