BlackRock, one of the world’s largest investment firms, has quit a climate-focused group amid ongoing legal inquiries into its activities in New Zealand.
The move comes as Wall Street takes steps to lower its environmental profile. Despite this, other asset managers remain part of the group.
BlackRock cited legal issues related to NZAMI, a subsidiary it owns, as the reason for its departure. However, some Republicans have criticized the firm’s ESG (Environmental, Social and Governance) efforts, labeling them “woke capital.”
The exit marks a significant development in the debate over environmental, social, and governance issues on Wall Street. Despite this, other asset managers continue to be part of the group, suggesting that the trend towards sustainable investing remains strong.
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Source: https://www.reuters.com/sustainability/blackrock-quits-climate-group-wall-streets-latest-environmental-step-back-2025-01-09