The Net Zero Asset Managers (NZAM) coalition — a United Nations–sponsored collection of financial services companies that have pledged to negate their portfolio’s greenhouse gas emissions by 2050 or sooner — suspended activities after investment firm BlackRock announced its departure from the group, according to a press release.
BlackRock, which manages over $10 trillion and has been a leader in environmental, social and governance (ESG) investing, announced its exit from NZAM Thursday, with its vice-chair Philipp Hildebrand saying the firm’s involvement in the environmental coalition “caused confusion regarding BlackRock’s practices and subjected us to legal inquiries from various public officials.” Now, NZAM has pressed pause altogether, halting operations while it conducts a review of its activities, an NZAM press release published Monday stated. (RELATED: UN…
