Asset manager BlackRock threatens to sell shares in worst climate polluters

Asset manager BlackRock threatens to sell shares in worst climate polluters

BlackRock has said it will threaten to sell its shares in the worst corporate polluters, as the world's largest asset manager pledged to support the goal of net-zero carbon dioxide emissions by 2050.Larry Fink, BlackRock's chief executive, said the coronavirus pandemic had increased focus on existential climate risks, in his annual letter to chief executives around the world.BlackRock has significant influence with companies, investors and governments because of the vast array of shares, bonds and other assets its controls, worth $8.7tn (£6.4tn) at the end of September.Fink said the coronavirus pandemic had increased the focus on the climate crisis among investors.“I believe that the pandemic has presented such an existential crisis – such a stark reminder of our fragility – that it has driven us to confront the global threat of climate change more forcefully and to consider how, like the pandemic, it will alter our lives,” he wrote.“No issue ranks higher than climate change on our clients' lists of priorities.”BlackRock's fossil fuel investments. Photograph: The GuardianBlackRock has faced significant pressure from environmental activists to improve its record on climate action, given its role as the biggest controller of shares and bonds in the world, including vast holdings of fossil