From Saudi Arabia’s assault on Yemen to murders of Indigenous environmental defenders in the oil-rich Amazon to the United States’ industry-supported invasion of Iraq and Libya, the oil and gas industry is an inherent driver of conflict, violence, and human rights abuses. Russia’s sales of oil and gas account for 40% of the country’s national […]
As is often the case with anything BlackRock does, this interim target carries an outsized impact, not only in what it represents for BlackRock’s own $9T business, but what it implies to the companies driving scope 1, 2, and 3 emissions worldwide and the financial community at large. BlackRock faces a choice. It can embody […]
What role did BlackRock and Vanguard play in the revolt? Of the critical climate votes we watched closely this year, here is what we know and don’t know: GOOD VOTES: BlackRock voted FOR change at BP and Bunge. MIXED VOTES: At the contentious Exxon AGM we saw a mixed bag. BlackRock voted for 3 new […]
Today, BlackRock stepped outside its pattern by releasing multiple bulletins on proxy votes it made earlier in the season. It made public its votes at BP (May 12th), Shell (May 18th), ExxonMobil (May 26th), Chevron (May 26th), Total (May 28th). Collectively the voting bulletins reveal an improved but mixed record for BlackRock’s climate votes this […]
As the world’s largest investor in climate destruction, BlackRock has been under pressure from activists, elected officials, and Indigenous and frontline leaders to adopt policies that match its climate rhetoric and to vote for climate this shareholder season. Preliminary analysis of key climate votes this spring shows that BlackRock largely failed to meet its rhetoric. […]
The International Energy Agency’s recent groundbreaking report makes it clear that reaching net zero emissions by 2050 means no new investments in new fossil fuel extraction from now on. While investors like BlackRock need to drive this message home to the fossil fuel sector directly, it also needs to recognize that no new coal, oil, […]
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This inspiring virtual event will be MC’d by Niria Alicia, a Xicana human rights and climate justice activist and strategist and Run4Salmon organizer, and named UNEP 2020 Young Champion of the Earth. Event details: What: 2nd People’s Assembly on BlackRock When: Wednesday, May 19th at 4pm ET / 1pm PT Where: Your phone or computer […]
In response to the re-election of Duke Energy board chair Lynn Good and Independent Director Michael Browning, the BlackRock’s Big Problem campaign released the following statements: “As the two largest shareholders of Duke Energy, BlackRock and Vanguard should be transparent about how they voted today on Lynn Good and Michael Browning,” said Roberta Giordano, Finance […]
Upon news that BlackRock and Vanguard voted in favor of Wells Fargo Chairman Charles H. Noski, coalition members of BlackRock’s Big Problem released the following statements: “Wells Fargo has fallen significantly behind the curve when it comes to meeting the moment on climate action, and today it falls even further,” said Ben Cushing, campaign manager […]
BlackRock’s CEO, Larry Fink, has made some big promises to use BlackRock’s leverage to force corporations to act on climate change. Will he keep those commitments and back up his words with voting actions at these shareholder meetings? Here’s a climate-friendly vote that BlackRock took recently that went very under-the-radar: BlackRock voted against the longest-serving […]
With over $16 trillion in total assets under management, BlackRock and Vanguard are the largest shareholders in many of the world’s biggest greenhouse gas emitters and their financiers. This distinction carries significant risk and enormous responsibility. As the top two global investors in climate-harming industries, BlackRock and Vanguard have a responsibility to push for long-term […]
From April 13-17, we saw actions in 9 cities coordinated by a coalition of climate activists and grassroots groups. The common theme? To let BlackRock know that this shareholder season, all eyes are on them. The world is watching to see if BlackRock’s leadership will vote in line with their promises on climate, and expecting […]
The day began outside of the Wells Fargo World HQ on Montgomery Street where activists painted a huge street mural calling on Wells Fargo to defund Line 3, a proposed pipeline that would route nearly a million barrels of dirty tar sands per day through Anishinaabe territory, causing irreparable harm to indigenous communities and lands. […]
In BlackRock’s 2021 Stewardship Expectations report, the asset manager finally acknowledged that voting against management and supporting shareholder proposals often leads to positive changes at companies. In January 2021, BlackRock expanded its voting criteria and announced that it will hold directors accountable when their companies fail to address climate change in their business plans. In […]
The full text and full list of signatories of the letter are below. Eloy Terena, Legal Coordinator of the Association of Brazil’s Indigenous Peoples (APIB), and one of the letter’s signers said: “BlackRock’s investments have an impact on our lives and our communities, and the company’s leadership, therefore, has a responsibility for our future. If […]
The Dirtiest Oil The report points to the carbon intensity of tar sands oil–extracting and refining it makes it 3.2-4.5 times more polluting than conventional oil pulled from North America. A recent report in Nature confirmed that extracting all tar sands oil would use up almost one-third of the planet’s remaining carbon budget to keep the world […]
This is an analysis of BlackRock’s “natural capital” commentary, human rights commentary, and relevant climate, human rights, and “natural capital” information given in its 2021 engagement priorities. Notably, BlackRock directly acknowledges the interconnectedness of climate change, ecosystem protection, and Indigenous rights and the fact that corporate activities can harm all three – a first for […]
Keep your word, BlackRock: use your power and vote to save our climate at upcoming AGMs. Dear European BlackRock Executives, You’ve said you want companies to set rigorous targets to tackle climate chaos. Now, with AGM season coming up, it’s time to follow through. If a company doesn’t have a clear climate plan – […]
Neither Larry Fink’s January letters to CEOs and clients, nor the climate memo that BlackRock released in early February spelled out this “ambition”. In those documents, BlackRock’s focus was on BlackRock’s expectations of other companies – how they should consider managing “the impacts that [climate] risks have on their business and demonstrate preparedness to operate […]