BlackRock Inc. added its considerable heft to a group of investors that's pressing the world biggest emitters of greenhouse gases to change their ways.
The addition of the world's largest fund manager is a significant milestone for Climate Action 100 Plus, bringing total assets under management by its members to more than $41 trillion. The group already has some notable victories in its campaign of engagement with corporate giants that account for more than two-thirds of global industrial emissions.
Last year, BP agreed to report in detail on how its investments are compatible with the Paris climate agreement after shareholders supported a resolution proposed by the activist group. It has also extracted pledges from Royal Dutch Shell and commodities giant Glencore.
"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.