"Exclusive: Investor climate group suspends activities after BlackRock exit", 13 January 2025

" 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.

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...

In a letter to its members seen by Reuters, the partner groups which help manage the NZAM said they had decided to conduct a review of its activities.

"Recent developments in the U.S. and different regulatory and client expectations in investors’ respective jurisdictions have led to NZAM launching a review of the initiative to ensure NZAM remains fit for purpose in the new global context.

"As the initiative undergoes this review, it is suspending activities to track signatory implementation and reporting. NZAM will also remove the commitment statement and list of NZAM signatories from its website, as well as their targets and related case studies, pending the outcome of the review."..."