While new leadership has brought change to BlackRock, the finance giant still isn’t going far enough on climate
Today, BlackRock released its 2020-2021 stewardship report. The report details BlackRock’s engagement and proxy voting record during Sandy Boss’s first year as Global Head of Investment Stewardship. In response, members of the BlackRock’s Big Problem network issued the following statements:
Casey Harrell, Senior Strategist with the Sunrise Project:
“It’s clear that change is happening within BlackRock regarding its proxy strategy and how it uses its shareholder power. This is thanks to Sandy Boss being elevated to a new leadership position within BlackRock’s Global Executive Committee. BlackRock needs to lean into the leadership of people who understand the scope and urgency of the climate crisis and give them more leeway and power to push its climate strategy to the ambition needed.”
Ben Cushing, Finance Campaign Manager with the Sierra Club:
“Clients, activists, and stakeholders have been pushing BlackRock to take meaningful action on climate for years. While we welcome the clear progress BlackRock has made in its stewardship strategy and transparency, it is not yet going fast enough or far enough to actually make an impact on the deepening climate crisis.
“BlackRock is still pushing for baby steps when what’s needed is bold action. We need an immediate end to fossil fuel expansion and deforestation, and plans for complete fossil fuel phase out by 2050, not just disclosure and vague transition plans. And engagement is just one piece of the puzzle. BlackRock must also detail how it will swiftly align its entire portfolio, active and index funds, with a 1.5ºC future, including exiting fossil fuel companies that are not actively and rapidly transitioning to a clean energy economy.”
BlackRock’s Big Problem is a global network of NGOs, social movements, grassroots groups, and financial advocates that are pressuring asset managers like BlackRock to rapidly align their business practices with a climate-safe world.