BlackRock, the world’s biggest money manager, made headlines early this year when it pledged to prioritize climate change in its investments and pare down its coal holdings.
But environmentalists say the company has failed to make good on this promise in a series of shareholder proposals at annual meetings this year.
Led by influential Wall Street player Larry Fink and overseeing some $7.3 trillion in assets, BlackRock in January vowed to take action to address climate change and sustainable development, raising the hopes of environmentalists.
“We applauded BlackRock for its statement at the beginning of this year…. and we acknowledge that they have taken some steps in that direction,” said Ben Cushing, who leads the Sierra Club’s financial advocacy campaign.
“But clearly it has not translated into fast-enough, or bold-enough action.”