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Share the report: One year on – BlackRock still addicted to fossil fuels

New report by Reclaim Finance and Urgewald shows that despite BlackRock CEO Larry Fink’s “sustainable commitments”, BlackRock’ still invests massively in coal companies:

$85 billion of assets managed by BlackRock are still invested in the coal industry, and $25 billion in coal companies that have expansion plans
BlackRock’s coal policy covers just 17% of the coal industry and covers less than a third of its total assets
Findings come on anniversary date of Larry Fink’s commitment to invest more sustainably

RETWEET about the report:

📣 New report Alert – One Year On: @Blackrock still addicted to fossil fuels .

With @Urgewald, we are publishing a report showing that @Blackrock‘s sustainability commitment is just an other word for #Greenwashing 🎻

Read ▶️ https://t.co/p8MUK0iKY2 #BlackRockCoalAddict pic.twitter.com/CSE6lLyhjc

— Reclaim Finance (@ReclaimFinance) January 13, 2021

"“One year on, it’s hard to see Larry Fink’s sustainability commitment as anything other than greenwashing. If he really wants BlackRock to be a climate leader instead of a climate pariah, he needs to start aligning green words with green deeds, and direct BlackRock’s awesome financial power towards a sustainable future. After the hottest year on record, the bare minimum for BlackRock is to get out of coal once and for all.”"

Lara Cuvelier, Sustainable Investment Campaigner at Reclaim Finance

"“In order to effectively exclude the coal industry, BlackRock should drop all companies that are planning to expand existing or build new coal infrastructure. At the very least, companies with a coal share of revenue of 20% and a coal share of power production of 20% should be excluded from BlackRock's portfolios. Lastly, BlackRock needs to define a concrete phase-out date for all coal investments."

Katrin Ganswindt, Finance Campaigner at Urgewald