Asset managers including BlackRock, Vanguard, and State Street talk a big game on climate. But when it’s time to follow it up with real action, they’re nowhere to be seen.
A few weeks ago, shareholders at Citi, Wells Fargo, Bank of America, and Goldman Sachs voted on resolutions demanding the banks stop financing fossil fuel expansion. It’s clear that BlackRock, Vanguard, and State Street voted the wrong way.
They still have time to make a change. Next week is the shareholder meetings for JPMorgan Chase and Chubb – the world’s largest financier of fossil fuels, and one of the world’s largest investors of coal, oil, and gas. Both companies face similar resolutions, demanding they stop supporting fossil fuel expansion.
These large asset managers can’t have it both ways. They can’t talk about their commitments to sustainability and climate, while voting down policies that would actually keep greenhouse gas emissions in check.
They need to hear from us: we won’t let this greenwashing stand.
Money talks – and when the amount of money that BlackRock, Vanguard, and State Street have invested says it’s time to stop supporting fossil fuel expansion, the big banks and insurance companies will have no choice but to listen.
– Arielle, Stop the Money Pipeline team
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