Net-Zero Climate Finance Groups Halt Activities as Major Members Exit

BlackRock and leading U.S. banks withdraw from global climate alliances, citing legal, political, and regulatory pressures.

The Net Zero Asset Managers Initiative (NZAMI) has suspended operations following BlackRock's exit, which it attributed to confusion over its climate efforts and legal scrutiny from U.S. officials.
BlackRock, the world’s largest asset manager, and six major U.S. banks, including J.P. Morgan and Citigroup, have departed from global climate alliances in recent weeks.
The departures reflect growing political and legal challenges in the U.S., particularly from Republican lawmakers, regarding environmental, social, and governance (ESG) initiatives.
The NZAMI and its sister group, the Net Zero Banking Alliance, were launched to align financial institutions with net-zero emissions goals by 2050 but now face questions over their viability.
Critics argue the exits signal a retreat from collective climate action as firms prioritize independent approaches and respond to shifting political and economic realities.