BlackRock is one of the largest investors in the Wall Street banks funding the climate crisis. Owing to the sheer amount of money it manages, BlackRock has enormous power to push banks to end their financing of fossil fuels.
Last year, the International Energy Agency confirmed what activists have long said: in order to have any real chance of constraining global warming to 1.5 degrees, we need to stop the construction of new fossil fuel infrastructure immediately.
The big banks have made public comments about their commitments to the Paris Agreement, and to climate and racial justice, but they’re still financing corporations that are rapidly expanding their fossil fuel operations.
Now, BlackRock has an opportunity to make a real difference ― by casting a critical vote on the resolutions instructing the big banks to end their financing of fossil fuel expansion.
BlackRock talks a big game on climate, and has made commitments to net-zero by 2050. But a 2050 target is meaningless without action to stop fossil fuel expansion in 2022. BlackRock can’t rake in glowing headlines for being a climate leader without taking real steps now to end the expansion of new fossil fuel infrastructure.
The shareholder resolutions before the big banks are a chance for BlackRock to ensure its actions align with its words. We need BlackRock to vote yes for climate, yes for financial responsibility, and yes for a safe and livable future.
In Solidarity,
– Arielle, Stop the Money Pipeline team
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