Asset management firm BlackRock is leaving a climate-focused investing group, the group confirmed. “We are disappointed to see any investor withdraw, but as a voluntary initiative, we respect any individual decisions signatories take,” said a spokesperson for the Net Zero Asset Managers initiative in an emailed statement to The Hill. “Climate risk is financial risk. NZAM exists to help investors mitigate these risks and to realise the benefits of the economic transition to net zero,” the group said.  BlackRock did not immediately respond to The Hill’s request for comment. However, Bloomberg obtained a client letter from the investor, which said that its membership in the net-zero group “caused confusion regarding BlackRock’s practices and subjected us to legal inquiries from various public officials." The asset management giant’s decision comes as a wave of other firms also depart their climate or Environment Social and Government (ESG) commitments.  BlackRock’s exit is particularly notable because of its prominence and its leading rhetoric on climate change. CEO Larry Fink declared in 2020 that climate change “has become a defining factor in companies’ long-term prospects.” The wave of Wall Street walkbacks on climate change comes as President-elect Trump, who has sharply criticized ESG investing, prepares to return to power. His campaign website even vowed to “ban” this type of investing — though it’s not clear how such a ban could occur.  House Republicans have previously accused BlackRock and other firms of being part of a “climate cartel.”