BlackRock has withdrawn from the Net Zero Asset Managers initiative, a UN-backed coalition dedicated to achieving net-zero greenhouse gas emissions by 2050. This decision reflects growing pressure from Republican politicians who have criticized such climate initiatives as part of a ‘woke’ agenda and raised antitrust concerns.
Despite BlackRock’s commitment to sustainable investing, its membership in the initiative led to confusion and legal inquiries.
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The move follows similar exits by major Wall Street banks and highlights a shift away from ESG commitments as political opposition mounts.
The Net Zero Asset Managers initiative expressed disappointment but respected BlackRock’s decision, emphasizing the financial risks of climate change.
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