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.