Investors Must Hold Banks to Their Word on Climate Change
The biggest financiers of fossil fuels face some tough questions this shareholder season.
IPCC: Fossil Fuel Expansion is Out of the Question
BlackRock must take a stand this shareholder season.
BlackRock & Vanguard: Get Out of Fossil Fuel Funded Wars
Russia’s invasion of Ukraine is the most immediate example of violence financed by the fossil fuel economy, but it is only one demonstration of a consistent pattern. From Saudi Arabia’s assault on Yemen to murders of Indigenous environmental defenders in the oil-rich Amazon to the United States’ industry-supported invasion of Iraq and Libya, the oil and gas industry is an inherent driver of conflict, violence, and human rights abuses.
Russia’s sales of oil and gas account for almost 40% of the country’s national budget — a revenue stream that funds the Russian military. Fossil fuel production gives petrostate autocrats, like Putin and the Saudi Royal Family, immense power to enact violence. Continued investments in the fossil fuel industry will only provide further financing for similar violent conflicts now and in the future. Asset managers like BlackRock and Vanguard must exit fossil fuel companies that have no credible transition plans, especially in states that are perpetuating violent conflict and human rights abuses.
One year after net-zero commitments, BlackRock and Vanguard are still largest investors in coal
Last week, an extensive piece of research that looks at the financiers behind the world’s coal companies revealed that BlackRock and Vanguard are still the leading investors in coal.
BlackRock’s New Approach to Climate Capital Shifts Still Lacks Red Lines on Fossil Fuel Expansion
BlackRock knows that it is no longer a question of if the energy transition to a decarbonized economy will happen, but rather how and at what pace, and that good business means acting accordingly. But it lacks the concrete climate policies that will deliver necessary emissions reductions across its portfolio, and still offers an unacceptable lifeline to continue fossil fuel development.
What’s at stake for BlackRock on climate in 2022
In his 2022 letter to CEOs, we learned Larry Fink is not being the leader we need him to be on climate.
Vanguard has made it from 1999 to 2010 on coal; it’s time the firm acts like it’s 2022.
Several years ago this announcement would have been considered a milestone, but considering it is 2022 and Vanguard is the biggest global investor in coal with $86 billion in industry holdings, this is simply the bare minimum.
Actions speak louder than words: BlackRock’s attempt to greenwash a $15 billion pipeline deal
Earlier this week, Saudi Aramco announced that BlackRock led a group of investors in a $15.5 billion investment in the oil & gas major’s pipeline network. This deal gives BlackRock Real Assets and its co-investors 49% ownership in Saudi Aramco’s newly formed subsidiary, Aramco Gas Pipelines Co.