ClimateTicker

BlackRock

NYSE: BLK23Laggard· Provisional
0 followersAsset manager·New York, US·Founded 1988
www.blackrock.com

World's largest asset manager that built the dominant ESG ETF franchise (iShares) but withdrew from the Net Zero Asset Managers initiative in January 2025 and continues to hold significant fossil-fuel positions.

23/100
Laggard· Provisional

ClimateTicker Green Score · how it's calculated

Greenwashing risk: highData confidence: high

Why it's on ClimateTicker

BlackRock is the world's largest asset manager and a dominant force in ESG investing through its iShares ETF franchise, but its climate credentials are severely undermined by its rank as the world's second-largest fossil fuel investor, its January 2025 exit from the Net Zero Asset Managers initiative, and a landmark greenwashing complaint filed by ClientEarth over $1 billion in fossil fuels held inside funds marketed as 'sustainable.' Its role on the climate platform is as a capital allocator that could accelerate decarbonization at massive scale — but currently does not.

enablerBlackRock earns fee income by managing over $11 trillion in assets across ETFs (notably the iShares franchise), active funds, alternatives, and multi-asset strategies for institutional and retail clients worldwide; ESG-labeled products command higher fees and have been a key growth driver.

Commitments & Certifications

other: Formerly signatory — withdrew January 9, 2025 ↗other: Operational net-zero target by 2030 (unvalidated by SBTi) ↗

Controversy & Greenwashing Watch

highNZAM Founding Member Exit

BlackRock resigned from the Net Zero Asset Managers initiative on January 9, 2025 — an initiative it helped found — effectively triggering a full suspension of NZAM's operations for review.source ↗

highFossil Fuels in 'Green' Labeled Funds

DeSmog and Reclaim Finance found BlackRock holds $850M in fossil fuels across funds explicitly claiming to exclude hydrocarbons, and that 72% of its 'sustainable' passive funds were exposed to fossil fuel expansion.source ↗

highTexas-Led Multistate Antitrust Lawsuit (Coal Markets)

Texas AG Ken Paxton and several other state attorneys general sued BlackRock, Vanguard, and State Street in late 2024, alleging they used climate coalitions including NZAM to collude in restricting coal production, raising electricity costs for consumers.source ↗

highClientEarth Greenwashing Complaint (France AMF)

In October 2024, ClientEarth filed the first-ever greenwashing complaint against a financial institution with France's AMF, alleging BlackRock holds over $1 billion in fossil fuels inside 18 funds marketed as 'sustainable,' breaching SFDR and its own fund promises.source ↗

mediumGIP Acquisition Doubles Fossil Fuel Private Equity Exposure

BlackRock's acquisition of Global Infrastructure Partners more than doubled its count of fossil fuel companies in its private equity portfolio from 9 to 24, raising fossil fuel share to 46% of its energy holdings.source ↗

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