BlackRock blacklists thermal coal
BLACKROCK is the latest investor firm to call it quits on thermal coal. In a letter to its clients, the world’s biggest fund manager stated that in response to clients’ concerns about the impact that sustainability factors were having on economic growth, asset values and financial markets, it would no longer invest in companies sourcing more than 25pc of revenue from thermal coal. It marks a 180 degree turn on its previous program of aggressively buying Australian coal stocks in 2019. In outlining its reasons for a new approach to sustainability, BlackRock stated “the most significant of these factors today relates to climate change”. “Namely, how the global transition to a low-carbon economy could affect a company’s long-term profitability. “The…