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$7T asset manager BlackRock to drop coal producers in climate push
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New York-based global investment firm BlackRock is "reshaping" finance by strengthening its efforts to combat climate change as part of its $7 trillion spending strategy.
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The company, which had $6.84 trillion in assets under management as of June 2019, according to its website, wants to stop investing that money in companies that pose "climate risk," including thermal coal producers, BlackRock CEO Larry Fink wrote in letters to clients and CEOs on Tuesday.
The firm stopped short of divesting altogether from fossil-fuel producing companies, saying it would offer investors the opportunity to screen such investments.
"Climate change has become a defining factor in companies' long-term prospects," Fink's letter to CEOs reads. "Last September, when millions of people took to the streets to demand action on climate change, many of them emphasized the significant and lasting impact that it will have on economic growth and prosperity. … Awareness is rapidly changing, and I believe we are on the edge of a fundamental reshaping of finance."
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