Ginny Roscamp, Deputy Press Secretary, Fossil-Free Finance, Sierra Club, ginny.roscamp@sierraclub.org, 415-508-8498 (Pacific Time)
NEW YORK — The Net Zero Asset Managers initiative (NZAM) announced today that it is “suspending activities” in the wake of BlackRock’s departure from the alliance last week. This follows the exit of all six major US banks from the Net Zero Banking Alliance (NZBA) in recent weeks.
A statement posted to the NZAM website said it would review the initiative to ensure it remains fit for its purpose in a global context. The list of signatories and the commitment statement webpages have been removed from its website while the review is underway, although that information remains accessible through Internet archives.
In response to the news, Ben Cushing, campaign director for the Sierra Club’s Fossil-Free Finance campaign, issued the following statement:
“Capitulating to climate denier politicians undermines asset managers’ fiduciary duty to mitigate the growing risks that climate change poses to investors’ life savings. Too many of NZAM's members were already falling far short of their voluntary climate goals, so we hope this ‘review process’ leads to the bar being raised, not lowered, for firms to maintain their membership. Industry alliances like NZAM have an important role to play in setting baseline expectations, but ultimately it’s up to financial institutions’ regulators, clients, and shareholders to hold them accountable for addressing climate-driven financial risks.”
Related press statements
Major Asset Manager BlackRock Becomes Latest Financial Firm to End Membership in Global Net-Zero Alliance (January 9)
JPMorgan Chase becomes 6th and final major US bank to leave voluntary global initiative (January 7)
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