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Pimco, Fidelity Shun Net-Zero Alliance Embraced by BlackRock

  • Capital Group and T. Rowe Price also opt out of GFANZ
  • UN says net zero by 2050 key to avoiding climate catastrophe
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A group of Wall Street giants has decided to sit out one of the industry’s biggest coalitions: the Glasgow Financial Alliance for Net Zero.

GFANZ, whose members oversee $130 trillion, is finding it can’t attract some of the top names in money management. Among them, Pacific Investment Management Co., Fidelity Investments, Capital Group, T. Rowe Price Group Inc., PGIM, Northern Trust Asset Management and the fund management units of Goldman Sachs Group Inc. and Morgan Stanley