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Vanguard, second-largest fund firm, quits net zero climate alliance

Vanguard, second-largest fund firm, quits net zero climate alliance | 7 Dec 2022 | Vanguard, the world's second-largest mutual and exchange-traded fund manager, is pulling out of a major financial-sector alliance intended to help tackle climate change, the firm announced Wednesday. Vanguard, in a statement, said it will track its progress independent of the alliance, as an effort to provide "clarity" to its investors. Some environmental groups... argued that such a move is kowtowing to "anti-woke" sentiment that claims investments focused on the impending clean-energy transition and other pro-climate actions only come at the expense of investment returns. The alliance, called the Net Zero Asset Managers (NZAM), was launched in late 2020 to encourage asset managers to hit a net-zero emission target by 2050 and help keep a rise in global temperature to 1.5 degrees Celsius.