The announcement, originally reported by Responsible Investor, included an inspiring climate commitment (along with some cheeky “Vanguardians of the Glaxay”) that by 2030, Vanguard would offer its clients fossil-free and deforestation-free investment options by default. This is what we call the North Star of asset manager climate commitments. Sadly, not long after it was posted, […]
In just a few weeks, world governments will be meeting in Glasgow, Scotland for COP26, which is arguably the most important international climate event since the historic talks in Paris in 2015. Between now and then, many of the world’s largest companies will be coming out with their own climate plans. Vanguard, the world’s largest […]
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 […]
To truly achieve ambitious and necessary climate action and make good on its climate commitments, BlackRock leadership needs to lean on its staff that understand the scope and urgency of the climate crisis and are advocating for change to match that urgency. The coming months will be a test of how willing BlackRock is to […]
We live in an age where the dissonance between rhetoric and action is greater than ever. Every week, we hear of political leaders speaking to the urgent need of tackling the climate crisis and the most powerful and influential CEOs committing to reaching net zero by 2050. But we are simultaneously seeing the climate crisis […]
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 […]
Crosspost from Pendle Marshall-Hallmark of Amazon Watch Earlier this month, Amazon Watch released our Investing in Amazon Crude II report on three of the world’s largest asset managers – BlackRock, Vanguard, and State Street – that are propping up the destructive oil industry in the Amazon. Now we’re launching a new step in our campaign that involves […]
Joint Article By Reclaim Finance, Urgewald & BlackRock’s Big Problem In his annual letter this year, Blackrock’s CEO Larry Fink declared once again that ‘climate risk is investment risk’. Ahead of the 2021 voting season, the asset management titan also published a memo setting out what it would be expecting from polluting companies. After criticism of BlackRock’s oversized role in fuelling […]
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, […]
Today, a new report from the Action Center on Race and the Economy (ACRE) and LittleSis was released showing that BlackRock’s Lead Independent Director Murry Gerber has doubled down on his investments in fossil fuels despite BlackRock’s public claims that it is committed to reducing climate risk. This is the polar opposite of the visionary […]
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 […]
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 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 – […]