Corporate Climatewashers: How to Spot Them
"It’s the new ‘greenwashing’ — claiming eco-virtue without earning it. Three ways to know a firm is the real deal.
When Larry Fink announced in mid-January he’d be putting solving the climate emergency at the center of his US $7.43-trillion investment company BlackRock’s strategy, even long-time critics acknowledged it was a huge deal. “It takes leadership and a certain kind of courage to admit that change is needed,” wrote Sierra Club executive director Michael Brune at CNBC. “Now we must keep the pressure on.”
BlackRock had earlier stated a commitment to “sustainability,” yet for years faced pressure from the Sierra Club and others over its investments in fossil fuels and Amazon deforestation. In a letter last month to shareholders, Fink promised measurable change: BlackRock would no longer invest in companies deriving 25 per cent or more of their revenues from thermal coal."