World’s Largest Asset Manager BlackRock Joins $41 Trillion Climate-Change Investing Pact
By Rachel Koning Beals
BlackRock, the world’s largest asset manager with more than $6.8 trillion under its control, becomes the latest signatory to Climate Action 100+, an influential big-money pact that’s pushing — although with spotty results so far — many of the world’s largest greenhouse-gas emitters to take action on man-made climate change.
BlackRock joins more than 370 global investors, including pension giant CalPERS and HSBC Global Asset Management, already participating in the initiative, which aims to sway companies ranging from fossil-fuel producers to consumer-product conglomerates to be carbon neutral by 2050. With BlackRock on board, total assets under management represented by Climate Action 100+ now top $41 trillion.
“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,” said Mindy Lubber, a member of the Climate Action 100+ steering committee and CEO and President at Ceres, which advocates for sustainability-minded investors, in a release.
Photo courtesy of Shever.