BlackRock Exits UN-Backed Net Zero Coalition

BlackRock has withdrawn from the Net Zero Asset Managers initiative, a UN-backed coalition dedicated to achieving net-zero greenhouse gas emissions by 2050. This decision reflects growing pressure from Republican politicians who have criticized such climate initiatives as part of a 'woke' agenda and raised antitrust concerns. Despite BlackRock's commitment to sustainable investing, its membership in the initiative led to confusion and legal inquiries. The move follows similar exits by major Wall Street banks and highlights a shift away from ESG commitments as political opposition mounts. The Net Zero Asset Managers initiative expressed disappointment but respected BlackRock's decision, emphasizing the financial risks of climate change.