UN-Sponsored Climate Club, Dormant After Mass Defections, Is Resurrected

Security personnel (R) stand behind a fence outside the venue for the COP30 U.N. Climate Summit in Belem, Brazil, on Nov. 11, 2025. Joshua A. Bickel/AP PhotoA United Nations-backed climate club for asset managers, which shut down a year ago as members quit en masse, has reformed and relaunched, with 250 firms signing on.Facing antitrust scrutiny from U.S. state and federal officials, the U.N.-sponsored Net Zero Asset Managers initiative (NZAM) announced in January 2025 that it would suspend its activities, after BlackRock and 32 other U.S. companies, including Capital Group, JPMorgan Asset Management, and Franklin Templeton, abruptly quit the group. Vanguard had exited NZAM in 2022.