ESG Is Not Dying, It's Just Getting Relabeled

BlackRock announced this week that it was leaving a major climate activist group after Republicans criticized its involvement with the group.

The company said in a letter that it would be leaving the Net Zero Asset Managers (NZAM) initiative, an organization of asset managers committed to “supporting the goal of net zero greenhouse gas emissions by 2050 or sooner.” At one point, NZAM boasted its members controlled over $57 trillion in assets.

BlackRock’s announcement comes after 11 Republican attorneys general, led by Texas AG Ken Paxton, filed a lawsuit in November against the asset manager over its involvement with groups like NZAM. Texas’ lawsuit accused BlackRock of violating antitrust laws by allegedly engaging in a conspiracy with other asset managers to constrict the market for coal. BlackRock has denied the allegations and said the suit is without merit.

Read More: https://www.dailywire.com/news/blackrock-exits-climate-activist-group-after-pressure-from-republicans