Blackrock rejects request for Australia’s CBA to halt fossil fuel funding

Share:

The world’s largest money manager, BlackRock Inc, voted against a resolution calling for the Commonwealth Bank of Australia (CBA) to stop financing new fossil fuel projects.

Reuters mention that “CBA’s largest shareholder said it opposed the resolution, which also asked the bank to publish targets to cut its fossil fuel exposures consistent with net zero greenhouse gas emissions by 2050, because it was overly prescriptive.”

“It risks unduly constraining management’s ability to make business decisions,” BlackRock have stated.

Jack Bertolus of activist group Market Forces commented that the lack of support for the resolution was a perfect example of an asset manager failing to live up to its own net zero commitments.

In total BlackRock accounts make up a huge $32 trillion of total assets supporting groups that have declared commitments to limit greenhouse gas emissions to net zero by 2050. These include the Institutional Investors Group on Climate Change in Europe and the United Nations-backed Principles for Responsible Investment.

Reuters go on to state that the resolution was backed by just 14% of voting shareholders of Australia’s biggest lender at an annual meeting on Wednesday (Oct 13th). This comes just before the United Nations’ COP26 climate talks in Glasgow later this month, where Australia can expect to be put under pressure regarding their carbon emissions.

Source: Reuters

View our blog for industry news updates.

Spain

2023-2023 HISTORICAL FINDINGS
Asset Allocation – Fixed Income

U.S. Treasuries

No Data Found

Eurozone Government

No Data Found

EM Debt

No Data Found

Investment Grade

No Data Found

High Yield

No Data Found

Inflation-linked

No Data Found

Asset-backed Securities

No Data Found

Convertible Bonds

No Data Found

Green Bonds

No Data Found

Spain

2022-2024 HISTORICAL FINDINGS
Asset Allocation – Alternatives

Private Equity

No Data Found

Private Debt

No Data Found

Hedge Funds

No Data Found

Infrastructure

No Data Found

Real Estate

No Data Found

Collectibles

No Data Found

Spain

2022-2024 HISTORICAL FINDINGS
Asset Allocation – Equities

Global

No Data Found

Global EM

No Data Found

European

No Data Found

US

No Data Found

Japan

No Data Found

Asia ex Japan

No Data Found

Domestic

No Data Found

Frontier

No Data Found

Portugal

2022-2023 HISTORICAL FINDINGS
Asset Allocation – Alternatives

Private Equity

No Data Found

Private Debt

No Data Found

Real Estate

No Data Found

Infrastructure

No Data Found

Commodities

No Data Found

Hedge Funds

No Data Found

Collectibles

No Data Found

italy

2023-2024 HISTORICAL FINDINGS
Asset Allocation – Alternatives

Private Equity

No Data Found

Private Debt

No Data Found

Hedge Funds

No Data Found

Infrastructure

No Data Found

Real Estate

No Data Found

Collectibles

No Data Found

Italy

2023-2024 HISTORICAL FINDINGS
Asset Allocation – Fixed Income

U.S. Treasuries

No Data Found

Eurozone Government

No Data Found

EM Debt

No Data Found

Investment Grade

No Data Found

High Yield

No Data Found

Inflation-linked

No Data Found

Asset-backed Securities

No Data Found

Convertible Bonds

No Data Found