BlackRock* Bluster? Green Century Questions BlackRock’s Exposure to Deforestation Through Its Financing Practices
Contact: Kyle W. Kempf, Green Century Capital Management, kkempf@greencentury.com, (617) 482-0800
Boston, February 26, 2019 – Today, Green Century sent an inquiry letter to BlackRock, Inc. (BlackRock), regarding its strategies and policies to address and mitigate its exposure to deforestation through its financing practices. With nearly $6 trillion in assets under management, BlackRock is the world’s largest asset manager.
“BlackRock’s actions do not seem to match its public pronouncements. Investors have the right to know if BlackRock’s posturing is just bluster, or if it’s actually committed to combating climate change, halting deforestation, and reducing investor risk,” said Green Century President Leslie Samuelrich.
In his last two annual letters, BlackRock CEO Larry Fink warned the CEOs of the companies that BlackRock invests in that they must do more than make profits, they must be leaders in a divided world and make a “positive contribution to society.”
Meanwhile, BlackRock has increased its coal holdings since the landmark Paris climate agreement, and now owns more thermal coal than anyone else in the world.
The destruction of tropical forests and peatlands for agricultural expansion of commodities, such as palm oil and soy, are leading drivers of climate change, responsible for approximately 10% of global greenhouse gas emissions. Deforestation also threatens biodiversity, soil health, existing precipitation patterns, and crop yield.
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About Green Century Capital Management
Green Century offers three environmentally and socially responsible mutual funds. Through fossil fuel free investing and our three-pronged approach of sustainable investing, active shareholder advocacy, and support of environmental and public health non-profits we work to curb climate change, improve environmental policies, and limit environmental impacts of company supply chains.
*As of December 31, 2018, Black Rock comprised 0.00%, 0.47%, and 0.00% of the Green Century Balanced Fund, the Green Century Equity Fund, and the Green Century International Index Fund, respectively. No other securities mentioned were held in any of the portfolios of the Green Century Funds as of the same date. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.
You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please click here, email info@greencentury.com, or call 1-800-934-7336. Please read the Prospectus carefully before investing.
Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk. A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.
This information has been prepared from sources believed reliable. The views expressed are as the date of this writing and are those of the Advisor to the Funds.
The Green Century Funds are distributed by UMB Distribution Services, LLC. 235 W Galena Street, Milwaukee, WI 53212. 2/19
