BlackRock is to relabel some of its ESG ETFs following EU guidelines to the fund management industry.

As reported by Bloomberg, the Article 9 EU classification will be removed by Blackrock from 17 of their ETFs totalling $26 billion in assets under management. This comes after the EU updated its Sustainable Finance Disclosure Regulation guidelines to include funds with 100% sustainable assets.

Other firms that have also reclassified funds include Goldman Sachs, NN Investment Partners, Axa Investment Management, Robeco, Pacific Investment Management, Van Lanschot Kempen NV and Neuberger Berman Group.