Royal London Asset Management has its reaffirmed its members of the membership of the Net Zero Asset Managers initiative (NZAM).
The organisation recently revised its framework, after a number of large US asset managers, including BlackRock, withdrew from this global coalition. This comes after a growing backlash against net zero and ESG investing in the US.
The revamped framework has led to criticism that NZAM has watered down key commitments, including the requirement for signatories to set a commitment to be net zero by 2050. Previously members were required to set interim 2030 targets, or track progress in line with a 2050 net zero trajectory. Now members have to commit only to “support investing aligned with the goal of net zero emissions”, with no deadlines.
At the time, NZAM said removing 2050 as a mandatory target reflected “diverse jurisdictional realities”.
While it was conducing this review NZAM also temporarily removed its public list of signatories, following BlackRock’s departure.
Reaffiming their commitment to this body, RLAM’s head of climate transition and engagement Carlota Garcia-Manas, says: “While e recognise that some stakeholders may view the revised Commitment Statement as less prescriptive than the previous version, we believe the changes reflect an effort to create a durable, pragmatic structure that accommodates differing regulatory, contractual, and fiduciary contexts across markets.
“We remain fully committed to supporting the goals of the Paris Agreement and to managing climate‑related financial risks in the best interests of our clients.”
She adds: “To reinforce this commitment, we will pursue an NZAM+ strategy, maintaining the ambition and integrity of our existing climate commitments even where elements of the updated NZAM framework provide greater discretion.
“This approach ensures continuity in our long‑term climate objectives, which are informed by climate science, while aligning with our fiduciary, legal and client‑mandated responsibilities.
“We will continue to integrate climate considerations into investment processes, engage with companies and policymakers to continue supporting the goals of the Paris agreement, and provide transparent reporting to support an orderly and economically sound transition.”
BlackRock, JP Morgan Asset Management and the US arm of SSGA left NZAM in 2025, although the SSGA’s European arm remains a signatory. Vanguard left NZAM in 2022.
