Vanguard quits net-zero group, biggest defection yet

Vanguard Group is walking out of the world’s largest climate-finance alliance, marking the coalition’s biggest defection to date as U.S. Republicans step up their threats against firms deemed hostile toward the fossil-fuel industry. Vanguard’s decision followed a “considerable period of review,” according to a company statement. Mark Carney, the former Bank of England governor who is the chief architect of GFANZ, said earlier this year the alliance has enjoyed considerable growth, and now represents some 550 members with roughly $150 trillion of assets in total. Vanguard indicated its decision rested in a desire to maintain the freedom not to restrict its investment options.