Gabby Brown, gabby.brown@sierraclub.org
Despite CEO Larry Fink’s supposed commitment to climate leadership, BlackRock is leading a group of investors in a $15.5 billion deal with Saudi Aramco to support the fossil fuel giant’s massive planned expansion of gas pipelines.
BlackRock is one of the world’s leading investors in fossil fuels. Larry Fink often touts his commitment to using the firm’s enormous influence to support a clean energy transition and tackle the climate crisis, and has taken steps toward limiting BlackRock’s investments in polluting sectors like coal and tar sands. This year, BlackRock pledged to achieve net-zero emissions by 2050 across its portfolio and joined the Net-Zero Asset Managers initiative. However, experts agree that in order to avert the worst of the climate crisis, the expansion of all fossil fuels -- including gas -- must stop immediately.
In response, Ben Cushing, Campaign Manager of the Sierra Club’s Fossil-Free Finance campaign, released the following statement:
“This bet on the future of dirty fossil fuels makes it clear that Larry Fink is still all talk when it comes to climate action. Massive fossil fuel expansion projects like this will make it impossible to avert the worst impacts of the climate crisis, and anyone who claims otherwise is either delusional or lying. Regardless of vague long-term pledges and incremental steps in the right direction, Fink simply cannot paint BlackRock as a climate leader and continue to invest in locking in climate pollution far beyond what the world can afford.”
About the Sierra Club
The Sierra Club is America’s largest and most influential grassroots environmental organization, with millions of members and supporters. In addition to protecting every person's right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.