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 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.
Who we areWe 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.
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.