Net Zero Asset Managers (NZAM) is an initiative that organizes groups around the goal of reaching net-zero greenhouse gas emissions by 2050. ¹ It is sponsored by the United Nations and its membership ranks are comprised of many major environmentalist groups. ²

BlackRock, the world’s largest investment management company, joined Net Zero Asset Managers in March 2021. In January 2025, Net Zero Asset Managers received a phone call informing them that BlackRock was departing from the coalition. ²

Background

Net Zero Asset Managers is an initiative that organizes groups around the goal of reaching net-zero “greenhouse gas” emissions by 2050. It was launched in December 2020 and is pitched as a way to “mitigate financial risk” and preserve asset values for wealth management companies and other corporations. ¹ It is sponsored by the United Nations and its membership ranks are comprised of many major environmental groups. ²

Activities

Net Zero Asset Managers puts forward policies for its signatory organizations to adopt and implement in their practices. The organizations are instructed to report back to NZAM regarding the progress of their new policies. ³

Net Zero Asset Managers’ founding partners include Asia Investor Group on Climate Change (AIGCC), CDP, Ceres, the Investor Group on Climate Change (IGCC), the Institutional Investors Group on Climate Change (IIGCC), and Principles for Responsible Investment (PRI). ^{4 5} The partners both steer the direction of the initiative and help the various signatories. ⁶

In January 2025, NZAM announced it was launching a review of its own policies following “recent developments in the U.S. and different regulatory and client expectations in investors’ respect jurisdictions.” ³ It said it would ensure that its advocated policies remain relevant to the worldwide context. During this review process, it stated it would be pulling back from tracking whether its signatories were implementing and reporting on NZAM-inspired policies. That month, NZAM removed the list of its signatories from its website; the list remained absent as of March 2025. ³ NZAM’s statement on its core policy commitments to reach net-zero emissions by 2025 was also taken down. ⁷

As of February 2024, its signatories list was extensive, including dozens of major financial businesses including Allianz Global Investors, Arjuna Capital, BlackRock, Fidelity International, J.P. Morgan Asset Management, LaSalle Investment Management, Rockefeller Asset Management, Rothschild and Co Asset Management Europe, Trillium Asset Management, and UBS Asset Management. ⁸

Relations with BlackRock

BlackRock, the world’s largest investment management company, had a relationship with Net Zero Asset Managers that commenced in March 2021. “BlackRock is proud to put its name behind this initiative,” said CEO Larry Fink at the announcement. ²

According to the Wall Street Journal, in January 2025, Net Zero Asset Managers received a phone call informing them that BlackRock was departing the coalition. Fink had reportedly been distancing himself from the group for some time, and the exit followed a series of other withdrawals by BlackRock from various diversity, equity, and inclusion (DEI) and environmental, social, and governance (ESG) policies and initiatives, such as BlackRock’s decision to break precedent and remove mentions of DEI from its 2025 annual report. ^{2 9}

Fink was criticized by members of the NZAM coalition for his perceived political opportunism, referring to his commitment to climate change actions in 2020. “This is hardball politics at its best, or worst, however you want to think about it,” said Mindy Lubber, the CEO of Ceres, an environmentalist organization and founding network partner of NZAM. ²

1. “Net Zero Asset Managers initiative.” Net Zero Asset Managers. Accessed March 16, 2025. https://www.netzeroassetmanagers.org/.
2. Pitcher, Jack. “BlackRock’s ‘Woke’ Era Is Over.” The Wall Street Journal, March 2, 2025. Accessed March 16, 2025. https://www.wsj.com/business/blackrocks-woke-era-is-over-ebdbd6e7?st=Jj3YwQ.
3. “Update from the Net Zero Asset Managers initiative.” Net Zero Asset Managers, January 13, 2025. Accessed March 16, 2025. https://www.netzeroassetmanagers.org/update-from-the-net-zero-asset-managers-initiative/
4. “The Net Zero Asset Managers.” Net Zero Asset Managers. Accessed March 16, 2025. https://www.netzeroassetmanagers.org/.
5. “Contact.” Net Zero Asset Managers. Accessed March 16, 2025. https://www.netzeroassetmanagers.org/contact/.
6. “Partners.” Net Zero Asset Managers. Accessed March 16, 2025. https://www.netzeroassetmanagers.org/partners-participants/.
7. “Commitment.” Net Zero Asset Managers. Accessed March 16, 2025. https://www.netzeroassetmanagers.org/commitment/.
8. “Signatories.” Net Zero Asset Managers Initiative, February 21, 2024. Accessed March 16, 2025. https://web.archive.org/web/20240221092110/https://www.netzeroassetmanagers.org/signatories/.
9. Pitcher, Jack. “BlackRock Drops DEI References in Annual Report.” Wall Street Journal, February 26, 2025. Accessed March 16, 2025. https://www.wsj.com/livecoverage/nvidia-earnings-stock-market-today-02-26-2025/card/blackrock-drops-dei-references-in-annual-report-OXDsaV5So7Pavt6vXDQ3.