BlackRock Dropped as Fund Manager by Sierra Club on Climate Risk (1)

Sierra Club Foundation, the fiscal sponsor for one of the US’s largest environmental organizations, is pulling money from BlackRock Inc., citing the asset manager’s “refusal” to “address the systemic financial implications of the climate crisis” in its investment decisions.

“Climate risk is financial risk,” said Paul Rissman, an emeritus board member of the Sierra Club Foundation, in an announcement on Wednesday. BlackRock has failed to “support real-world decarbonization through stronger stewardship practices” he said.

The group said it decided to withdraw $10.5 million of funds — a tiny fraction of BlackRock’s $11.6 trillion assets under management — in part because of the company’s exit from the Net ...