BlackRock lost $90bn investing in fossil fuel companies, report finds

World's biggest fund manager urged to invest in clean energy for good of the climate and its investors

BlackRock, the world's biggest investor, has lost an estimated $90bn over the last decade by ignoring the serious financial risk of investing in fossil fuel companies, according to economists.

A report from the Institute for Energy Economics and Financial Analysis (IEEFA) has found that BlackRock has eroded the value of its $6.5tn funds by betting on oil companies that were falling in value and by missing out on growth in clean energy investments.