The Net Zero Asset Managers initiative—a coalition of investment behemoths turned self-proclaimed climate warriors—hit a wall this week after BlackRock’s dramatic exit forced it to suspend operations. The fallout comes as U.S. political pressure mounts against the green agenda championed by corporate giants.
BlackRock, the globe’s largest asset manager with $11.5 trillion under management, walked away citing “confusion over the initiative’s climate efforts” and rising legal scrutiny from Republican lawmakers.
Far from serving the public interest, the Net Zero initiative that once had the enthusiastic backing. of BlackRock and other ESG cheerleaders on Wall Street is increasingly seen as out-of-touch with America’s economic needs and the political climate that is rejecting so many of the trendy causes adopted in 2020.
The alliance, which once boasted over 325…
