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BlackRock holds $85 billion in coal investments despite Larry Fink's focus on climate change, report shows

BlackRock holds $85 billion in coal investments despite Larry Fink's focus on climate change, report shows

BlackRock was accused of not living up to its pledges on climate change
Shannon Stapleton/Reuters




BlackRock holds at least $85 billion in investments in coal companies, a year after it announced a focus on climate change, a report showed.




BlackRock's policies mean it can invest in firms with less than 25% of revenues coming from coal, while its indexing products make it intertwined with big polluters.




The asset manager says it has taken big steps in divesting from polluters, creating ESG funds, and pushing for change at companies.




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At least $85 billion of assets managed by BlackRock are invested in coal companies, according to a new report, a year after the world's largest asset manager pledged to dramatically reduce its exposure to polluters.BlackRock's policies mean it can still invest in firms that make less than 25% of their revenues from coal, such as Glencore, and its indexing products leave it with heavy exposure to the industry, campaign groups Reclaim Finance and Urgewald said in a report published on Wednesday.It comes a year after Fink said BlackRock would take a range of measures to position the company to help tackle climate change and to benefit from the low-carbon transition. They included "exiting investments that present a high sustainability-related risk, such as thermal coal producers".Yet Lara Cuvelier, sustainable investment campaigner at Reclaim Finance, today accused BlackRock of "greenwashing". Cuvelier called on the world's biggest asset manager, which manages around $8 trillion in assets, to do more.
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