BlackRock: $6.5tn investor accused of dragging feet on climate crisis
BlackRock, which controls $6.5tn in assets, urged to use its influence on planet’s biggest polluters
When a letter from BlackRock’s founder and chief executive, Larry Fink, landed in inboxes in January saying that the world’s biggest investor would no longer invest in companies that are not compliant with the Paris climate agreement, people took notice. The media jumped on the announcement, which appeared to herald a new era of finance facing up to the perils of the climate emergency.
The letter was a hoax, carried out by the Yes Men, a group of pranksters with a history of embarrassing big companies. But while the message was fake, the concern behind it was not: environmental campaigners see BlackRock as a key obstacle to progress on meeting climate crisis goals.