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BlackRock

Asset management behemoth BlackRock wrote a letter to institutional investors Thursday announcing its exit from an emissions-focused investor group, according to the Financial Times (FT).

The firm, which manages over $10 trillion and has been a leader in environmental, social and governance (ESG) investing, has left the Net Zero Asset Managers (NZAM) coalition — a United Nations–sponsored collection of financial services companies that have pledged to achieve net-zero portfolios by 2050 or sooner, the FT reported.