BlackRock is the world’s largest fund manager, which has nearly US$6.5 trillion of assets under management. To give you some kind of perspective that is bigger in value than the third largest economy in the world, Japan. The IEEFA calculated that, due to BlackRock’s continuing investments in fossil fuels, there has been a whopping US$90 billion in value destruction and opportunity cost of the fund managers investments. And according to the IEEFA, “this represents just the tip of the iceberg.” As the report notes: “Out of BlackRock’s US$90 billion in estimated losses, 75% are due to its investments in four companies alone – ExxonMobil, Chevron, Royal Dutch Shell and BP – which have all underperformed the market in the past decade.”
— source priceofoil.org | Aug 2, 2019