Fund titan says investing in traditional energy sources is now required to boost security
By Simon Foy 11 May 2022 • 7:21pm
Blackrock has ballooned to manage more than $10 trillion in assets Credit: Brendan McDermid /REUTERS
BlackRock has warned it will vote against most shareholder green activism this year for being too extreme, in a significant u-turn by the world’s biggest money manager.
The company said it was concerned about proposals to stop financing fossil fuel companies, including forcing them to decommission assets and setting absolute targets for reducing emissions in their supply chains.
It comes as BlackRock said Russia’s invasion of Ukraine has impacted the transition to net-zero, adding that short-term investment in traditional energy sources is now required to boost security.
In a stewardship report, the asset manager said: “We do not consider [the proposals] to be consistent with our clients’ long-term financial interests.
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