Late last year, 11 Republican-led states sued BlackRock, Vanguard and State Street, alleging they had conspired to constrain coal supplies and further a “destructive, politicised environmental agenda”. Da Financial Times
BlackRock has become the latest financial firm to bail out of a big climate change industry group in the wake of Donald Trump’s election as US president and heightened regulatory scrutiny. The world’s largest money manager told institutional clients in a letter on Thursday that it had quit Net Zero Asset Managers, a voluntary global group that describes itself as committed to “the goal of net zero greenhouse gas emissions by 2050 or sooner”.
Membership in NZAM had “caused confusion regarding BlackRock’s practices and subjected us to legal inquiries from various public officials”, vice-chair Philipp Hildebrand wrote, according to a copy of the letter seen by the Financial Times. All six of the largest US banks, JPMorgan, Citigroup, Bank of America, Morgan Stanley, Wells Fargo and Goldman Sachs, have quit a similar group for banks, the Net-Zero Banking Alliance, in recent weeks.
