Baillie Gifford has become the latest asset manager to withdraw from the Net Zero Asset Managers Initiative (NZAM) and Climate Action 100+ (CA100+), citing their membership becoming “contested”.
Earlier this year, JP Morgan Asset Management (JPMAM) and State Street Global Advisors announced they wouldn’t be renewing their membership of the CA100+ initiative – which aims to engage with 170 companies on emissions reductions, while BlackRock transferred its membership to its international arm, effectively reducing its involvement.
A Baillie Gifford spokesperson said: “After careful consideration, we have decided to withdraw from Climate Action 100+ and the Net Zero Asset Managers Initiative. Our membership has become contested, and this risks distracting from our core responsibilities. This change in membership status will not affect our commitment to always act in accordance with the mandates given to us by our global client base. This includes appropriate analysis of climate-related risks and opportunities where relevant to any investment case.”
NZAM, meanwhile, released a statement: “NZAM’s signatory base has continued to grow over the last 12 months, reinforcing its importance and relevancy in supporting the global transition to a net zero economy and the value it offers to asset managers worldwide. In the past month alone, we welcomed three new asset managers, highlighting the initiative’s ongoing momentum and growing position as a platform for ambition.
“NZAM’s mission remains unchanged: to support asset managers as they commit to and achieve net zero emission goals, mitigating climate-related financial risk in their portfolios and maximising the long-term value of their assets.”
