Climate Coalition Eases Goals Amid U.S. Political Pressure

The Net Zero Asset Managers Initiative, a prominent climate coalition for asset managers, has relaxed some of its targets, according to a document acquired by Reuters. This change follows political pressures from the U.S. that led to BlackRock's departure and the subsequent suspension of the coalition's activities earlier this year.

The decision mirrors actions taken by related banking and insurance groups, all under scrutiny from Republican politicians accusing them of potential antitrust violations. The development unfolds just before the COP30 climate talks in Brazil, an event set to draw numerous fund managers focused on global decarbonisation efforts.

Among key changes, the coalition has eliminated the explicit mandate for members to achieve net-zero emissions in their investment portfolios by 2050 and establish interim 2030 objectives. The revised 'Commitment Statement' now emphasizes helping clients understand climate risks and supporting their climate targets with nearer-term goals aligned to the global net-zero ambition.