BlackRock and Major U.S. Banks Exit Global Climate Alliances Under Political Pressure

Facing scrutiny from Republican lawmakers and legal challenges, financial giants withdraw from net-zero initiatives but maintain commitments to climate goals.

BlackRock, the world's largest asset manager, has left the Net Zero Asset Managers Initiative, citing political pressure and legal inquiries from Republican officials in the U.S.
The move follows similar exits by major Wall Street banks, including JPMorgan, Citigroup, and Goldman Sachs, from the Net Zero Banking Alliance in recent weeks.
Republican lawmakers and state attorneys general have accused financial institutions of prioritizing environmental and social goals over fiduciary duties, potentially violating antitrust laws.
Critics argue that despite the withdrawals, these institutions continue to support net-zero objectives, raising concerns about energy security and economic impacts in the U.S.
The departures signal a growing divide between U.S. and European approaches to climate-focused financial regulation, with European firms remaining largely committed to sustainability efforts.