Burning fossil fuels like coal, oil, and gas releases carbon pollution and traps heat in the atmosphere, accelerating climate change. As temperatures rise, we’ll continue to face unprecedented floods, fires, droughts, storms, and environmental disasters.
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.
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.
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.