Financial News
Vanguard, BlackRock singled out for $170bn coal exposure
The research by more than 25 lobby groups and climate activists comes as global asset managers have pledged to tackle climate change By Thursday February 25, 2021 5:00 am
Vanguard and BlackRock, the world’s two largest asset managers, have been singled out for having the highest exposure to the global coal industry, holding $170bn between them in some of the most notorious polluters.
Research conducted by more than 25 lobby groups and climate activists including Urgewald, Reclaim Finance and Rainforest Action Network, analysed financial flows to 934 companies across the coal sector, such as Glencore and RWE.
Vanguard and BlackRock uncovered as largest investors in coal industry
Larry Fink, CEO of BlackRock, recently called for more sustainable investment practices. However, research has shown BlackRock to be the second largest investor inthe coal industry. (Photo by Eugene Gologursky/Getty Images for IRC)
The US mutual fund company Vanguard has been named the world’s largest institutional investor in the coal industry, with holdings of almost $86 bn, according to research carried out by Rainforest Action Network, Urgewald and 28 other NGO partners.
The investor is closely followed by BlackRock, which has invested over $84bn in the coal industry to date. Together, the two investments giants account for 17 per cent of all institutional investment in the coal industry.
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