BlackRock has become the latest signatory to Climate Action 100+, a pressure group calling for the world’s largest polluters to reduce their emissions.
BlackRock is the world’s largest asset manager, with more than US$6.8 trillion in AUM. More than 370 global investors already participate in the initiative, with a combined AUM of $41 trillion.
“BlackRock is one of the largest and most influential asset managers in the world and will bring even more heft to investor engagement through Climate Action 100+,” said Emily Chew, current Climate Action 100+ steering committee chair and global head of ESG research and integration at Manulife Investment Management.
“We look forward to working with BlackRock to build on the initiative’s success and work to ensure companies take the urgent and necessary action needed in response to the climate crisis.”
BlackRock has previously been criticised for its large investments in fossil fuels and for voting against several resolutions brought by Climate Action 100+ members at shareholder meetings.
Signatories of the Climate Action 100+ commit to engaging with companies to take action to reduce greenhouse gas emissions, implement a strong governance framework, and provide enhanced corporate disclosure.
“BlackRock’s decision to sign on to Climate Action 100+ reinforces that the world’s largest asset manager believes that climate change is a growing financial risk to both companies and the global economy,” said Mindy Lubber, a member of the Climate Action 100+ steering committee and CEO and president at Ceres.
“Given BlackRock’s size and influence, their commitment to accelerating engagements with the largest corporate greenhouse gas emitters on climate change sends a powerful signal to companies to reduce emissions, improve corporate governance and strengthen their disclosure.”
“Climate Action 100+ has already had an enormous impact and generated groundbreaking net-zero emission targets from some of the highest-emitting companies around the world. With BlackRock’s commitment to the goals of the initiative, we will assuredly see more impactful results in tackling the global climate crisis.”
Climate Action 100+ engages with 161 companies, including “systemically important emitters” accounting for two-thirds of annual global industrial greenhouse emission.