Hundreds of activists urge BlackRock to vote for climate this shareholder season

Last week in San Francisco, a coalition of climate activists showed up to speak out against Wells Fargo and BlackRock, urging them to #DefundLine3, divest from fossil fuels, and to fire Chairman Charles H. Noski.

Under Noski’s leadership over the last five years, Wells Fargo has become the world’s third largest financier of fossil fuels and has grown to become a main funder of fracking, toxic oil pipelines like Line 3, and loaned billions to coal, oil, and gas companies. The event was a powerful start to a shareholder season of direct action all over the world urging banks and finance giants to use the power they hold to take action on stopping climate destruction.

This shareholder season, we’re watching how BlackRock votes

With every spring comes shareholder season, when corporations open up to democratic participation from their shareholders during their Annual General Meetings (AGMs). Shareholders vote on resolutions that impact the way companies operate as well as voting to keep or reject boards of directors.

As the world's largest investors, BlackRock and Vanguard have huge power and influence as major shareholders in almost every corporation and this spring they can make or break climate action at major polluters and their funders.

REPORT: BlackRock has $79 billion invested in dirty tar sands oil

BlackRock’s net-zero commitment put to the test: the tar sands case -->

A new report from Reclaim Finance shows that BlackRock, the world’s largest asset manager, holds over $75 billion in thirty major tar sands production companies, all of which plan to develop new reserves of the world’s dirtiest form of oil. BlackRock also holds $3.7 billion in three pipeline companies engaged in the construction of controversial pipelines transporting tar sands oil from Alberta Canada, including Line 3.

Our analysis: BlackRock’s approaches to “natural capital,” human rights, and 2021 engagement

On Thursday, March 18 the BlackRock Investment Stewardship (BIS) team released a commentaries on its approach to “natural capital” and human rights as well as 2021 engagement priorities. While there are some encouraging developments, BlackRock has yet to demonstrate the bold and visionary leadership necessary to match the scale of crises impacting communities and our environment worldwide.

Open letter to BlackRock executives

In January, BlackRock made a big PR splash saying it wants companies to set rigorous targets to tackle climate change and that it would start exercising its shareholder power to push companies to do so.

With 'AGM season' coming up fast it's time for BlackRock to follow through on its rhetoric. Big polluters like BP and Shell and major fossil fuel funders like Barclays and HSBC all have major pro-climate resolutions on the table and BlackRock is a major shareholder in each of these companies.

Today, 23 organisations released the following open letter to BlackRock's European leadership telling them to follow through on their climate commitments.

Did BlackRock sneak in a major climate commitment?

Did the world’s largest asset manager commit to full net zero across all of its managed assets by 2050?

Last week, Peter Eavis and Clifford Krauss of the New York Times shared what may turn out to be a significant statement from BlackRock. Ed Sweeney, a spokesman for BlackRock, told the reporters that BlackRock’s “ambition” was to have “net zero emissions across our entire assets under management by 2050.”

Vanguard and BlackRock are the world’s biggest investors in coal

As the single largest contributor to climate change, coal is responsible for over 30 percent of global carbon emissions. Though there have been substantial shifts away from coal in recent years, asset managers continue to finance this destructive, polluting industry.

BlackRock’s latest paper tiger moment

We’ve rattled BlackRock’s cage once again!

Last month, BlackRock CEO Larry Fink devoted his entire annual letter to climate, pledging to commit to a net zero portfolio by 2050 and demanding other companies do the same.

This week, BlackRock released another statement—“Climate Risk and the Transition to a Low-Carbon Economy”—with specifics on how it will enact Fink’s words.