BlackRock Draws Ire For Financing Russian Fossil Fuels

BlackRock, the world's largest asset manager, is under fire for its continued financing of Russian fossil fuels.

The company has been accused of hypocrisy, as it has publicly stated its support for climate action. However, its investments in Russian oil and gas companies contradict this stance.

According to a recent report by the environmental group Urgewald, BlackRock has invested over $1 billion in Russian fossil fuel companies since the start of the war in Ukraine.

This investment includes:

• Gazprom, Russia's state-owned gas company
• Rosneft, Russia's state-owned oil company
• Lukoil, Russia's largest privately owned oil company

Urgewald's report argues that BlackRock's investment in these companies helps to finance the Russian war machine.

The report also claims that BlackRock's investment in Russian fossil fuels is a violation of the company's own climate policies.

In response to the criticism, BlackRock has said that it is committed to climate action and that its investment in Russian fossil fuels is a small part of its overall portfolio.

However, critics argue that BlackRock's investment in Russian fossil fuels is a major problem, given the company's size and influence.

They say that BlackRock has a responsibility to use its power to help accelerate the transition to a clean energy economy.