BLACKROCK'S BIG PROBLEM
BlackRock is the largest asset manager on earth. With assets under management hovering around a staggering US$6.8 trillion, it is responsible for a portfolio more than double the size of France’s GDP. It manages pension and retirement funds across the world as well as the investments of dozens of state and local governments, college endowments, sovereign-wealth funds, and other large investors. This reach means the company maintains immense influence over world financial markets.
But BlackRock isn’t just big—it also has a big problem. By virtue of its size and business model, BlackRock has become a vital lifeline for corporate polluters, providing continued investment capital to the companies most responsible for the climate crisis.
Why This Matters
BlackRock is the largest investor driving new coal plant development, it is the largest investor in oil and gas, and the largest investor in companies driving deforestation. Since the Paris Agreement was signed, the biggest three asset managers (BlackRock, State Street and Vanguard) with a combined 40 trillion AUM, have increased holding of thermal coal reserves by 20%. A recent report by Majority Action shows that BlackRock in the last year has voted against all of the U.S. shareholder proposals backed by the Climate Action 100+ investor coalition thus using their shareholder influence and power to shield corporations to act on climate.
BlackRock is a structural force in our economy with the power to guide the flow of trillions of dollars in investment capital, therefore, If we want to have a shot at tackling the climate crisis, BlackRock must stop pouring money into the destruction of our climate and communities.
What You Can Do To Get Involved
- Social media-selfie with sign or selfie video with the message “Blackrock, Blackrock, how much do you earn for murdering our children while the Amazon burns?” Tag Blackrock and YVA
- Call their offices, send letters, ask to set up meetings–
CEO: Larry Fink SF Office: 400 Howard St, San Francisco, CA 94105 Phone: (415) 670-2000. When you call, they will ask how to direct your call. You can say you would like to leave a general message or ask for Mr. Fink (the CEO)
- Plan your own small action– for example, write your messages to Blackrock in chalk outside their offices, or pass out fliers to employees going in… sign up to be in touch with YVA or other organizers about this.