Fund activism: Trump (centre) and former First Lady Melania Trump arrive at the US Capitol in Washington. Blackrock’s withdrawal follows escalating pressure from some Republican politicians, which could rise further as Trump takes office. — Bloomberg
LONDON: A flagship coalition aimed at aligning the asset management industry with global climate goals said it was suspending its activities, days after BlackRock, the world’s biggest investor, left amid a political backlash in the United States.
The pause raised concerns that companies will lower their efforts on climate change even after the hottest year on record, but could buy organisers time to review what action might still be acceptable for US fund firms.
