Fossil Fuels - BlackRock's Big Problem

BlackRock still heavily invests in coal, oil, and gas

In 2020, BlackRock committed to exclude companies that generate more than 25% of their revenue from thermal coal production from its actively managed funds. However, BlackRock’s coal exclusion policy covers less than 20% of the global coal industry – and actively managed funds are less than a third of BlackRock’s portfolio.

From pipelines to tar sands to Arctic oil drilling, asset managers like BlackRock are fuelling a deadly industry – and making the climate crisis worse. BlackRock also continues to invest billions of dollars into other fossil fuel companies as they expand their worldwide operations.

Funding an impossible future

Despite its sustainability promises, BlackRock continues to pour billions into fossil fuel companies.

BlackRock has $109 billion invested in the coal sector, $34 billion of which are invested in companies developing new coal projects (as of February 2022).

BlackRock is the world’s leading investor in oil, gas, coal.

BlackRock essentially owns 2.1 billion tons of thermal coal reserves.

(as of late 2018).

Massive coal mine

BlackRock is the biggest investor in 12 fossil fuel expansion projects that could drain 3/4 of the global carbon budget.

BlackRock has over $2.7 billion invested in pure-play tar sands and tar sands pipeline companies

(as of December 2020).


Tar Sands & Pipelines

The Northern Alberta tar sands are the third-largest fossil fuel reserve on earth. 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. BlackRock has billions of dollars invested in tar sands companies.

The Solutions

Exclude climate-harming companies from active funds

BlackRock must expand its coal exclusion criteria to incorporate the Global Coal Exit List, while extending its fund exclusion criteria to include other fossil fuel and climate-harming commodities.


Answers to common questions about how BlackRock and the finance industry fuel climate change and environmental destruction.

Let's stop the funders of chaos

Climate action groups around the globe are joining forces to fight #fossilfinance, and we are starting to move the giants. Learn how you can take a stand against BlackRock and take action in your community.