BlackRock lost $90bn investing in fossil fuel companies, report finds
by Jillian Ambrose from Environment | The Guardian on (#4MBES)
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.
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