The Net Zero Asset Managers initiative (NZAM) is suspending some of its activities pending a review of its role, but others will continue to be supported and overseen by its network partners. NZAM – an investor-led initiative for asset managers committed to transitioning their investments to net zero – has responded to recent developments, including the announcement of BlackRock’s departure, by launching a review to “ensure NZAM remains fit for purpose in the new global context”. While this takes place, NZAM has said it will not be tracking signatory commitments and reporting progress. The Investor Group on Climate Change (IGCC) has said that all network partners will continue to support NZAM signatories’ target-setting work and provide access to best practice tools and frameworks for managing climate targets while the review is underway. “That said, the NZAM initiative is now operating in a different environment from when it was set up,” the IGCC acknowledged. “The US political environment is an obvious change, but there are changes around the world: for example, in Australia climate disclosures are newly mandatory and they’re coming to more jurisdictions globally. It’s a good time for the NZAM initiative to consult participants, review some of its activities and make sure they’re fit for purpose.” NZAM will be consulting with its signatories throughout the review process. The initiative will be temporarily removing its commitment statement and list of signatories from its website, as well as their targets and related case studies. “As a voluntary initiative, NZAM has successfully supported investors globally as they have sought to navigate their own individual paths in the energy transition in line with their fiduciary duties and clients’ long-term financial objectives,” NZAM said in a statement. “NZAM looks forward to continuing to play this constructive role with investors around the world.”
