Blackrock’s Big Problem
Fossil fuel projects don’t just need governmental approval - they also need money. Many investment firms use customer's money to invest in fossil fuel projects, the very projects that perpetuate global heating, ecological destruction, and fuel the Sixth Mass Extinction.
Blackrock
Since the financial crisis of 2008, asset managers have become the biggest owners of the economy. The largest investor is BlackRock, holding $6.4 Trillion in assets. BlackRock is also the largest owner of fossil fuel companies, owning more coal, oil and natural gas, and destroying more of the rainforest than any other company in the U.S.
Larry Fink, BlackRock's CEO, has called on companies to have a “social purpose” and make a “positive contribution to society," but his own business practices are creating conditions that are pushing the Earth towards her tipping points and leading us further down the path to extinction.