BlackRock Exits UN-Sponsored Net Zero Asset Managers Initiative on January 9, 2025, Citing Legal Inquiries

Jan 9, 2025, 07:49 PM

BlackRock, the world's largest asset manager, has officially exited the UN-sponsored Net Zero Asset Managers Initiative, marking a notable setback for the ESG investing movement. The firm notified its clients of this decision on January 9, 2025. This departure follows increasing scrutiny from Republican politicians regarding BlackRock's climate initiatives. The exit is described as the most significant departure yet from the coalition, which focuses on climate finance for investors. BlackRock cited ongoing legal inquiries as a reason for its exit from the group, which has seen a broader trend of Wall Street firms reassessing their commitments to environmental goals.