The Net Zero Asset Managers (NZAM) alliance has hit pause as it reviews the climate finance initiative, citing “recent developments in the U.S. and different regulatory and client expectations.” It has removed its commitment statement from its website, as well as the list of signatories and their climate targets. (The Logic)

Talking point: The coalition is one of several groups within the UN-backed Glasgow Financial Alliance for Net Zero (GFANZ), a global climate initiative launched by former Bank of Canada and Bank of England governor Mark Carney. Alliance members committed to having net-zero portfolios by 2050. Members have faced mounting pressure to abandon the alliance, with critics, particularly U.S. Republican lawmakers, accusing participants of boycotting the energy sector and violating their fiduciary duties. NZAM’s suspension comes after BlackRock, the world’s largest asset manager, quit the alliance last week, on the heels of several large U.S. banks leaving their industry’s climate alliance. BlackRock and several of the banks said they will maintain their climate goals despite abandoning the alliances.