A new policy from the world’s largest asset manager may initially have a limited impact on global coal production, but it marks a significant milestone in the finance sector’s move away from fossil fuels.Not only is BlackRock Chairman and CEO Larry Fink moving his company away from fossil fuels, he is also calling on other corporate leaders to take a harder line on climate change. BlackRock is currently a substantial holder in several coal companies, a new S&P Global Market Intelligence analysis confirms. However, many of the world’s top coal producers will not meet the company’s new divestment criteria. A review of recent data shows companies in the coal and consumable fuel sector, including diversified miners, constitute about $18.62 billion of BlackRock’s investments. It has $7.43 trillion in assets under management.
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