Exclusion - BlackRock's Big Problem
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The Solution: Exclusion

Exclude climate-harming companies from active funds

Despite vocal commitments to sustainability, BlackRock’s more than $8 trillion assets under management include the world’s largest investments in coal, oil, and gas – industries that accelerate global pollution and climate chaos.

Policy expansion can drive down global emissions

BlackRock says it has fully exited companies that generate more than 25% of their revenue from thermal coal production in all its active funds. Now BlackRock needs to create absolute no-go sectors:

  • There must be a time-bound plan to move the 25% threshold to zero.
  • The policy must expand to include the entire Global Coal Exit List. This list accounts for all sectors involved in the global coal industry and expansion – not just companies tied to thermal coal production.
  • The exclusion policy must expand to include other high-risk, high-emitting fossil fuels, starting with tar sands and Arctic and Amazon oil drilling.

BlackRock has the power to immediately reduce its capital exposure to high-emitting companies and the world’s most notorious polluters.

 

Why exclusion matters

BlackRock’s current coal exclusion policy does not have the power it proclaims. Even by market and peer standards, its policy falls short of actions taken by other global finance leaders.

BlackRock’s current exclusion policy covers less than 20% of the coal industry

BlackRock’s current exclusion policy does not cover the oil & gas industry.

Tar sands & Arctic oil are two highly destructive sectors that BlackRock must exclude immediately.

BlackRock has acknowledged the physical and transitional risks of many climate-harming sectors, yet it has only excluded a small percentage of the coal sector.

Why we need exclusion

Our future is burning

BlackRock is the world’s largest investor in fossil fuels. With an $8-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.

Climate change is a complex issue that demands integrated action. This is just one of three core problems that BlackRock must address now.

Who we are

We are a global network of NGOs, social movements, grassroots activists, finance researchers, and shareholder advocacy organizations. We’ve come together to push asset managers like BlackRock to align their business practices with climate solutions, instead of continuing to fund climate destruction.

FAQs

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

What more needs to be done on coal now that BlackRock has a coal exclusion policy?

Why does BlackRock need to expand its exclusion policy if it’s integrating ESG data into all its active funds?

We applaud BlackRock’s stated commitment to sustainability.

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.

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