BlackRock* Bluster? Green Century Questions BlackRock’s Exposure to Deforestation Through Its Financing Practices
Contact: Kyle W. Kempf, Green Century Capital Management, email@example.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.
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.
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The Green Century Funds are distributed by UMB Distribution Services, LLC. 235 W Galena Street, Milwaukee, WI 53212. 2/19