One year on, what has BlackRock done to center sustainability in its business? Read our campaign's analysis of BlackRock's climate achievements since Larry's 2020 letter.




Jan 2020: Today, after increasing pressure from all sides, BlackRock CEO Larry Fink in his highly anticipated letter, announced a sweeping new set of policies which aim to put climate change and sustainabiilty at the center of BlackRock's business model.


This announcement is a major shift for BlackRock, which had previously failed to take action. It is a very important step in the right direction as the world faces increasing risk from climate change.


Real our analysis of Larry's 2020 letter here.   

But these words haven't yet led to action 
on BlackRock's biggest problem.

Background: Every January, BlackRock CEO Larry Fink writes a letter to the business community. With ~$7T under management, his letter is a kind of Royal Proclamation from his throne on Wall Street.


In the past, Larry's letters have said some nice things:

Business must have a

Social Purpose

Step in and

Act where
Fail to

Think for the


The climate emergency threatens everything we know,
including the health of the economy.

In 2020, a critical year for the climate,

BlackRock can't continue to ignore its role in the crisis.

Because BlackRock, the world's biggest investor,

is also the world's:


number one

Investor in COAL


number one

Investor in OIL & GAS


number one



In 2020, BlackRock must take serious
action on climate:

1. first, quit coal

As a first step and following many other financial institutions, BlackRock should develop a coal policy immediately. This policy should be applied first to all actively managed funds following criteria established by the Coal Exit List.

2. offer fossil free funds by default

BlackRock should prioritize fossil and deforestation free funds
and make it the default option for all investors and clients.

3. vote pro-climate

BlackRock must use its shareholder power to move companies towards Paris-compliance, including by voting for climate resolutions and taking action against boards of directors holding up progress on climate. BlackRock's engagement with companies must be transparent with clear deadlines and ambitious timelines for change.

4. clean up ESG

BlackRock's "sustainable" products current hold coal, oil, and gas companies including pure play coal companies like Peabody. BlackRock must clean up its Environmental, Social, and Governance (ESG) and sustainable funds and create a standard criteria for "sustainability".

Will Larry's 2020 letter respond to his climate challenge,

or be filled with more empty rhetoric about others?

Read our analysis of Fink's 2020 letter below: