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Despite Rhetoric, Massive New Fossil Fuel Expansion Project Reveals BlackRock Is Still a Climate Villain

WASHINGTON -

Despite CEO Larry Fink’s supposed commitment to climate leadership, BlackRock is leading a group of investors in a $15.5 billion deal with Saudi Aramco to support the fossil fuel giant’s massive planned expansion of gas pipelines. 

BlackRock is one of the world’s leading investors in fossil fuels. Larry Fink often touts his commitment to using the firm’s enormous influence to support a clean energy transition and tackle the climate crisis, and has taken steps toward limiting BlackRock’s investments in polluting sectors like coal and tar sands. This year, BlackRock pledged to achieve net-zero emissions by 2050 across its portfolio and joined the Net-Zero Asset Managers initiative. However, experts agree that in order to avert the worst of the climate crisis, the expansion of all fossil fuels -- including gas -- must stop immediately. 

In response, Ben Cushing, Campaign Manager of the Sierra Club’s Fossil-Free Finance campaign, released the following statement: 

“This bet on the future of dirty fossil fuels makes it clear that Larry Fink is still all talk when it comes to climate action. Massive fossil fuel expansion projects like this will make it impossible to avert the worst impacts of the climate crisis, and anyone who claims otherwise is either delusional or lying. Regardless of vague long-term pledges and incremental steps in the right direction, Fink simply cannot paint BlackRock as a climate leader and continue to invest in locking in climate pollution far beyond what the world can afford.” 

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The Sierra Club is the most enduring and influential grassroots environmental organization in the United States. We amplify the power of our 3.8 million members and supporters to defend everyone’s right to a healthy world.

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