Asset manager Green Century Capital Management has quit the industry initiative to cut carbon emissions because of 'compliance issues', the company explained.
Green Century president Leslie Samuelrich confirmed his firm has dropped out of the United Nations-backed Net Zero Asset Managers (NZAM) initiative.
"There are challenges with compliance for us and I can’t ignore that," he explained.
The departure of Green Century, which currently has about $1 billion under management, comes after Vanguard quit the group in December.
The NZAM was set up three years ago to encourage fund managers to hit net zero emission targets and limit the rise in global temperatures.
