Corporate climate change initiatives in the US are wilting like flowers in an extra hot summer. Overnight, the prominent Net Zero Asset Managers (NZAM) initiative — the most powerful investor group — announced it was suspending activities, as the corporate world reckons with the looming Trump administration.
The decision follows the gradual unwinding of the equivalent body for banking, the Net-Zero Banking Alliance, which we covered last week.
The NZAM is a global body whose members manage nearly $US60 trillion ($97 trillion) in assets and include Macquarie Asset Management, IFM Investors, Magellan Financial Group and Maple-Brown Abbott. It was formed in 2020 and had more than 300 members.
In a statement it said recent developments in the US and different regulatory and client expectations in investors’ respective jurisdictions have led to NZAM launching “a review of the initiative”.
