Macquarie-backed net zero group suspends activities after BlackRock exit
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The news: The Net Zero Asset Managers (NZAM) initiative, a voluntary climate finance alliance backed by major asset managers globally, is suspending its activities and launching an internal review due to "recent developments in the US" and "different regulatory and client expectations".
The context: NZAM said it will launch a review of the initiative "to ensure it remains fit for purpose in the new global context".
Its signatories — which include Australian firms Macquarie Asset Management, IFM Investors, Magellan Financial, Maple-Brown Abbott and Metrics Credit Partners — will be consulted throughout the review process, the group said.
NZAM will also remove its commitment statement and the list of signatories from its website, as well as its targets and related case studies, pending the outcome of the review.
The initiative was set up in 2020 to support investors navigate the energy transition. Its suspension follows the withdrawal of its largest member, BlackRock, on Friday.
