New York City Comptroller Brad Lander and national climate activists are calling on international asset manager, BlackRock, to stop investing in the expansion of fossil fuel infrastructure and to start leading the way in divesting.
BlackRock holds a value of about $10 trillion and is among the world’s biggest investors in coal production, advocates said during an online forum Monday. The company has $109 billion in assets in the coal sector based on BlackRock’s filings through November 2021, according to a February analysis released by Urgewald, a German-based environmental group that tracks investments in the fossil fuel industry.
Last December, BlackRock invested $15.5 billion in natural gas pipeline projects in Saudi Arabia. BlackRock manages around $62.5 billion of investments for the city’s pension funds as of May 31, according to the comptroller’s office.
Lander has faced pressure from climate activists to be more aggressive with the firm.
In the virtual forum Monday, hosted by the group Climate Families, Lander said the city’s pension system cannot achieve its net-zero climate targets unless BlackRock does more to divest from fossil fuel holdings.