BlackRock Inc. said Thursday that it has joined Climate Action 100+, the world’s largest group of investors by assets pressuring companies to act on climate change, following criticism that the money manager hasn’t done enough to move the needle.
“We believe evidence of the impact of climate risk on investment portfolios is building rapidly and we are accelerating our engagement with companies on this critical issue,” a BlackRock spokesperson said.
Launched in 2017, Climate Action 100+ is a group of more than 370 institutional investors, including the money management arms of HSBC Holdings PLC and UBS Group AG , that now represents around $41 trillion in assets thanks to BlackRock’s membership, up from $35 trillion. The group has successfully pressured oil giants Royal Dutch Shell PLC and BP PLC to set targets to reduce emissions and disclose more data.
“BlackRock is responding to the demands of its asset owner clients and other groups globally that they take meaningful action to address climate change,” said Fiona Reynolds, member of the Climate Action 100+ Steering Committee and chief executive of the Principles for Responsible Investment.