The Sierra Club Foundation is leaving BlackRock/Aperio as an asset manager and moving funds to Nia Impact Capital and Xponance. This move follows over three years of active engagement with BlackRock by the Sierra Club Foundation, after sending the firm a letter in May 2022 placing it “on watch” for not meeting the expectations of the Foundation as a client.

BlackRock announced they would leave the Net Zero Asset Managers Initiative (NZAMI) and has made significant changes to the climate and decarbonisation guidelines that were developed in July 2024 in consultation with stakeholders.

“Climate risk is financial risk,” said Paul Rissman, an emeritus board member of the Sierra Club Foundation. “A responsible fund manager must consider and proactively address the economy-wide financial risks posed by systemic threats like climate change. BlackRock has refused to fulfil its fiduciary duty to long-term investors and support real-world decarbonisation through stronger stewardship practices, which is why it is no longer a responsible manager for the Sierra Club Foundation’s assets.”

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