04:55 PM EST, 01/09/2025 (MT Newswires) -- BlackRock ( BLK ) is quitting a trade group for asset managers taking on climate and environmental initiatives amid criticism from politicians in energy-producer states they are unfairly steering investment funds away from coal and petroleum companies as part of their efforts to reduce greenhouse gas emissions, according to multiple media reports.

In a letter to clients obtained by several media outlets including Bloomberg and Reuters, BlackRock ( BLK ) said it was leaving the Net-Zero Asset Managers initiative because its membership resulted in "confusion regarding BlackRock's ( BLK ) practices and subjected us to legal inquiries from various public officials."

Republican lawmakers have been increasingly vocal in their opposition to so-called net-zero efforts, which want to cut greenhouse-gas emissions by businesses and other entities to 0% on a net basis by 2050. The US House Judiciary Committee, for example, last month issued a report criticizing environmental, social and governance initiatives as a "woke cartel."

Bank of America ( BAC ) , Citigroup ( C ) , Goldman Sachs (GS), JPMorgan Chase ( JPM ) , Morgan Stanley ( MS ) and Wells Fargo ( WFC ) all have left a similar organization for bank companies in recent weeks.

BlackRock ( BLK ) declined to comment to MT Newswires.