Climate Changed
Big Coal Escapes BlackRock’s New Climate Plan
- Largest asset manager sets threshold at 25% of revenue
- Fink sees no long-term rationale for thermal coal investment
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BlackRock Inc. will cut exposure to thermal coal as the world’s largest asset manager moves to address climate change, but that doesn’t mean it’s selling out of the biggest producers -- including top shipper Glencore Plc.
Producers of the dirtiest fuel are coming under increasing pressure from money managers to either abandon the business or show plans for an eventual exit. What investors don’t agree on, is how to measure progress and whether companies are complying.