The Net Zero Asset Managers initiative (NZAM) has confirmed its relaunch, with more than 250 asset managers signing up to a revised commitment framework after suspending activities earlier this year.
The initiative paused operations in January 2025 following a series of high-profile exits, including BlackRock, amid legal and political pressure in the United States. Several large managers faced lawsuits from Republican-led states over alleged participation in so-called “climate cartels”.
At its peak in 2024, NZAM had more than 325 members. After reviewing its participation criteria for over a year, the coalition has returned with a softened commitment statement that offers greater flexibility. While it continues to reference the goal of limiting global warming to well below 2°C in line with the Paris Agreement, it no longer requires the same level of formal net-zero target-setting and reporting. Signatories are now expected to act “were consistent with fiduciary duty and, where applicable, client mandates”.
The relaunched coalition shows a marked geographic shift. Only 12 US firms have signed the updated commitment, including State Street Investment Management. Major US managers such as Vanguard and Fidelity Investments are absent.
Membership is now weighted more heavily towards European, UK, Canadian, Japanese and Australian firms. Impax Asset Management, Aberdeen and Amundi Asset Management are among those reaffirming support.
More than 50 asset owners representing $3.7 trillion in assets have also backed the relaunch, urging managers to participate. Research from J.P. Morgan Asset Management in 2025 found that over two-thirds of the world’s 100 largest asset owners remain committed to maintaining a strong stance on climate change, with $17.9 trillion overseen by institutions incorporating sustainability and active ownership considerations.
