By Simon Jessop and Ross Kerber
LONDON/BOSTON (Reuters) – A flagship coalition aimed at aligning the asset management industry with global climate goals said it was suspending its activities on Monday, days after BlackRock (NYSE:), the world’s biggest investor, left amid a political backlash in the United States.
BlackRock, which manages some $11.5 trillion inassets, left the Net-Zero Asset Managers (NZAM) initiative on Jan. 9 citing confusion over its climate efforts and legal inquiries from public officials. The step followed months of escalating pressure from someRepublican politicians over its stance on investing in fossilfuel companies, with concern that such pressure could risefurther as President-elect Donald Trump prepares to take office.
The group counted more than 325 signatories managing more than $57.5 trillion in assets as members, according to its website as of last week, before the departure of BlackRock.
In a letter…
