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BlackRock cold shoulders fossil fuels, praises sustainability

We won’t pretend to be wildly interested or highly knowledgeable about how BlackRock manages its investments, but its letter to clients this week makes it abundantly clear that it is going through a step change in investment strategy, putting sustainability where traditional market cap-weighted index exposures once were. With BlackRock understood to manage some $7 trillion in assets, its adherence to the sustainability standards which the IPCC says are compatible with 2 degrees of warming, will make a huge difference to the availability of funds for companies under risk from climate change. It could effectively starve them of investment. BlackRock, in a letter to clients, out this week highlighted coal as a market it could no longer invest in, where…

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