U.N. Secretary-General Antonio Guterres is disappointed that the world's biggest asset manager, BlackRock BLK.N, has left a global initiative to combat climate change, his spokesperson said on Friday,

The nation’s largest investment manager is leaving the Net Zero Asset Managers initiative, joining a broader financial institution exodus from high-profile climate alliances.

BlackRock has become the latest financial firm to bail out of a big climate change industry group in the wake of Donald Trump’s election as US president and heightened regulatory scrutiny.

BlackRock , the world's biggest asset manager, said on Thursday it will leave the Net Zero Asset Managers Initiative, the latest Wall Street firm to depart an environmentally focused investor group under pressure from Republican politicians.

BlackRock, which oversees more than $11 trillion, has been the subject of attacks from GOP lawmakers for embracing what conservatives call “woke” policies.

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,

BlackRock is pulling out of a United Nations-sponsored climate initiative, a remarkable U-turn for a company that was once a poster child of the environmental, social and governance investing movement.