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Few people know just how large and important BlackRock has become to the financial system. Even less realize it’s a driving force behind the climate emergency. It’s AGM is this week. Here’s s a few things you should know to level up theguardian.com/business/2019/…
There are 112 globally significant financial institutions that have exited the coal industry. BlackRock stands out like a sore thumb bucking this trend as the world’s LARGEST owner of the coal industry. It’s the top shareholder in 7 of the worlds largest coal producers 
But it’s not just coal. They’re also a top three owner of every oil super major. If anyone truly faces transition risk it’s these guys but wait...
It’s actually us because BLK is an asset manager not owner. They manage OUR money which means we face the risk if things go south. Problem is they already are. The energy sector is increasingly looking like a volatile bad bet for average investors ieefa.org/ieefa-update-2…
But it’s not just BLK management of our money, it’s their mismanagement of our power as investors. It turns out they rarely, if ever, vote FOR resolutions to address climate at the companies that they...actually we...own. They’re routinely at the bottom
But wait, it gets worse. millennials don’t like fossils which is why sustainable ESG funds are taking off. Problem is BLK is gaslighting us w/their ETF offerings. @BLKBigProblem analyzed their sustainable offerings and found $423M in fossil fuel holdings Bit.ly/BLK_ESG_Greenw…
But wait, it gets worse. That included a single fund w/ 7 different coal companies...in your sustainable retirement funds people! These same funds can be offered coal free...if you live in Europe where regulators are increasingly concerned with Greenwash google.com/amp/s/amp.ft.c…
But wait, it gets worse. Their CEO Larry Fink has eyes on higher office, specifically Treasury & he’s already advising candidates. Which means that this whole mess could come to a regulator near you under the guise of ‘climate action’
So pay attention to BlackRock. They matter. And read great stuff like this piece from @jjpjolly. Because the more we know the less they get away with using OUR money
