FOR IMMEDIATE RELEASE
December 7, 2022
BREAKING: VANGUARD HAS QUIT NZAM … AND DROPPED ANY PRETEXT ON CLIMATE COMMITMENT
In response to the breaking news that Vanguard is quitting the Net Zero Asset Managers (NZAM) initiative, the Vanguard S.O.S. campaign has released the following statement:
“Vanguard has long lagged even its own industry peers in mitigating climate risks, but at least it claimed to be moving in the right direction. Now, with its decision to walk away from NZAM, the firm is dropping any pretext. Vanguard is bowing to right-wing political pressure instead of serving its customers’ best interests. It’s now clear that investors who are concerned about climate risk should take their investments elsewhere.” – Casey Harrell, Senior Strategist, Vanguard S.O.S.
“Vanguard was never serious about implementing its net zero commitment and now the asset manager is showing its true colours. This lack of action is of course deplorable but it creates an opportunity for NZAM. The initiative will no longer be held back by the lack of action by such a large player and can move ahead and push its members to deliver net zero and stop driving us towards climate chaos.” – Lara Cuvelier, Sustainable Investment Campaigner, Reclaim Finance
“Vanguard has never been serious about mitigating climate risk in its portfolios or for its clients. The decision to leave the Net Zero Asset Managers Initiative is a confirmation of what Vanguard’s intentions have been all along: joining NZAM was just an exercise in greenwashing. Climate-related financial risks aren’t going anywhere. Vanguard’s move is cowardly, short-sighted, and places the asset manager even further behind its peers.” – Jessye Waxman, Senior Campaign Representative Fossil-Free Finance Campaign, Sierra Club (Read the full Sierra Club Press Release here.)
About Vanguard S.O.S.
Vanguard S.O.S. is an international campaign pushing Vanguard to chart a new course away from climate catastrophe and toward truly sustainable and responsible investing. The network is made up of civil society organizations, social movements, and financial experts working together to secure a climate-safe future for everyone.
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For more information contact:
TJ Helmstetter
973.464.9224 | tjhelm@gmail.com