BlackRock, an American investment management corporation, has punished more than 50 companies starting from ExxonMobil, the oil company, to Volvo, Sweden’s automaker, for the lack of progress in combating global warming 6 months after warning of the huge investment risks from climate change. Larry Fink, executive director of the investment company with $ 6.8 trillion, said in January that BlackRock would become tough on groups that take climate change measures too slowly, threatening to dump some coal reserves before using their votes at annual meetings.
The company began to raise the issue of ecology because it faced repeated accusations that it had not taken significant actions to protect the health of the planet and the risks of global warming. In addition to 53 companies, 244 more were monitored in the report. Among the punished companies also were German carmaker Daimler, US coal company Peabody Energy and Fortum, a Finnish electricity company. BlackRock has historically conveyed its decision on how to vote at some banks, including JPMorgan because PNC was its largest shareholder. PNC sold its stake in BlackRock in May, according to FT.
This step was taken after BlackRock faced repeated allegations that it had not taken significant action on environmental issues, despite public statements about the risks of global warming.