"BlackRock quits climate group as Wall Street lowers environmental profile", 9 January 2025

" BlackRock (BLK.N), the world's biggest asset manager, said on Thursday it will leave the Net Zero Asset Managers Initiative, the latest Wall Street firm to depart an environmentally focused investor group under pressure from Republican politicians.

BlackRock, which manages some $11.5 trillion, said that with two-thirds of its global clients committed to cutting emissions to net zero, it had made sense to join groups like the organization known as NZAMI.

"However, our memberships in some of these organizations have caused confusion regarding BlackRock’s practices and subjected us to legal inquiries from various public officials," leading to the departure, according to a client letter reviewed by Reuters.

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."

Major Wall Street lenders have left a similar climate organization for banks in recent weeks ahead of the return of U.S. President-elect Donald Trump and as his fellow Republicans take control of Congress. While the departures may not have a direct effect on lending or share purchases, the companies' participation was seen as a marker of investors' environmental priorities..."