Major financial institutions are abandoning net-zero climate alliances amid political pressure and legal threats, signaling a potential shift in the landscape of climate finance.
A few years ago, the world's biggest banks and asset managers raced to commit to funding the energy transition and drop fossil fuel projects from portfolios as they came under shareholder and market pressure to join net-zero alliances. But after years of scrutiny and blacklisting from Republican states in the U.S.
' The world's top asset manager has quit the initiative because its membership has 'caused confusion regarding BlackRock's practices and subjected us to legal inquiries from various public officials,' Vice Chairman Philipp Hildebrand wrote in a letter to institutional clients.
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