BlackRock has left the Net Zero Asset Managers (NZAM), a climate initiative backed by the United Nations. This information was confirmed by a company spokesperson on Jan. 10.
BlackRock’s departure from NZAM occurred days before the upcoming presidential administration change in the United States. Sources say the organization’s departure was likely related to pressure against climate initiatives from the Trump administration.
Founded in 2020, NZAM is a group of international asset managers committed to meeting a goal of net zero emissions. It announced a pause of its operations on Jan. 13, after BlackRock announced its departure.