ESG & Investing
BlackRock Leaves Major Climate Group Amid Wall Street Exodus
- Firm cites legal inquiries for exiting fund manager coalition
- Net-Zero Asset Managers alliance suffers biggest departure yet
The Blackrock headquarters in New York.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
BlackRock Inc. is parting ways with one of the world’s biggest climate-investor groups after being targeted by Republican politicians for its efforts on global warming.
The money manager has decided to leave the Net Zero Asset Managers initiative, it said in a letter to clients on Thursday. Membership in the group “caused confusion regarding BlackRock’s practices and subjected us to legal inquiries from various public officials,” the New York-based firm said.