| Dear Katy, To fight climate change, we have to stop the flood of money fueling it. The world's largest investor in oil, gas and thermal coal is a money management firm called BlackRock – the world's largest asset manager.1 BlackRock controls over $6 trillion, about as much as the world's 20 largest pension funds combined.2 If BlackRock stopped investing in fossil fuels – and used its vast power to influence the companies it invests in – we would be far closer to transitioning the entire global economy to a clean energy future. Tell BlackRock CEO Larry Fink: Divest from fossil fuels and use Blackrock's influence to transition the global economy to clean energy. Click here to sign the petition. Most of us don't think much about the companies that manage the world's money, but they have vast power over our economy. BlackRock invests those trillions for mutual funds, pension plans, charities, banks, corporations and even governments (including the United States). It is hard to imagine one company having so much influence over our climate. BlackRock is the largest investor in new coal plants worldwide.3 And it holds reserves in fossil fuels amounting to a staggering 9.5 gigatons of carbon emissions – equivalent to 30 percent of total energy-related carbon emissions from 2017.4 BlackRock CEO Larry Fink recently said he wants the company to be a leader in sustainable investing.5 But if he truly wants to lead, BlackRock must divest from fossil fuel companies. The firm should also prioritize fossil fuel-free and deforestation-free funds, push companies it owns to align their goals with the Paris climate agreement, and escalate pressure on others in the industry through transparent shareholder engagement. A new campaign called BlackRock's Big Problem is pushing the company to do all of this.6 This is the next frontier of the fight against climate change. Every oil pipeline, coal plant and fracking well costs millions to get off the ground. If we turn off the tap of investment funds to dirty fossil fuel projects, we can start to course-correct our planet's future. Tell BlackRock CEO Larry Fink: Divest from fossil fuels and use BlackRock's influence to transition the global economy to clean energy. Click the link below to sign the petition: https://act.credoaction.com/sign/blackrock-divest?t=7&akid=30952%2E12967895%2Ev_AXMI Thanks for fighting back, Brandy Doyle, Campaign Manager
CREDO Action from Working Assets Add your name: References: - InfluenceMap, "Who Owns the World's Fossil Fuels: A forensic look at the operators and shareholders of fossil fuel companies," December 2018.
- BlackRock's Big Problem, "BlackRock's Big Problem," accessed Dec. 19, 2018.
- Ibid.
- InfluenceMap, "Who Owns the World's Fossil Fuels: A forensic look at the operators and shareholders of fossil fuel companies."
- Peter Smith, "BlackRock stakes claim on 'sustainable investing' revolution," Financial TImes, Oct. 22, 2018.
- BlackRock's Big Problem, "BlackRock's Big Problem."
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