The Globe and Mail reports in its Tuesday edition that a global coalition of asset managers aimed at achieving net-zero goals has suspended its operations after the exit of its largest member, BlackRock.
The Globe's Jeffrey Jones writes that the Net Zero Asset Managers Initiative (NZAMI) said Monday it is reviewing its effectiveness in light of rising opposition to corporate environmental, social and governance (ESG) programs, particularly following the political shift to the right in the United States and growing antitrust concerns. The group, with over 325 signatories and $57.5-trillion in assets, will halt its activities to monitor climate-related implementation and reporting among remaining members. It has also removed its commitment statement and signatory list from its website, it said in an unsigned statement. Blackrock says its portfolio managers still assess climate risks. Last week, JP Morgan Chase & Co. quit that organization, after the exits of Bank of America, Citigroup, Wells Fargo & Co. and Goldman Sachs since the beginning of December. Each said its decision to leave the group did not mean it was abandoning its net-zero goals or efforts to help clients meet their emission-reduction targets.
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