Texas Scorecard By Luca Cacciatore January 10, 2025
BlackRock has become the latest organization to abandon United Nations-affiliated climate initiatives after recent pressure from Attorney General Ken Paxton.
The world’s largest asset manager revealed Thursday that it was leaving the Net-Zero Asset Managers initiative, which aims to get asset managers to “commit to a goal of net zero emissions in order to mitigate financial risk and to maximise long-term value of assets.”
In a letter to clients, BlackRock Vice Chairman Philipp Hildebrand and Helen Lees-Jones, global head of sustainable and transition solutions, denied that NZAM’s environmental and social governance policies impacted the firm’s portfolio management.
“Therefore, our departure doesn’t change the way we develop products and solutions for clients or how we manage their portfolios,” stated Hildebrand and Lees-Jones.
With BlackRock leaving, State Street is the last of the largest asset managers in the U.S. to remain in the alliance. Vanguard decided to leave NZAM in 2022 but said they would still help investors “navigate the risks that climate change can pose to their long-term returns.”
More:
https://texasscorecard.com/federal/blackrock-joins-major-banks-leaving-un-climate-initiatives-after-ag-paxton-pressure/
