Green Investment Group Suspends Operations After BlackRock Exit

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Green Investment Group Suspends Operations After BlackRock Exit
GREENINVESTMENTBLACKROCKNETZERO

A major green energy investment group, the Net Zero Asset Managers (NZAM) initiative, has suspended its operations following the withdrawal of BlackRock, the world's largest investment company. NZAM, launched in 2020 to drive investment towards net zero greenhouse emissions, saw a decline in support due to fading investor enthusiasm and pressure from Republican officials in the US. BlackRock cited legal inquiries from public officials as the reason for its departure.

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A major green investment group has suspended its operations after the world's largest investor pulled out ahead of Donald Trump's second term in the White House.A major green energy investment group has halted operations after the world’s largest investment company BlackRock pulled out ahead of the upcoming inauguration of United States President-Elect Donald Trump.

However, fading enthusiasm from executives and investors towards the net zero goal, alongside the election of Trump and pressure from Republican officials in the US, has seen a recent drop off in the ambitious green energy pledges. The move came after the US House of Representatives Judiciary Committee sought information from the company and a dozen other NZAM initiative signatories in December, while lawsuits from 11 Republican states were also launched claiming BlackRock’s climate activism slashed coal production and hiked energy prices.

It noted the suspension of its operations comes as the review ensures “NZAM remains fit for purpose in the new global context”. The company owns Aula Energy, which plans to run wind farms and batteries in Queensland, South Australia and Western Australia, and global battery storage business Eku Energy.

Elsewhere, BlackRock has invested in the Waratah Super Battery in the central coast’s Colongra and the Orana battery site near Dubbo.

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