The Global Campaign for Corporate Accountability has identified BlackRock as one of the world’s biggest corporate drivers of climate collapse and ecocide. As one of the top three fossil fuel asset managers, BlackRock props up the industry to the tune of $260 billion in investments. ^[1]^[2] Further through wishy-washy climate promises and support for false climate solutions it is a major proponent of greenwashing that fails to address the root causes of the climate crisis.^[3]

Oil and Gas

BlackRock is a top-three owner of the world’s most powerful and most polluting petroleum and fossil gas corporations – from ExxonMobil^[4] to Chevron^[5], ConocoPhillips^[6], and Marathon Petroleum^[7]. It recently led a consortium of investors that funneled $15.5 billion into Saudi Aramco, the world's largest fossil fuel company.^[8]^[9]

Coal

Even as insurance and investment for the coal industry shrinks, BlackRock remains its largest institutional investor with ~$109 billion invested in the industry.^[10]^[11] The company recently plunged over $34 billion into companies developing new coal assets, including $1.2 billion in Adani Group’s dirty coal mine project in Australia, which over 100 companies have ruled out investing in due to public pressure.^[12]^[13]

Sources

[1] ttps://www.cbsnews.com/news/blackrock-texas-fossil-fuels-boycott

[2] ttps://www.theguardian.com/environment/2019/oct/12/top-three-asset-managers-fossil-fuel-investments

[3] ttps://www.corporateaccountability.org/blog/blackrock-for-2022-corporate-hall-of-shame/

[4] ttps://www.sec.gov/Archives/edgar/data/34088/000119312522098314/d280259ddef14a.htm

[5] ttps://www.chevron.com/-/media/shared-media/documents/chevron-proxy-statement-2022.pdf

[6] ttps://static.conocophillips.com/files/resources/conocophillips-2022-proxy-statement.pdf

[7] ttps://s2.q4cdn.com/142437514/files/doc_financials/2021/ar/2022_MPCProxyStatement.pdf

[8] ttps://www.aramco.com/en/news-media/news/2021/aramco-announces-landmark-gas-pipeline-deal

[9] ttps://www.corporateaccountability.org/blog/blackrock-for-2022-corporate-hall-of-shame/

[10] ttps://us.insure-our-future.com/exposed-the-coal-insurers-of-last-resort/

[11] ttps://www.urgewald.org/en/medien/who-still-financing-global-coal-industry

[12] ttps://www.urgewald.org/en/medien/who-still-financing-global-coal-industry

[13] ttps://ieefa.org/resources/ieefa-blackrock-has-moved-rapidly-climate-adani-exposures-remain-major-obstacle

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BlackRock

Oil and Gas

Coal

Sources

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