LONDON - BlackRock added its considerable heft to a group of investors that's pressing the world biggest emitters of greenhouse gases to change their ways.
"This announcement from BlackRock will lead to some uncomfortable shuffling in the board rooms of Big Oil, power utilities and other carbon intensive industries," Mark Campanale, founder and chairman of Carbon Tracker, said in an emailed statement. Climate change is becoming an increasingly important topic in the asset management industry. Protesters and non-profit groups are ramping up criticism of the largest fund managers for what they say is insufficient action around the global environmental crisis. Investor money is starting to follow, with environmental, social and governance, or ESG, investment strategies for exchange-traded funds drawing in a record $8 billion in 2019, according to data compiled by Bloomberg.
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