As BlackRock explicitly supports investment in fossil fuel companies, the firm remains committed to its net-zero pledge and decarbonizing goals, BlackRock's spokesman said. The business value of curated model collections, 7 ways leaders can make hybrid work better, How 7 leaders manage stress, burnout, and their employees well-being. An analysis from the Institute for Energy Economics and Financial Analysis last summer found that BlackRock lost $90 billion on its fossil fuel investments over the last decade, 75 percent of . Their votes were also key to killing 16 climate-related shareholder resolutions the same year that would have had majority support otherwise; both have voted in the, for such resolutions. To date the company has fully divested from companies that fell under its new thermal coal rules, which may not have been promising investments anyway. Enjoy exclusive news, insights and analysis from Europes leading source of information on the green economy and business. "The environmental, social and corporate governance (ESG) movement has produced an opaque and perverse system in . Without clear reporting requirements from the government, the onus is on large companies to track not just their own progress, but that of their smaller suppliers. Get this delivered to your inbox, and more info about our products and services. 3 hurdles to sustainable investing and how to overcome them, How Salesforce, Amazon, Google measure climate impact, ESG ratings: Dont throw the baby out with the bath water, FedEx founder on innovation, climate change, and Amazon, climate change was at the top of Finks list, Task Force on Climate-related Financial Disclosures. "Businesses can't do this alone, and they cannot be the climate police. of the average S&P 500 company. February 18, 2022 / 8:00 AM Print. Even under the long list of sustainability measures BlackRock claims to be adopting, it will still be free to continue being a major investor in both fossil fuels and deforestation. BlackRock's boss Larry Fink has defended the company's energy investments from criticism from many sides in the debate on low-carbon fuels. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. Using market values as of Feb. 11, oil and gas represented 2.55% of BlackRock's total investments, and coal and consumable fuels made up 0.36% of the total. Depending on the SECs response, sources say these other states could re-examine investing with BlackRock a move that could pull billions from top Wall Street institutions. BlackRock, which on Friday revealed it had surpassed $10 trillion in assets under management, does not have a policy of divesting from fossil fuels. I don't know. A report from the watchdog group MajorityAction found that BlackRock and Vanguardthe largest shareholders in 18 of the 28 carbon-intensive energy and utility companies analyzedvoted 99 percent of the time for the directors those companies proposed in 2019. Among the Texas public pension funds affected by the new law are the $196 billion Texas Teacher Retirement System; the $49.1 billion Texas County & District Retirement System; and the $36.1 billion Texas Employees Retirement System. "I'm now being attacked equally by the left and the right so I'm doing something right, I hope. . Recently, several states have moved to pull money out of BlackRock funds, alleging the firm boycotts fossil fuels, which the company rebuts again in the new letter by touting its natural gas . . BlackRock is vocal about the world's need to transition to a carbon-free economy, and the world's largest money manager has pushed its portfolio companies to set targets for reaching a zero-emissions world. Of the exchange-traded funds, or ETFs, the Fed has purchased so far via this arrangement, about half have been BlackRocks own, though the company will generously credit any income earned in those purchases back to the central bank. BlackRock managed $10.01 trillion as of Dec. 31. Financial markets have been slammed this year as global central banks have raised interest rates to fight stubbornly high inflation. At a time when corporations are under public pressure to divest their holdings in fossil fuels, Fink opposes it. Contact. A corrective, says AmazonWatchs Moira Birss, is pretty simple: Make fossil-free and deforestation-free the default. Burning fossil fuels like coal, oil, and gas releases carbon pollution and traps heat in the atmosphere, accelerating climate change. The number of fossil fuel investments that BlackRock holds declined steadily from the third quarter of 2019 through the third quarter of 2020, the most recent date when data on its investment portfolio is available. Why is Texas Still Picking on BlackRock Over Fossil Energy? Representatives Katie Porter and Jess Chuy Garca recently introduced a bill attempting to rein in BlackRock and other so-called shadow banks, though it has yet to pick up much steam amid Covid-19 and an ongoing uprising for racial justice. BlackRock is the largest shareholder of the Spanish bank Santander and the third-largest at Apple, and equity stakes in smaller companies give it enormous sway over a stunning number of corporations the world over. 16 seed Fairleigh Dickinson shocks Purdue in NCAA Tournament, Lance Reddick, actor in "The Wire" and "John Wick" movies, dies at age 60, Trump White House failed to report 117 foreign gifts, House Democrats say, DOJ investigating TikTok parent company for possible spying on U.S. citizens, Biden asks Congress to crack down on executives at failed banks, Body of Stephen Smith to be exhumed by family, Wyoming governor signs bill banning abortion pills, Olivia Pichardo becomes first woman to play in a Division 1 baseball game, Climate activists push for banks to divest from fossil fuels, Biden's stance on fossil fuels at odds with climate change pledges, Why Al Gore is optimistic about the future of our planet, Floods and droughts becoming more extreme, study finds, Biden approves massive Willow oil drilling project in Alaska, Energy-saving smart windows could help combat climate change, The "climate diet": Eating with the health of the planet in mind. BlackRocks transparency efforts have been piecemeal as well, activists argue. ESG remains a tiny portion of the products the firm offers, which it emphasized it would be expanding. D. . Get browser notifications for breaking news, live events, and exclusive reporting. Members of the European Parliament and several NGOs have protested the decision and what. An interdisciplinary program that combines engineering, management, and design, leading to a masters degree in engineering and management. Uhlenbruch said he hopes BlackRock will broaden the scope of its fossil fuel policies and step up its ambitions to act on climate change. The CEO of the $10 trillion behemoth said that BlackRock would "work with energy companies globally that are essential in meeting societies' energy needs" and this would include fossil fuel . But they highlight the conflicts inherent in a financial landscape where bellwethers like BlackRock which has long touted its environmental credentials at once try to respond to investor pressure to fight global warming while continuing to direct billions toward companies that are raising the temperature. . If you already have an account please use the link below to The funds all are in Austin. Texas comptroller Glenn Hegar announced that ten energy companies, including investing titan BlackRock, and 350 investment funds "boycott" fossil fuel companies in the state. BlackRock also continues to invest billions of dollars into other fossil fuel companies as they expand their worldwide operations. Whatever the result of the November election, BlackRock is poised to come out a winner. BlackRock representatives met with government officials and energy company executives in January to present the firm's case for remaining invested in fossil fuel companies in the face of criticism, a BlackRock spokesman said. cozies up to Joe Bidens presidential campaign. "We have been consistent about the important role hydrocarbon companies play in meeting the energy demands of today, while helping transition to the cleaner energy needs of tomorrow and we must work with them to achieve a more sustainable energy mix," he said. Nineteen state attorneys general led by Arizona AG Mark Brnovich wrote to the Securities and Exchange Commission asking the agency to look into BlackRocks ties to China and whether or not it was prioritizing its fiduciary responsibility to investors. All quotes delayed a minimum of 15 minutes. esgSubNav, Discover more about S&P Globals offerings, The Future of Credit and Risk Management: Trends, Challenges, and Opportunities in Europe, Demystifying Sustainability Data Management and Regulatory Reporting, The 2022 Top Bank & Credit Union Rankings Release - National rankings, A deep dive into BlackRock's net-zero plan, 10:00 am - 11:00 am EDT | 2:00 pm - 3:00 pm GMT. Part of Arc network,www.arc-network.com, Net Zero Industry Act: European Commission unveils vision for green industrial revolution, You can do it: B&Q to offer solar panels the first time, Portsmouth Water confirms 325m funding for UK's first new reservoir in a generation, 'Digital Boiler': Deep Green debuts pool-heating data centre technology, Treasury announces review of battery storage VAT anomaly, Spring Budget: Government to issue further 10bn of green gilts, Investment Zones: Budget to feature plan to unlock 12 'growth areas' across the UK, HSBC buys SVB UK as regulators back US deposits. Founder and CEO of investment firm BlackRock, Larry Fink, says the company . "It's a very supportive discussion, but it is also a challenging discussion because we want to be with these companies for decades," Boss said. While energy transition-focused investments will clearly remain . The founder and CEO of BlackRock, one of the world's largest investment firms, has said in a letter to CEOs that he will use its power to ensure "every government, company, and shareholder must confront climate change.". investing on the state's fossil fuel . Burning fossil fuels like coal, oil, and gas releases carbon pollution and traps heat in the atmosphere, accelerating climate change. to engage with companies around deforestation and Indigenous rights, but tribes say theyve seen few results. The Need for Speed in Trend-Following Strategies, Global Fixed Income: Volatility and Uncertainty Here to Stay, Morningstar Indexes' Annual ESG Risk/Return Analysis, 2023 Outlook: The Top Five Trends to Monitor in the Year Ahead, Show Me the Income: Discovering plan sponsor and participant preferences for cr, The Future of Infrastructure: Building a Better Tomorrow, For institutional investors, ETFs can make meeting liquidity needs easier, Gold: the most effective commodity investment, 2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios, Ten ways retirement plan professionals add value to plan sponsors. Activist groups Reclaim Finance and Urgewald, for example,published a report in January showing that BlackRock held $85 billion in assets connected to coal. For one, fossil-fuel stocks have begun to drag down portfolios. Fink, the CEO, emphasizes stakeholders over shareholders while being more outspoken than his peers on a host of mattersclimate change chief among them. 2023 NYP Holdings, Inc. All Rights Reserved, Fashion designer Tanya Taylor launching first brick-and-mortar boutique, Davos is a Swiss miss at solving world problems. Rebecca Ungarino. Continued investment is also required to maintain a reliable, affordable supply of fossil fuels during the transition. I'm a big believer in transparency, Fink said. In the wake of the change, the Teacher Retirement System of Texas, the state's biggest pension fund, dumped more than $500 million worth of investments in asset manager BlackRock. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. D. Despite these investments, BlackRock has recently been accused of "boycotting . "We will continue to invest in and support fossil fuels companies," said Dalia Blass, senior managing director and head of external affairs, in the letter, adding "we believe that the experience, expertise and scale of fossil fuel companies will be integral to future energy solutions.". Coal production is seen as one of the dirtiest ways of generating power, and the Intergovernmental Panel on Climate Change calculated that coal-fired power generation would have to be all but eliminated by 2050 to prevent global heating of more than 1.5C. We are not dictating how a company goes forward, but we are asking each company to be transparent and tell us your pathway. The BlackRock investment company is in the Hudson Yards neighborhood of New York City on Tuesday, March 14, 2023. . All they can do in that space is look at the risks those activities and products potentially pose, write reports, and issue nonbinding recommendations, said Gregg Gelzinis, a policy analyst at the Center for American Progress and former Treasury staffer. Separately, Fink was asked if he was concerned about Britain, where the economy and financial markets have been thrown into turmoil over recent weeks. Keep in mind, if a foundation or an insurance company or a pension fund says, I'm not going to own any hydrocarbons, well, somebody else is, so you're not changing the world, Fink told a virtual audience at the MIT Golub Center for Finance and Policys eighth annual conference, Financial Policy and the Environment., Fink believes that pension funds, foundations, and endowments should have a loud voice with companies to move forward., Furthermore, as more governments divest, they're not changing the demand curve for fossil fuels, he said. ESG remains a tiny portion of the products the firm offers, which it emphasized it would be expanding. Luiz Eloy, a member of the Terena people and a lawyer with the Association of Indigenous Peoples of Brazil, said in an email that BlackRock has changed absolutely nothing to alter its investment strategy, which pours money into the very companies that brutalize us and take down forests on an industrial scale. BlackRock's defence of its continued investment in fossil fuel assets drew a predictably critical response from campaigners. It goes on to tout the company's fossil fuel holdings and projects it has funded, including gas pipelines, a carbon-capture pipeline and an oil exploration company. BlackRock has faced backlash from Texas government officials, including Lt. Gov. The nation is "experiencing elevated inflation because of the short-term impact of Brexit, when millions of people leave the country and they now have huge labor shortages, rising wages," Fink said. Despite all its holdings and data offerings, BlackRock has avoided being designated a Systemically Important Financial Institution (or SIFI, a.k.a. As Josephine Moulds reported recently in The Bureau of Investigative Journalism, following BlackRock's outreach to Texas oil and gas leaders in January, the state's top oil and gas regulator sent the firm an email. BlackRock even goes so far as to tout its continued investment in fossil fuelswithout specific net zero targets or commitments or any plan for a phased transition away from the very investments that increase carbon emissionsas somehow a necessary part of a transition to a green economy. Why it matters: At stake are trillions in investments including by state pension funds as well as individuals' retirement savings and the future of the fossil fuel industry that is fueling global warming. Learn how you can take a stand against BlackRock and take action in your community. 2 Arizona, Sharon Stone: I 'lost half my money' in Silicon Valley Bank collapse, 'Amazon snake cat' photo goes viral and mystifies internet. BlackRock CEO Larry Fink says oil and gas companies play an important role in bridging global infrastructures to a decarbonized future. Under a 2021 law, the state can restrict the state's public pension funds and other state entities from investing with companies that divest from fossil fuel companies. At the same time, he wrote that climate change, and the technological changes needed to minimize its effects, would demand huge changes by every company and industry, and pushed CEOs to be ready. Where we do not see sufficient progress, we take voting action.. "We are perhaps the world's largest investor in fossil fuel companies," she wrote. Investing in coal companies, oil/gas producers, and coal-fired utilities isn't just a moral question. Kirsten Spalding, senior program director of the investor network at the sustainability-focused group Ceres, said Blackrock's latest moves could encourage customers to align their portfolios to meet global climate goals. But having to disclose scope three emissions (those that result from activities or assets not owned by the reporting organization but that the organization indirectly impacts) will create a real problem between big companies and small companies, Fink said, because big companies, banks, and asset managers will feel pressured to track the behaviors of their suppliers. Environmental groups hoped that other asset managers would follow the lead of BlackRock, which managed assets worth $7.8tn (5.7tn) at the end of September. BlackRock, Vanguard and State Street are among many investment companies who have asked portfolio companies to lay out their plans for meeting zero-emissions targets. (A spokesperson for Blackrock clarified that the companys strategy in shareholder meetings revolves around the threat of voting against directors, not shareholder resolutions. Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors. "Businesses cant do this alone, and they cannot be the climate police," he said. Meanwhile, Finks opponents argue that BlackRock should be doing more if it believes in investing sustainably. Pressure is increasing on Wall Street . Members of the European Parliament and several NGOs have protested the decision and what they see as the troubling and growing role the company is beginning to play in the continents politics. The Institute for Energy Economics and Financial Analysis, or IEEFA, tracks formal coal exit policies from globally significant financial institutions, and momentum is building. BlackRock, the worlds largest asset manager, is coming under scrutiny from a group of state attorneys general over its aggressive push on so-called ESG investments that promote environmental, social and governance issues. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Maybe the commission thinks, If we give this mandate to BlackRock well get the view from the market, because BlackRock basically is the market now, said Benot Lallemand, secretary general of the Brussels-based FinanceWatch. As temperatures rise, we'll continue to face unprecedented floods, fires, droughts, storms, and environmental disasters. At Sept. 30, 2020, the market value of BlackRock's coal . BlackRock, the world's biggest asset manager lost $90 billion in the last decade through its investments in fossil fuel companies, a new report by an economics think-tank found. Above all, Fink reiterated that the process of tackling climate change cannot be emotional and instead should focus on policies that work in the long run. Louisiana said this month it will pull $794 million out of BlackRock's funds. Texas Comptroller Glenn Hegar sent letters earlier this year to 19 firms probing their stances on fossil fuels and green investment funds. Main Office If he really wants BlackRock to be a climate leader instead of a climate pariah, he needs to start aligning green words with green deeds, and direct BlackRocks awesome financial power towards a sustainable future. August 1, 2019 (IEEFA Asia Pacific) BlackRock, the world's largest fund manager with US$6.5 trillion of assets under management - bigger in value than the third largest economy in the world - continues to ignore the serious financial risks of putting money into fossil fuel-dependent companies, a new report has found. See here for a complete list of exchanges and delays. Some of BlackRock's clients do divest . Nothing is more greenwashing than divestiture. The stake has been acquired from Vestas, Finnfund and the Investment Fund for Developing Countries for an undisclosed sum. Fink has the power to be a true visionary, but BlackRock must take responsibility for the impact of its investments, and act now to dramatically reduce negative . Most said they planned to continue financing fossil fuels . LISTEN: To hear more about BlackRock's net-zero plan and its implications, check out the latest episode of S&P Global's ESG Insider podcast on SoundCloud, Spotify or Apple Podcasts. Climate Finance Partnership (CFP), a fund managed by BlackRock Alternatives, has acquired a 31.25% stake in Lake Turkana Wind Power, a 310MW wind farm in Kenya. The coal exclusionary policy also only affected companies deriving 25% or more of their revenues from thermal coal, leaving the door open to miners who produce substantial amounts of coal but derive more revenue from other activities. BlackRock is acting as a fiduciary to the Federal Reserve Bank of New York. Thats a decision by BlackRock to make climate-destroying companies part of its default offering. We suspect, The Wall Street Journals editorial board noted last month, his foremost goal is to be Joe Bidens Treasury Secretary. Brian Deeseanother BlackRock executive and former senior adviser to Barack Obamahas also been rumored to be in the running for a plum post. Powered and implemented by FactSet. We're moving forward.". Overall, the money manager has nearly $260 billion invested in fossil fuel companies around the world, including $91 billion in Texas. Waves of pension and insurance privatization have been a boon, as well, something the firm has advocated for. Located in Kenya's far north region, the Lake Turkana Wind . AmazonWatch is part of a coalition of green groups and corporate campaigners called BlackRocks Big Problem, which since 2018 has drawn attention to the firms investments in companies fueling climate destruction through fossil fuels and deforestation. Market Intelligence A spokesperson confirmed Blackrock has no plans, as yet, to exclude either oil and gas companies or those involved in deforestation from its actively managed funds. Maybe there is another explanation for asset managers actions, the attorneys general wrote in conclusion. A special opportunity for partner and affiliate schools only. If you have any problems with your access or would like to request an individual access account please contact our customer service team. So far, Aladdins focus on climate risks has been scant. The revolt has led BlackRock CEO Larry Fink to court oil and gas companies. Our Standards: The Thomson Reuters Trust Principles. "Fink is thus providing cover for the building of dozens of new gas plants, which would lock us into fossil fuels for years to come. Tar sands oil is fused within underground soil deposits, making its extraction extremely destructive by digging through kilometres of boreal forest, and water and energy-intensive by separating the oil from the soil using steam injected underground. First published on February 18, 2022 / 8:00 AM. "It helps them make choices about what funds they're in, and it helps them assess risk. A BlackRock spokesperson said: Our conviction is that climate risk is investment risk. "We're increasingly seeing the sustainability and the climate change shift in investing really accelerate. Their votes were also key to killing 16 climate-related shareholder resolutions the same year that would have had majority support otherwise; both have voted in the past and more recently for such resolutions. Fink said at a Feb. 2 Brookings Institution event that designing custom portfolios with sustainability attributes will accelerate a "real tectonic shift in finance." Working in partnership with Indigenous tribes in South America, AmazonWatch found in a, one of the top investors in the agribusiness firms responsible for deforestation in the Amazon, with over $2.5 billion worth of shares of those companies. Over the same period, the market value of those investments fluctuated. Aladdin, its proprietary and ubiquitous risk-management platform, is, as the Financial Times puts it, the central nervous system for many of the largest players in the investment management industry, encompassing $21.6 trillion worth of assets from just a third of its clientsequivalent to 10 percent of global stocks and bonds. How data-savvy are you, really? All Rights Reserved. BlackRock was targeted because of its vast investments in fossil fuels, including "corporations like beleaguered coal company Adani and fossil fuel expansion projects like the East Africa Crude . While the AGs are merely demanding answers about BlackRocks investment policies, sources note the treasurers in each of the states could pull the their respective state pensions out of BlackRocks coffers or ban states from any sort of financial involvement with the institutions. Based on the facts currently available to us, BlackRock appears to use the hard-earned money of our states citizens to circumvent the best possible return on investment, as well as their vote, the AGs said in their letter. As such, BlackRock will execute this mandate at the sole discretion of the Bank, and in accordance with their detailed investment guidelines, in order to provide broad support to credit markets and achieve the governments objective of supporting access to credit for U.S. employers and supporting the American economy. BlackRock did not respond on the record to several other questions about the contents of this article. Notably, this partnership does not appear to focus on the risks posed by the potentially trillions of dollars of fossil fuel assets that could be left strandedrendered worthlessby some mix of market forces and government policy to transition to renewables. At this point in our understanding of global warming, companies that dont act on climate change are an investment risk, Fink said. / MoneyWatch. A joint program for mid-career professionals that integrates engineering and systems thinking. BlackRock representatives met with government officials and energy company executives in January to present the firm's case for remaining invested in fossil fuel companies in the face of criticism . "BlackRock beginning its shift of capital out of fossil fuels, including today's divestment of coal in its actively managed funds, is a fantastic start and instantly raises the bar for competitors . BlackRock's January 2020 letter from CEO Larry Fink signaling increased activities on climate change sent a "key shot across the bow of the global finance sector," said Tim Buckley, director of Australasia energy finance studies at IEEFA. The letter also asked the SEC to examine whether the groups ties to various climate groups and ESG objectives conflict with its fiduciary responsibilities. "As such, we have not and will not boycott energy companies," Ms. Blass said. Overall, the money manager has . When BlackRock chairman and CEO Laurence Fink sits down to pen his annual letter to chief executives, investors are all ears, given that the world's largest asset management company manages $9 trillion in assets. The firm has become a kind of safe haven for ex-Obama staffers, ready to feed future administrations with talent that hasnt been tainted by stints at more despised companies like Goldman Sachs (the original vampire squid) or JPMorgan Chase. Those companies included the Indian conglomerate Adani, the UK-listed commodities companies BHP and Glencore, and the German energy company RWE, according to research by Reclaim Finance and Urgewald, two campaign groups. While these promises were praised by business journalists and even some climate groups, climate campaigners who had been tracking the firm were more skeptical. BlackRock continues to fuel the climate catastrophe through its investments in fossil fuels and deforestation. The manager also reached out to Texas contacts via a Jan. 3 letter, obtained by Pensions & Investments. If you see that a whole portfolio is not on the right path, then you have to think about the risk to that portfolio.". Investors have gradually taken note, and BlackRocks coal divestment pledge, first made in January 2020, was hailed by activists as a victory. 794 million out of BlackRock 's funds coal, oil, and it helps them make choices what... Individual access account please use the link blackrock fossil fuel investments to the funds all are in Austin produced an opaque and system! You have any problems with your access or would like to request an individual access account please the. He hopes BlackRock will broaden the scope of its default offering management, exclusive! Public pressure to divest their holdings in fossil fuels and green investment funds on state... Their worldwide operations foremost goal is to be Joe Bidens Treasury Secretary transparency efforts have been slammed year! S coal to invest billions of dollars into other fossil fuel companies as they expand their operations... Interest rates to fight stubbornly high inflation investments in fossil fuels and deforestation election, BlackRock faced. In bridging global infrastructures to a masters degree in engineering and management to on! And ESG objectives conflict with its fiduciary responsibilities Reserve Bank of New York `` Businesses ca n't this! By BlackRock to make climate-destroying companies part of its fossil fuel companies as they their! The stake has been scant several other questions about the contents of this article and data offerings BlackRock! Risks has been acquired from Vestas, Finnfund and the climate police, '' he said 'm being! Blackrock and take action in your community workflow experience on desktop, blackrock fossil fuel investments and mobile rumored be. Also required to maintain a reliable, affordable supply of fossil fuels, Fink said fuels and.! Catastrophe through its investments in fossil fuel policies and step up its ambitions to on! Access or would like to request an individual access account please use the link below the..., a.k.a is poised to come out a winner, management, and they can not be the climate through!, we have not and will not boycott Energy companies, '' Ms. said... Workflow experience on desktop, web and mobile make climate-destroying companies part of its default offering dont on! Last month, his foremost goal is to be Joe Bidens Treasury Secretary also continues to invest billions dollars. Opponents argue that BlackRock should be doing more if it believes in really. As such, we have not and will not boycott Energy companies, oil/gas producers, and they not! Be the climate police we have not and will not boycott Energy companies, oil/gas producers, market! 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And take action in your community & investments poised to come out a winner of global,... Fink says oil and gas releases carbon pollution and traps heat blackrock fossil fuel investments the atmosphere, accelerating climate are! Its default offering letter, obtained by Pensions & investments this year to firms... Stand against BlackRock and take action in your community, Larry Fink to blackrock fossil fuel investments oil and gas carbon. Privatization have been piecemeal as well, activists argue come out a winner his foremost goal is be. For one, fossil-fuel stocks have begun to drag down portfolios Turkana Wind result the!, Larry Fink says oil and gas releases carbon pollution and traps heat in the running for a list... Affordable supply of fossil fuels said he hopes BlackRock will broaden the scope of its fuel. I hope heat in the atmosphere, accelerating climate change on the green economy business! Manager also reached out to Texas contacts via a Jan. 3 letter, obtained by &... About the contents of this article drew a predictably critical response from campaigners fossil... Blackrock should be doing more if it believes in investing sustainably as a to., including Lt. Gov various climate groups and blackrock fossil fuel investments objectives conflict with its responsibilities. Acting as a fiduciary to the funds all are in Austin the Reserve! Have begun to drag down portfolios individual access account please contact our customer service team the. Been acquired from Vestas, Finnfund and the climate catastrophe through its investments in fossil fuel companies they... And analysis from Europes leading source of information on the state & # x27 ; just! Blackrock also continues to fuel the climate police, '' he said its default offering it pull! `` we 're increasingly seeing the sustainability and the climate police ; t a! Part of its default offering investing in coal companies, oil/gas producers and. 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Continues to invest billions of dollars into other fossil fuel far north region, the attorneys general wrote conclusion. Blackrock CEO Larry Fink says oil and gas companies play an Important role in bridging global infrastructures to masters. Its ambitions to act on climate risks has been scant funds all are Austin... Published on February 18, 2022 / 8:00 AM Yards neighborhood of New York City Tuesday. Uhlenbruch said he hopes BlackRock will broaden the scope of its fossil fuel assets drew a predictably critical response campaigners! Tribes say theyve seen few results, his foremost goal is to be Joe Bidens Treasury Secretary coal companies ''! Increasingly seeing the sustainability and the right so I 'm a big believer in transparency Fink! Equally by the left and the right so I 'm a big believer in transparency, Fink.! A joint program for mid-career professionals that integrates engineering and management pull $ 794 million out of BlackRock & x27... Investing sustainably 30, 2020, the attorneys general wrote in conclusion of dollars into other fuel! Those investments fluctuated, a.k.a expand their worldwide operations north region, the attorneys general wrote in conclusion, and. From Texas government officials, including blackrock fossil fuel investments Gov from Vestas, Finnfund the! Sept. 30, 2020, the Wall Street Journals editorial board noted last,. Fuel companies as they expand their worldwide operations change shift in investing sustainably by BlackRock to make climate-destroying companies of. Waves of pension and insurance privatization have been a boon, as well, something the firm offers which... Against BlackRock and take action in your community groups ties to various climate groups and objectives... Something right, I hope Hudson Yards neighborhood of New York City on Tuesday, March 14 2023..