You may not have heard of it, but Vanguard is driving the climate crisis. Its investments pour billions into the industries destroying our climate. But that can be changed.
What is Vanguard?
Based in Pennsylvania, Vanguard is the second largest investor in the world, managing over $7 trillion on behalf of millions of clients.
- is one of the two biggest investors in oil and gas in the world
- recently replaced BlackRock as the largest global investor in coal, with $86 billion in coal industry investments.
- has $104 billion invested in 12 of the “most devastating fossil fuel projects” being planned or already under development around the world.
- has one of the worst voting records on climate-related shareholder resolutions, opposing all shareholder resolutions related to lobbying on climate issues from 2018 through 2020.
Vanguard has built its business on peoples’ retirement, but its investments are destroying the future now.
What needs to happen
- To tackle the climate crisis, Vanguard must stop pouring money into the industries destroying our environment and driving human rights abuses and start using its massive power to push for climate action across the global economy.
- The activists and advocates who have pushed BlackRock to start changing are now expanding their focus to Vanguard.
- While BlackRock has a long way to go, it shows that change in finance is possible despite what financial leaders have said for decades. Vanguard has no excuses left.