The Wall Street Journal

BlackRock Withdraws From Climate Coalition, Backpedaling Again on ESG

World’s largest asset manager is latest Wall Street firm to quit climate groups

Larry Fink, chairman and chief executive officer of BlackRock.
Larry Fink, chairman and chief executive officer of BlackRock. Photo: Victor J. Blue/Bloomberg News

BlackRock is pulling out of a United Nations-sponsored climate initiative, a remarkable U-turn for a company that was once a poster child of the environmental, social and governance investing movement.

The world’s largest asset manager told clients in a letter Thursday that it has formally withdrawn from the Net Zero Asset Managers initiative, an international group of asset managers committed to supporting the goal of net-zero greenhouse gas emissions by 2050.

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