The Solution: Expansion
Expand pro-climate engagement and voting
We have yet to see how BlackRock will use its considerable shareholder power to compel the world’s biggest carbon-emitting companies to align with science-based climate targets, including voting for climate resolutions and acting against boards that aren’t making sufficient climate progress.
Asset managers can encourage climate action
BlackRock has a watchlist of companies that are failing on climate, but its engagement and voting practices have yet to significantly reduce emissions – and BlackRock is not moving fast enough.
BlackRock’s engagement strategy needs to shift from disclosure to decarbonization. BlackRock must flex its muscle to encourage and accelerate climate action from the companies it backs.
BlackRock must be transparent about how it votes, which sectors and companies are priorities on its watchlist, timelines for engagement, and the consequences of insufficient climate action from its portfolio companies.
Working collaboratively, BlackRock could use its influence to organize with other financial firms and make real progress on the systemic problems of climate change.
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.