Removing some climate destruction from active funds – the action BlackRock has pledged to date – is a small step forward, but these funds only account for 27% of BlackRock’s assets under management.
BlackRock must offer fossil fuel- and deforestation-free funds as the default option for all clients and investors across its product offerings.
While BlackRock might not be able to completely eliminate fossil fuels from all funds – a client could demand to invest in coal, for example – it can make climate-friendly funds the standard across its entire business.
Leadership means taking bold, decisive action to stem the global climate crisis.
BlackRock is the world’s largest investor in fossil fuels. With a $7 trillion-dollar portfolio, it invests billions in coal, oil, and gas, including tar sands and Arctic oil. Yet, the truth is indisputable: to maintain a habitable planet we must cut global emissions in half within this decade. That means we can’t afford to keep pumping money into fossil fuels
But Larry Fink and the financial industry must recognize that small steps and talk are not enough. Our future depends on bold, decisive action. Asset managers have the power to make immediate changes – and the responsibility to implement these feasible solutions.