Cracks In the Climate Change Narrative? Blackrock Quits Net Zero Asset Management Initiative

Blackrock has become the latest financial giant to take a step back from the Net Zero Asset Managers (NZAM) Initiative and its efforts to cut so-called greenhouse gas emissions to zero by the year 2050 or sooner.

Blackrock, which manages $11.5 trillion in assets, joins a growing number of firms who are walking back their support for climate and Environmental, Social and Government (ESG) commitments.

According to Reuters, NZAMI has garnered more than 325 signatories that manage more than $57.5 trillion in assets, all of whom have pledged to support the goal of net zero greenhouse emissions by 2050 through various environmental initiatives.

According to Reuters, a number of major Wall Street lenders have left a similar climate organization for banks in the weeks ahead of President-elect Donald Trump’s return to the White House and Republicans taking control of Congress.

Trump has been openly critical of ESG investing and has voiced skepticism of Electric Vehicles (EVs) and environmental rules that are blocking the creation of new energy and infrastructure projects.

Rep. Jim Jordan (R-OH) who chairs the House Judiciary Committee, called the move by Blackrock “a huge win for freedom and American prosperity.”

BlackRock is leaving NZAM following @JudiciaryGOP‘s investigation.

This is a huge win for freedom and American prosperity.

All U.S. financial institutions should follow suit and abandon the climate cartel and woke ESG policies.https://t.co/3Pe7NMwoj8

— Rep. Jim Jordan (@Jim_Jordan) January 9, 2025

Bloomberg reports that a client letter obtained from Blackrock explains that its membership in the net-zero group, “caused confusion regarding BlackRock’s practices and subjected us to legal inquiries from various public officials.”

Rep. Jordan heralded the firm’s departure from NZAMI and urged other U.S. financial institutions to, “follow suit and abandon the climate cartel and woke ESG policies.”