BIG NEWS on climate today as the world’s biggest investor continues to move towards real climate action. BlackRock’s progress is welcome, yet it has much more to do to stop fueling the climate emergency. Let’s celebrate, and then take action.
BIG NEWS on climate today as the world’s biggest investor continues to move towards real climate action. BlackRock’s progress is welcome, yet it has much more to do to stop fueling the climate emergency. Let’s celebrate, and then take action.
Today the CEO of the world’s biggest investor Larry Fink sent his annual – and highly influential – letters to corporate CEO’s and BlackRock’s clients, and just like last year the letters were all about climate. For this we should be stoked – only two years ago Fink’s letters made no mention of climate. Now it’s driving a global conversation on finance’s role in the climate crisis. It’s clear that bold actions from communities around the world are forcing BlackRock and other investment groups to address their role in funding the climate emergency.
Fink’s latest pledges contain some goodies: promising to align more of its investments with a 2 degree world by reaching “Net Zero” carbon emissions by 2050, more active engagement and shareholder voting with companies it invests in to ensure they create plans for decarbonization, and the threat of divestment if they don’t. Great.
But does this address BlackRock’s Big Problem? Will it lower global emissions fast enough? Will it protect front-line communities from the worst impacts of the climate crisis? Unfortunately, the answer is still, not yet.
Here are the main problems our network has called out:
- Net Zero 2050 is mostly greenwash: almost 1,000 financial institutions have pledged to go NetZero by 2050, but almost none have taken actions to stop making fossil fuels investments, now. Plus, the word “net” leaves the door open for far too many false, fake, or harmful climate solutions.
- No immediate plans to decarbonize: punting action 30 years into the future is unacceptable. We need to see stronger near-term commitments to get out of the most polluting fossil fuels like coal, Amazon oil, tar sands, and Arctic drilling.
- No protection of Indigenous rights: our network has been pushing BlackRock to adopt a policy that centers the protection of Indigenous and frontline communities across all of its investments, because we know that climate change is first and foremost a human rights issue.
There are many, many other problems with BlackRock’s new climate announcements that you can read about in our network’s response, or soon, our detailed analysis.
But today, take a moment to celebrate our success! Much like President Biden cancelling the Keystone pipeline, this is a big win for the movement that shows the power of our collective action… and there is much, much more to do. People power is moving the giants of finance! And we must keep going.
After you celebrate, send a message to BlackRock: Until we see:
- A clear definition of NetZero 2050
- Near term decarbonization targets
- Prioritization of the protection of Indigenous rights
- And its money out of the most damaging fossil fuels like coal, Amazon oil, tar sands, and Arctic drilling
BlackRock still has a BIG climate problem.
After you celebrate, send a message now with our nifty social storm tool.
