1. Activists Cheer BlackRock's Landmark Climate Move But Call for Vigilance

    Activists Cheer BlackRock's Landmark Climate Move But Call for Vigilance

    Divestment decision by the world’s biggest fund manager called a breakthrough – but only a first step. In recent decades, environmentalists have grown used to disappointment when big companies and Wall Street pay lip service to concern over the climate crisis. On Tuesday, it looked like something might have changed...

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    1. Awareness is rapidly changing, and I believe we are on the edge of a fundamental reshaping of finance.
    2. The steps BlackRock is taking are baby steps, and we will have to watch and push hard for them to begin striding at the pace we need to go. But in some sense, the first step is often the hardest.
    3. Coal is part of the problem, but not the biggest part of the problem – oil and gas are.
    4. We have the largest investment stewardship team in the industry and engage with companies even in the absence of shareholder proposals.
    5. Either you commit to the science-based targets of the Paris climate agreement and align you operations, governance, political spending, lobby and trade association activities to achieve that target or we will vote against you and your directors.
    6. Think about how passive that sentence is, then think about the behavior of ExxonMobil or Marathon petroleum, who through their capital expenditures and policy influence have actively undermined our ability to protect long-term investors and meet the goals of the Paris agreement.
    7. For all of us that have been campaigning for years around climate finances, this is an historic moment. From today, it's going to be harder to go sink of load of money in Exxon, because the biggest financial firm in the world has said.
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