What climate crisis? Fund managers stick with fossil fuels

None of the world’s largest asset managers have definitively called on fossil fuel companies to stop the development of new oil and gas projects.

BlackRock CEO Larry Fink | Photo: Evan Agostini/AP/Ritzau Scanpix

Surely, one would think, given all the climate-conscious talk coming from Wall Street bigwigs like BlackRock Inc. Chief Executive Officer Larry Fink, that the investment industry would be using all of its muscle to press the world’s worst polluters to reduce their production of dangerous greenhouse gases.

Instead, the opposite is true.

Together, 30 of the biggest asset managers have at least USD 550bn invested in oil, gas and coal companies that have expansion plans, and even more alarmingly, they continue to provide “fresh cash to companies that are ignoring climate science,” said Lara Cuvelier, sustainable investment campaigner at Reclaim Finance, a nonprofit which published a scorecard Wednesday grading investment firms on their environmental commitments.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from AMWatch

Pensions sector responds to "unnuanced" carbon report

In a new report, NGO Mellemfolkeligt Samvirke criticized the pension sector for its DKK 22bn investments in fossil fuel expansion. An industry organization has now responded, saying the report ignores the complicated nature of the issue.

Further reading

Related articles

Latest news

Watch job

See all jobs

See all jobs

Latest news from FinansWatch (dk)

Latest news from EnergyWatch

Latest news from ShippingWatch