BlackRock, the world's largest asset manager, has left the Net Zero Asset Managers initiative due to pressure from Republican politicians and legal concerns.
BlackRock, the world’s largest asset manager, is quitting the Net Zero Asset Managers initiative in the latest exit of a major financial institution from a climate finance alliance since Donald Trump was elected U.S. President in November.
” BlackRock and major banks have come under increased pressure from Republican politicians and Republican-governed states over their pledges to scale back funding for fossil fuel projects. Texas authorities, for example, have decided to withdraw $8.5 billion in assets of the Permanent School Fund from the asset manager. The Texas legislature passed a law in 2021 to penalize financial firms that, according to state authorities, discriminate against energy companies.
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