What Vanguard’s withdrawal from the NZAMI really means

By Trey Thoelcke Updated Dec 22, 10:23AM EST · Published Dec 22, 4:21AM EST

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What Vanguard’s withdrawal from the NZAMI really means — © tonda / Getty Images

(Mark Hulbert, an author and longtime investment columnist, is the founder of the Hulbert Financial Digest; his Hulbert Ratings audits investment newsletter returns.)

CHAPEL HILL, N.C. (Callaway Climate Insights) — It’s telling that none of the more than half-dozen industry experts and researchers I reached out to for this column was willing to speak on the record—if they even returned my calls.

I told them that I was writing about Vanguard’s decision earlier this month to withdraw from the Net Zero Asset Managers Initiative (NZAMI). That decision has led to no end of hand wringing from many in the climate finance world who worry it means that Vanguard is giving up on doing anything to mitigate climate change. At the same time, many on the right are celebrating because they think Vanguard’s decision means that the firm is forsaking “woke” finance.

Neither of these polarized responses is the whole truth. It’s a testament to how stylized and unhelpful our society’s discussions of climate change have become that no one is willing to say this on the record…

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About the Author Trey Thoelcke →

Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.

Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community. He previously oversaw the 24/7 Climate Insights site, managing editorial operations and content strategy, and currently oversees and creates content for My Investing News.

Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.

Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, overseeing a long-running critique group and moderating workshop sessions at regional conventions. He lives with his family in an old house in the Midwest.