>Blackrock owns pieces of lots of things, and is not primarily in the business of owning fossil fuel companies. [...] Confused because this is such a weird and

>Blackrock owns pieces of lots of things, and is not primarily in the business of owning fossil fuel companies. [...] Confused because this is such a weird and unproductive way to go about advocating for fixing climate change. Blackrock and Vanguard are a promising, scary, and potentially very effective way to go about climate change change. Blackrock has, in the past, taken a passive approach, not exerting its ownership to change the direction of companies. That is changing. >Climate change has become a defining factor in companies’ long-term prospects. Last September, when millions of people took to the streets to demand action on climate change, many of them emphasized the significant and lasting impact that it will have on economic growth and prosperity – a risk that markets to date have been slower to reflect. But awareness is rapidly changing, and I believe we are on the edge of a fundamental reshaping of finance. >Given the groundwork we have already laid engaging on disclosure, and the growing investment risks surrounding sustainability, we will be increasingly disposed to vote against management and board directors when companies are not making sufficient progress on sustainability-related disclosures and the business practices and plans underlying them. https://www.blackrock.com/corporate/investor-relations/larry-fink-ceo-letter https://www.blackrock.com/corporate/investor-relations/larry... As others have said, talk is cheap, we will see how they act on their new strategic direction. Maybe they continue to be their own version of a vampire squid or giant refrigerator perpetually keeping us unchanged and frozen in the past, or maybe they will be an NGO that both offers shared ownership of capital and votes wisely for the preservation of the planet.