Following on "How Rotten Is ESG World? The Raid On Deutsche Bank".
Via ThisIsMoney, May 2:
Blackrock has been slammed after increasing its stake in Glencore despite a previous pledge to scale down investment in coal producers.
Two years ago, Blackrock chief executive, Larry Fink, promised to put sustainability at the heart of investment decisions at the world’s largest asset manager.
His firm highlighted coal producers as a concern because they are ‘carbon intensive, becoming less and less economically viable, and highly exposed to regulation because of environmental impacts’.
But Glencore’s company records show that Blackrock’s holding has grown by more than 300million shares since January 2020.
This is an increase in value of £1.5billion given the latest share price, prompting calls of climate hypocrisy.
Blackrock now holds more than 1billion shares in Glencore, around 8 per cent, worth £5billion. That makes it the second-biggest shareholder. Only Glencore’s former chief, Ivan Glasenberg, now has a larger holding.
Glencore is a major global player in coal with 26 mines in Australia, Colombia and South Africa. In 2020, Blackrock said it would reduce assets in firms that generate more than 25 per cent of their revenues from coal....
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