Global investment behemoth BlackRock, with $7trn assets under management has today announced it is joining the Climate Action 100+ investor initiative ($35trn AUM) to ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change.

Statement from Carbon Tracker Founder and Chairman Mark Campanale:

“Carbon Tracker welcomes the decision by BlackRock to support the CA100+ investor engagement initiative on climate. Given the immediate need for companies, particularly in the fossil fuel heavy energy sector, to produce Paris consistent transition plans, BlackRock’s support has just come at the right time.

The challenge now is to see a ‘high bar’ on climate disclosure followed, as well as business alignment by fossil fuel companies such as Exxon, on the goals of the Paris agreement. BlackRock needs to lend its voice to the many involved in CA100+ calling for no new investment in expanding fossil fuel production. This announcement from BlackRock will lead to some uncomfortable shuffling in the board rooms of Big Oil, power utilities and other carbon intensive industries, who want to stick to a no real change ‘business as usual’ narrative.

Previous research has highlighted large U.S passive investors – including BlackRock, Vanguard and State Street have lagged EU competitors in their support for climate motions. BlackRock’s decision will increase pressure on the U.S fund management industry to act on climate.”

Read here the CA100+ Statement: