Excerpt from letter to clients on BlackRock's decision to leave NZAM

Many of our largest clients around the world, including 100% of our largest client relationships in Europe, have made net zero commitments for their organizations. As a result, we have participated in various climate finance organizations over the last few years. However, our memberships in some of these organizations have caused confusion regarding BlackRock’s practices and subjected us to legal inquiries from various public officials. Following our routine review of our continued participation in these groups, we are writing to notify of our formal withdrawal from the Net Zero Asset Managers (NZAM) initiative.

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