BlackRock lost $90bn investing in fossil fuel companies, report finds | Environment | The Guardian

BlackRock, the world’s biggest investor, has lost an estimated $90bn over the last decade by ignoring the serious financial risk of investing in fossil fuel companies, according to economists.

A report from the Institute for Energy Economics and Financial Analysis (IEEFA) has found that BlackRock has eroded the value of its $6.5tn funds by betting on oil companies that were falling in value and by missing out on growth in clean energy investments.

The report found that BlackRock’s multibillion-dollar investments in the world’s largest oil companies – including ExxonMobil, Chevron, Shell and BP – were responsible for the bulk of its losses.The fund manager was also stung by the collapse of big US fossil fuel companies, including General Electric, and the coal mining company Peabody.

via BlackRock lost $90bn investing in fossil fuel companies, report finds | Environment | The Guardian

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