BlackRock, the world’s largest asset manager overseeing approximately $11.5 trillion in assets, has decided to withdraw from a climate pact backed by the United Nations (UN) that advocates for aggressive de-carbonizing of the economy.
A BlackRock spokesperson confirmed to The Epoch Times that the company has decided to withdraw from the Net Zero Asset Managers initiative (NZAM), a coalition comprised of over 325 signatories managing more than $57.5 trillion, all committed to the goal of achieving net-zero greenhouse gas emissions by 2050 by aligning investment strategies with this objective.
Membership in the climate pact did not affect the way BlackRock managed client portfolios, according to the spokesperson, but it did lead to confusion about the company’s practices and subjected it to legal inquiries from public officials. Despite the NZAM exit, BlackRock remains committed to sustainable investing….