Japan Asset Managers Eye Revamped NZAM Despite US Political Headwinds
Japanese asset managers like Daiwa are revamping their approach to the NZAM net-zero initiative in 2026, easing targets to navigate U.S. political and legal pressure.
Japan's financial titans aren't backing down from the climate fight. Despite fierce opposition from the Donald Trump administration, Daiwa Asset Management and Asset Management One are preparing to restart activities under the Net Zero Asset Managers (NZAM) initiative.
Japan Net-zero Asset Managers NZAM Revamp Strategy
The international climate initiative is set to reboot this year with relaxed goals following a strategic pause. According to Nikkei, as of January 14, 2026, the shift aims to mitigate legal risks stemming from hostile U.S. pressure. While four Japanese firms plan to participate, the shadow of anti-ESG litigation looms large over the industry.
Diverging Paths in Sustainable Finance
Not everyone is staying on board. Tokio Marine Asset Management recently exited the alliance, following the lead of global giants like BlackRock. However, firms like Daiwa argue that staying in the revamped NZAM allows for a more pragmatic approach to decarbonization without sacrificing economic resilience.
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